In quarter one Nielsen’s E-commerce sellers study of the present year may have anticipated the brand recall value of Amazon at 25%, Flipkart at 21% and snapdeal at 20% but still Flipkart has been successful to bag 100 million registered users in India and become the first e-tailer firm to reach the milestone in a single country outside the US and China according to the details shared in a press statement of the company.
Launched in 2007, founded by Sachin Bansal and Binny Bansal, the startup had gone across 75 million registered users milepost in March 2016. As per a report released by TRAI in September 2016, there were approximately 160 million broadband connections in the nation and with the present registered user base; Flipkart accounts 63% of the total wireless and wireline broadband connections of the country. This Bengaluru based firm’s CEO Binny Bansal, believes that this achievement has further powered up the team to boost their endeavors and bolster the website into a world-class shopping destination.
Ecommerce in India is accelerating leaps and bounds and India is deemed to be amongst the fastest growing e-commerce markets in the world. In accordance with Bank of America Merrill Lynch Report, Flipkart will hold its zenith position in the country’s ecommerce market till 2019. The company’s current valuation is estimated to be 9 billion dollars and as per the report by 2019 the market share of the firm would climb up to 44 percent from the current 43 percent.
India’s largest online marketplace, Flipkart has renowned investors like Tiger Global, Accel Partners, Morgan Stanley and T Rowe along with the others. Till now firm has taken over companies like Myntra, PhonePe and LetsBuy and raised over 3 billion US dollars in funding. Cube26, NestAway and BlackBuck are amongst few startups in which Flipkart has invested.
In the meanwhile rival companies Amazon and snapdeal are all set to give a tough fight to Flipkart in forthcoming festival for which Amazon has increased its seller base three times from close to 40,000 in the previous year and Snapdeal is proposing collateral-free loans to sellers which is worth Rs 1,000 crore. In answer to this country’s largest online portal says that it has been gearing up for this from past six months.