Snapdeal close to annual sales target of Rs 6,100 cr

E-commerce company Snapdeal, is to achieve annual sales (GMV) target of Rs 6,100 crores

(1 billion dollars) within the next two-to-three months. GMV is the worth of sales transactions on a website. E-commerce players calculate the annual GMV based on the monthly run rate.

Competing with e-tailing leader Flipkart, Snapdeal recently ventured into the services commerce by launching an education marketplace. Company’s diversification into offering services, is said to be aimed at achieving a billion-dollar (over Rs 6,000 crores) turnover in a few months. The Delhi-based company expects to report 20 percent of its turnover in the next couple of years from services commerce.

The platform founded by Wharton alumnus Kunal Bahl and IIT-Delhi graduate Rohit Bansal moved to become an online marketplace for products in 2012. The company expects the education market to become 3-4 billion dollars (over Rs 18,500-24,800 crores) over the next few years in India.

While the platform has been witnessing growth across categories, segments like electronics and apparel are doing extremely well compared to others. Launched in February 2010, Snapdeal has seen rapid growth in the last three years and claims to have over 20 million members. It offers products across over 500 product categories through 20,000 sellers and delivers to more than 4,000 cities in the country.