2:30 pm - Tuesday November 3, 2015

Flipkart targets sales worth $8 b in 2015

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Leading online market place Flipkart is looking at sales worth $8-billion in the current year. The company has announced its ambitious plan at a Town Hall organised in a college auditorium in the city on Wednesday.

The company is also targeting to sell one billion goods on its platform annually within a couple of years. In March last, Flipkart hit an annualized run rate revenue of $1 billion.

According to sources, Flipkart founders Sachin Bansal, Binny Bansal and Mukesh Bansal, who founded fashion portal Myntra, were present at the Town Hall. The company’s current gross merchandise value (GMV) is over $3 billion, the sources added.

When contacted, a Flipkart spokesperson said, “We organise Town Hall across our offices.” The person did not give details on the event.

According to people attended the Town Hall, senior officials of the e-tailer said the company wanted to sell 25 million units a month, and would add 100,000 sellers on its platform in the current year. The company, which has raised around $2 billion in funding so far, is aggressively expanding its infrastructure and seller base on to its platform to compete with rivals such as Snapdeal and Amazon.

As part of its growth plan, the company recently signed the largest commercial real estate leasing deal with Embassy Office Parks, the joint venture of Embassy Group and Blackstone, for over 3 million sq. ft of office space in phases at Embassy TechVillage in City.

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