Increasing Internet penetration and youngsters shopping online has helped homegrown e-commerce major Flipkart hit an annualised sales run rate of USD one billion (over Rs 6,100 crore) -- a year ahead of its target.
The company was aiming to reach the billion dollar-mark (for gross merchandize value or GMV) by 2015.
“In March 2011, we announced that by 2015, we wanted to hit $1 billion in GMV. At that point in time, our run rate was 410 million. Today, we are really proud and excited to announce that we have hit a run rate of $1 billion GMV one year before our target,” Flipkart co-founders Sachin Bansal and Binny Bansal in a statement.