Flipkart sees $1.0b sales
Monday, 10 March 2014
NEW DELHI, Mar 8: Flipkart, India's answer to US online giant Amazon, said Saturday its sales would cross the milestone $1 billion-mark this year, ahead of schedule, in the country's exploding e-commerce market. Founded in 2007 by two ex-Amazon.com employees and university friends, Flipkart.com has become India's biggest shopping portal hit and has drawn backers such as New-York based venture capitalists Tiger Global Management LLC. "In March 2011 we announced by 2015 we wanted to hit $1 billion" in sales when they stood at just $10 million, said founders Sanchin Bansal and Binny Bansal, who happen to share the same surname but are unrelated. — AFP