Flipkart, the e-retail major will turn profitable in 2 years’ time, and over the next 4 to 5 years, it will invest $ 2.5 billion in the company.
This will include $ 500 million to set 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 Etala Rajender threw open the company’s 17th, the largest and the most fully-automatic FCs thus far, at Gundlapochampally.
ADVERTISEMENT
He said they were looking to come up with an initial public offering anytime between 2 and 5 years. The goal was to see that ultimately a person anywhere across the length and breadth of the country got the product he/she ordered in 48 hours.
Mr. Rajender recalled Hyderabad’s growth story and leveraging technology and said that the endeavour of the Telangana Government is people-centric development. Hyderabad has the best of infrastructure, be it land, water, power or human resources, he said.
Srikakulam MP K. Ramamohan Naidu, who spoke for just a couple of minutes, started by saying, “I am not here as an MP but as a young Indian who wants to be a part of a success story,” to applause.
ADVERTISEMENT
He said it is encouraging to note that at least 17,000 jobs, including about 2,000 direct, would be created due to the FC here.
Mr. Ramamohan Naidu requested Mr. Bansal to consider opening another such FC in Andhra Pradesh saying he would help facilitate the company with whatever assistance is required from the government.