A screenshot of Indian online shopping site Flipkart.com. The
company is looking to raise around $5 billion via a US IPO, India's
Times newspaper reported on Thursday.
Web Screenshot
(Reuters)
- India's largest online retailer Flipkart aims to double the total
value of goods it sells to $8 billion in 2015, two people with direct
knowledge of the company's plans told Reuters, as it looks to widen the
gap with rivals including Snapdeal and Amazon.com's India unit.
The company's gross merchandise values (GMV), or the value of the
goods sold on its site, is currently $4 billion. 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.
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