INDIA*S FLIPKART LOOKS TO INVEST UP TO $500M IN 5 YEARS TO ADD NEARLY 100 WAREHOUSES
@ India*s largest e commerce company Flipkart © is planning to invest up to $500 million in the next five years to build nearly 100 warehouses in the country.// The company, often looked upon as the Indian version of eBay Inc.//, also hopes to reach sales of $10 billion worth of goods by the end of 2016, the Economic Times, a local newspaper, reported Monday.//
@ Flipkart also plans to commission its largest warehouse in the country this month, located in the southern state of Telangana.// The latest fulfillment center, which will cover over 20,000 © square meters, is set to process 1,200,000 units a day, the report added.// The company currently has 16 warehouses in the country and makes about 8 million shipments a month.// The overhaul will help the Bangalore based firm work toward its aim of carrying out 1 billion shipments a year in 2017 18, or 10 times the current volume.//
@ **We would end up investing somewhere around $300 500 million in the next five years,** Binny Bansal, the co founder of Flipkart, said, according to ET, adding: **In four five years,© we will have at least 10 times the capacity in warehousing.//**