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January 31, 2012, 7:12 am UTC
With over 10 million transactions, the internet is now becoming the most sought after avenue for various shopping needs in India and a company in the e-commerce space that has undeniably raised the bar of online shopping standards is Flipkart.com. Not only by the excellent service and business, Flipkart.com has set a new record by raising an astounding figure of $150 million from the existing investors Accel Partners and Tiger Global Management Llc.
Capital fusion value of Flipkart, country’s largest online retailer by sales, is reported at around US$ 850 million. The new entrants in the e-commerce seem to be following the price-war way to add more customers. Safe payment, easy shopping and the customer service are some of the key ingredients for any online shopping site to gain momentum.
From the last three rounds of funding in its four years of operations, Flipkart raised $31 million collectively and with this latest funding, the company is looking at expanding their current categories and doing bigger investments in supply chain and technology which will bring about larger warehouses and increased automation of processes. They also plan to scale up their self-delivery.
According to a report of the Internet and Mobile Association of India (IAMAI), the current market of e-commerce in India is around US$ 10 billion. But, with different level of adoption, e-commerce market has the potential to grow anywhere between US$70 billion- US$ 150 billion under one scenario and at another level it can grow between US$125 billion – US$ 260 billion by 2024-25.
Flipkart was ranked No.1 and eBay.in slipped to 6th spot because of poor service for the past one year. The rankings were in the following order:
Avendus Capital’s report on digital consumer estimates that total number of users transacting online in India is currently at 8-10 million. It is expected to increase to 39 million by 2015.
Companies and investors in e-commerce have their hopes pinned on the growth of Internet users in the country. According to another estimate by IAMAI, online shoppers in the country will treble to 54 million by 2015. First Data Corp. and ICICI Merchant Services, in a December report, estimated India’s e-commerce market to have grown to about Rs. 50,000 crore from about Rs. 19,688 crore in 2009.
Avendus Capital also believes this will drive the overall growth of the e-commerce space in India, with revenue per online shopper increasing at a similar pace. Today a consumer is comfortable buying not just books or apparels but also expensive items online. It estimates that mobile phones garner the maximum share of e-commerce at 31 per cent, followed by Home & Kitchen appliances at 13 per cent and cameras at 10 per cent. The question though remains will the e-commerce companies able to experience a sustainable growth in the future?
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