New Delhi: Buoyed by the robust growth in e-commerce market in India, online marketplace Shopclues expects its gross merchandise value (GMV) to hit Rs 1,500 crore for the current fiscal ending March 2015.
The homegrown e-commerce firm is also aiming to expand its sellers base to a lakh by December this year to reach out to a larger number of online shoppers.
"Ours is a Indian bazaar model, which caters to the daily needs of shoppers at convenient rates and it is witnessing a good traction. We expect our GMV to touch Rs 1,500 crore this fiscal from Rs 350 crore in 2013-14," Shopclues co-founder and CEO Sanjay Sethi told PTI.
He added that the firm's focus on the local market model is bearing results and Shopclues is seeing a growth in both its user as well as seller base.
"Our registered user base has hit 2.5 million and our seller base is around 65,000. We are targeting a seller base of one lakh by the end of 2014," he claimed.
On the growth in sellers and shoppers, Sethi said the awareness about e-commerce and a maturing online user base is helping in the growth in online shoppers.
"The acceptance of the online medium, lesser anxiety over payments and returns issues as well as a growing internet penetration is helping in the growth of e-commerce" he said.
Also as online shopping provides a ready medium for small and medium enterprises to reach out to consumers across the country, more units are jumping the bandwagon to increase their sales and profits, Sethi said.
Sethi said that Shopclues has given a platform to SMBs across the country, which can be seen from its seller base.
More than half of its sellers have less than 5 employees and almost a similar number have an annual turnover of about Rs 10 lakh each.