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Flipkart has announced that it sales would cross the milestone $1 billion-mark that roughly translates to Rs. 6,100 crore this year, ahead of schedule.
Flipkart, an answer to US Amazon has become India’s biggest shopping portal hit and has drawn backers such as New-York based venture capitalists Tiger Global Management LLC.
The company has made astounding progress since it was founded in 2007 by two ex-Amazon.com employees and university friends.
The founders said they were happy and proud at the progress of Flipkart in which they invested an initial $10,000 (roughly Rs. 6, 10,000).
In March 2011, the company had set a target to hit $ 1 billion by 2015, which they have achieved with a year still to go.
Flipkart began selling books but then expanded to mobile phones, televisions, cameras, computers and home appliances.
The cash-on-delivery system helped consumers gain trust in online shopping they saw products arrive.
An increasing number of Indians are going online but they are uncomfortable giving credit card details over the Internet. Others do not have a credit card and the Flipkart method allows them to place orders.
Now, months after putting retail store plans in India on hold, the world’s largest retailer, Walmart, is readying a major e-merchandising push in the country based on the Amazon model.