India’s e-tailer Flipkart crossed the 100-million registered users mark, becoming the first e-commerce company in the country to hit the milestone.
Its investors include Tiger Global, Naspers, Accel Partners, Morgan Stanley Investment Management, T Rowe, and GIC, Singapore’s sovereign wealth fund.
The Bangalore-based company doubled its user base over the last year and added 25 million users in the past six months. A recent Bank of America Merrill Lynch Report pegs Flipkart as the leader with over 43 percent market share, and predicts that by 2019, Flipkart will increase its share to 44 per cent.
The Hindu reports that e-commerce companies in India have witnessed tremendous growth on the back of strong demand for smartphones and increasing data usage. India, which is among the fastest growing e-commerce markets globally, is expected to continue on the growth momentum over the three to five years, it says.