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Flipkart close to achieving 10 bn dollars GMV mark

By Sujata Sachdeva

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Leading home-grown etailer Flipkart is nearing its next landmark of 10 billion dollars (over Rs 63,000 crores) in total goods sold in next eight to 12 months. The company is expanding its product categories adding furniture, homes and travel booking to achieve its target, while competing with its rivals.

Flipkart recently brought in a top Unilever executive Sudhir Sitapati as the first of a four member advisory board to help manage and direct fast-paced growth as it looks to turn profitable after seven years in the business. Moving ahead, the company will rope in more such experienced leaders in different fields like technology and operations.

Though industry has been speculating over India's biggest e-commerce firm Flipkart going for IPO option in a year, officials at the company refuted the rumours saying, the firm will remain private at least for the next three years. On the other hand, a recent report by Goldman Sachs said that Indian online retailers such as Flipkart and Snapdeal will need to collectively raise another 20 billion dollars (Rs 1.27 lakh crore) over the next five years to be able to sustain growth.

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