India's Flipkart targets $8 bln in sales in 3 years - sources

SB Technology

12/02/2015 04:38

By Nivedita Bhattacharjee 
    MUMBAI, Feb 12 (Reuters) - India's largest online retailer 
Flipkart  IPO-FLPK.N  aims to double the total value of goods it 
sells to $8 billion in the next three years, as it looks to 
widen the gap with rivals including Snapdeal and Amazon.com's 
 AMZN.O  India unit.  
    According to two sources present at a townhall meeting with 
employees on Wednesday, founders Sachin Bansal and Binny Bansal 
said Flipkart aimed to increase gross merchandise values (GMV), 
or the value of the goods sold on its site, to $8 billion. 
    That compares to $4 billion it is clocking currently. 
    GMV is calculated on monthly average sales. 
    Industry sources estimate Snapdeal and Amazon's India arm 
currently notch up gross merchandising values of around $3 
billion and $1 billion respectively. 
 
 (Editing by Sumeet Chatterjee) 
 ((clara.ferreira-marques@thomsonreuters.com; +91 22 6180 
7257;)) 
 
Keywords: INDIA FLIPKART ONLINE/