Retail in Asia

In Trends

Snapdeal: India’s e-commerce can grow faster than China

Even with the explosive growth in recent years, India’s e-commerce sector remains in the nascent stages and isn’t anywhere near its true potential yet, the boss of New Delhi-based Snapdeal said.

The country’s e-commerce industry could grow nearly eight-fold to USD250 billion within a decade, Kunal Bahl, the CEO and co-founder of the Indian online marketplace, told CNBC at the Converge technology conference in Hong Kong.

"India’s gross domestic product (GDP) is USD2 trillion today and 70 percent of that is in consumption. I believe in 10 years, this consumption figure will become USD2.5 trillion, with 10 percent moving into [the] online [space]. As a result, the online market can become USD250 billion, versus today’s USD20-30 billion," Bahl, who co-founded Snapdeal with his schoolmate Rohit Bansal, said.

(Source: CNBC)