Online marketplace Flipkart is reportedly aiming to double the total value of goods it sells to $8 billion in 2015, reports Reuters, citing sources.
Currently, the company's gross merchandise values (GMV) is $4 billion, calculated on the basis of monthly average sales. According to industry estimates, Snapdeal and Amazon India current GMV is around $3 billion and $1 billion respectively.
Flipkart is also reportedly rolling out financial assistance, to the tune of $80k, for merchants to help them scale. The company has reportedly been working with investors and partners to offer working capital assistance to sellers. While the average loan value is $8k-$16k, it can go up to $80k, reports the Financial Express, citing a senior company executive.
“Last year, we saw a lot of sellers across India adopting the e-commerce marketplace model both from metros as well as non-metros. Currently, we have thousands of sellers on our platform and are expecting exponential growth in our seller based this year,” Ankit Nagori, SVP - Marketplace, Flipkart was quoted in the report as saying.
Categories like apparels and footwear, mobile and accessories and home décor and furnishing were the most popular among customers while home appliances and jewellery were also catching up, adds Nagori.
In a bid to comply with the FDI regulations of the country, Flipkart spun off WS Retail into a separate entity and sold it to a group of high net worth individuals led by former OnMobile COO Rajiv Kuchchal in February 2013. However, WS Retail continues to be the largest seller on Flipkart’s marketplace, accounting for over 75% of overall sales.
Related Tags:Online marketplace Flipkart, billion in 2015, financial assistance, Financial Express, Ankit Nagori