E-Commerce: Flipkart sees $1 billion sales

Flipkart is India’s answer to the US online giant Amazon.

NEW DELHI: Flipkart, India’s answer to the US online giant Amazon, said Saturday its sales would cross the milestone $1 billion-mark this year, ahead of schedule, in the country’s exploding e-commerce market. Founded in 2007 by two ex-Amazon.com employees and university friends, Flipkart.com has become India’s biggest shopping portal hit and has drawn backers such as New-York based venture capitalists Tiger Global Management LLC. “In March 2011 we announced by 2015 we wanted to hit $1 billion in sales when they stood at just $10 million,” said founders Sanchin Bansal and Binny Bansal, who happen to share the same surname but are unrelated. “Now the privately held firm expects to hit $1 billion in sales one year before our target which means we’ve grown 100 times in the last three years,” the pair said in a statement.

Published in The Express Tribune, March 9^th, 2015.

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