Wednesday, August 4, 2010

Indian book retail industry goes online; book e-tailing to take off

According to a Technopack Advisors report of 2008, the Indian book market is valued at around $2.6 billion and less than one percent of India's $2 billion book industry comes from the online segment. Hence, the internet has a good potential for India's book retail industry.

On the releasing day of Dan Brown's novel The Lost Symbol, in September 2009,, an Indian online book retailer, sold over 2,000 copies. According to Sachin Bansal, Co-Founder and CEO of Flipkart, the company did well because its main focus was to meet consumer expectations.

Flipkart, which was started in 2007 with initial costs of $9,000 and 50,000 titles, made over $4 million in revenue last year. Earlier this year, it raised $8-10 million from New York-based venture capital fund Tiger Global Management.

Flipkart isn't the only player in India's online bookstore arena who is hopeful in this regard. Infibeam, a Gujarat-based online book retailer, has also recorded $20 million revenue target for the year. The list also includes Firstandsecond, Librarywala and Tradusbooks among others who are hopeful of getting a foothold in the market.

Full report here Silicon India

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