E-retailer Flipkart will soon join BigBasket, Amazon, Grofers and others for a share of the $500-billion food and grocery market in India, of which the online piece accounts for just 0.2 per cent.
That business may be worth just about $1 billion today but experts reckon it could grow at a blistering 50-60 per cent compounded and be worth $4-5 billion in a few years.
Flipkart has registered a new entity — Flipkart FarmerMart — to undertake retail trading of food products in the country, according to the company’s regulatory filings sourced from business signals platform paper.vc.
The entity will carry on the business of retail trading of food products manufactured and produced in India through offline and online distribution and other sales channels. It will invest in and set up infrastructure throughout the country and provide all other ancillary services for seamless business operations, according to the firm’s memorandum of association filed earlier this month. —FE