Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

Flipkart achieves $1 billion GMV sales a year before projection

Flipkart achieves $1 billion GMV sales a year before projection

Friday March 07, 2014 , 2 min Read

flipkart logo

Poster boy of Indian eCommerce space Flipkart has hit the $1 billion gross merchandising value (GMV) sales, which it had projected to achieve somewhere in 2015. Backed by Venture capital firms like Naspers, Tiger Global Dragoneer Investment Group and Morgan Stanley among others Flipkart growth has been phenomenal over the years.“Today, we are really proud and excited to announce that we have hit a run rate of $1 billion GMV one year before our target,” said Sachin Bansal, CEO and Co-founder Flipkart. In March last year, the company had announced that by 2015 it plans to achieve $1 billion figure.

In 2013 the Bangalore-based company announced $360 million funding from multiple investors and launched its in-house payment gateway Payzippy. Founded in 2009 Flipkart launched marketplace which has a little over 1,000 sellers at present.

“The feat signifies that we have grown 100X in the last three years – and it reinforces our position as the leader in the Indian e-commerce industry,” adds Sachin.

The news of hitting $1 billion sales comes on the heels of rival Snapdeal's recent announcement of $133 million round led by eBay and Bangalore-based Myntra's $50 million investment led by Premji Invest along with existing investors Accel Partners and Tiger Global.

This achievement by Flipkart would put pressure on other marketplaces which are adopting different strategies to grab a bigger slice of the growing market. Last month Snapdeal forayed into services e-commerce space with online learning and education category.

Horizontal marketplace play in e-commerce appears to be in an interesting phase in India as top players are hitting the headlines with new investments, strategies and feats. Watch our video with co-founder Binny Bansal from TechSparks 2013: