Indian e-store Flipkart announced yesterday it surpassed $1 billion in gross merchandising volume, according to NextBigWhat. Despite slowing sales growth, Flipkart reached the billion-dollar benchmark a full year earlier than originally projected and seven years after it first launched. Co-founder Sachin Bansal originally made that forecast in March 2013.
In the last financial year alone, Flipkart sold $217 million worth of stuff. Research from Indian commerce group ASSOCHAM shows it was the most popular ecommerce site in the country.
Flipkart’s biggest competitor, the eBay-backed Snapdeal, is also targeting $1 billion GMV in 2015. It makes sense for Flipkart to reach the goal first as its a couple years older than its competitors.
Competition in India’s ecommerce sector is fierce between companies like Flipkart, Snapdeal, eBay, and Amazon. Investors have pumped hundreds of millions of dollars just to gain an edge in a country where internet penetration and online shopping are expected to explode in the coming years. Indian e-shoppers spent US$16 billion in 2013.
Check out our chart comparing the US$10 million-plus funding rounds of some of India’s biggest names in ecommerce.
(Editing by Josh Horwitz)