Flipkart logs record Rs 1,400 crore in one-day sales

By

Maverick Martins

Published
Oct 6, 2016

Flipkart mopped up Rs 1,400 crore on Monday, its highest-ever single day sales, giving the country's largest web retailer a much-needed edge over rival Amazon.

The figure is more than double what the Bengaluru-based e-tailer recorded as its peak sales in a single day last year. Flipkart's co-founder & CEO Binny Bansal told Times of India that crossing the Rs 1,000-crore mark was a milestone for the company which began life by selling books nine years ago.

It's the first time a domestic online retailer has publicly shared gross sales figures during the sale season. Both Amazon and Snapdeal have so far only put out units sold during their annual sale events, steering clear of giving out gross sales.

"This number is far more compared to how much the modern Indian retail industry clocks daily (Rs 1,070 crore), signalling the evolution of e-commerce and its adoption among consumers," said Bansal, who stepped into the CEO position earlier this year.

Industry estimates suggest that collectively local e-tailers will garner around Rs 12,000 crore in sales during the much published festive season against Rs 7,000 crore a year ago, managing to grow the market significantly .

Bansal said Flipkart had already surpassed its target by 25% for the five-day sale event, adding that he expects the overall e-commerce industry to grow 50% on the back of the e-shopping festival.

As reported earlier, Flipkart is targeting sales of around Rs 5,000 crore at the group level, which includes Myntra and Jabong.