Flipkart to turn profitable in 2 years

HYDERABAD,TELANGANA, 30/10/2015: Flipkart's COO and co-founder Binny Bansal at E-commerce firm Flipkart has opened its fulfilment centre at Gundla Pochampally in Hyderabad on Friday, the 2.20 lakh sq ft facility was their 17th such facility in the country.--Photo: Nagara Gopal   | Photo Credit: NAGARA GOPAL

Flipkart, the e-retail major will turn profitable in 2 years' time. Over the next 4 to 5 years, it will invest 2.5 billion dollars in the company, including 500 million dollars in setting up 80 to 100 Fulfillment Centres (FC) across India, said Co-Founder and Chief Operating Officer Binny Bansal.

He was fielding questions on Friday, after Finance Minister Eatala Rajender threw open the company's 17th, the largest and the most fully-automatic FCs thus far. He said that they were looking to come up with an initial public offering anytime between 2 and 5 years.

Mr. Rajender recalled Hyderabad's growth story and leveraging technology and said that the endeavour of the Telangana Government was people-centric development. Hyderabad had the best of infrastructure, be it land, water, power or human resources.

Asked about the taxes that Flipkart would pay to the State Government, the Minister said that it would pay whatever taxes were applicable in the present system. However, he said that once the Goods and Services Tax Bill was passed in 2016-17, it would simplify things a lot.

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Printable version | Apr 23, 2021 9:16:39 PM | https://www.thehindu.com/news/cities/Hyderabad/flipkart-to-turn-profitable-in-2-years/article7823301.ece

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