New Delhi: Due to the increasing trend of online shopping, Flipkart hit an annualised sales run over $1 billion (Rs 6,100 crore)
Flipkart had started as an online bookstore and now sells products across categories like fashion and electronics. It also plans to enter areas like white goods and furniture.
"In March 2011, we announced that by 2015, we wanted to hit $1 billion in GMV. At that point in time, our run rate was USD 10 million. 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 and Binny Bansal, Flipkart co-founders.
It also operates under the marketplace and allows retailers to offer their products on their platform. "We have grown 100X in the last three years and it reinforces our position as the leader in the Indian e-commerce industry," added Binny Bansal.
Flipkart has raised $540 million from investors including Naspers, Tiger Global, Accel Partners, Dragoneer, Morgan Stanley, Sofina and Vulcan Capital. The company had also raised $360 million from private equity funds last year, one of the largest deals in the e-commerce space.
