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FutureBazaar.com eyes $200 million in sales by 2011

E-commerce site FutureBazaar.com, a subsidiary of Pantaloon Retail India, expects to record $18 million in sales in 2008. The company also expects strong growth within India as well as among Indian consumers in US, Canada and UK to grow online sales to more than $200 million by 2011.

E-commerce site FutureBazaar.com, a subsidiary of Pantaloon Retail India, expects to record $18 million in sales in 2008. The company also expects strong growth within India as well as among Indian consumers in US, Canada and UK to grow online sales to more than $200 million by 2011.

FutureBazaar.com is also planning to launch a mobile version of its website by the end of 2008 to support mobile shopping, a service being used by a rapidly growing base of Indian cell phone subscribers, Sankarson Banerjee, CEO, FutureBazaar.com has said. [Source: InternetRetailer]

E-commerce is poised to grow by 300 per cent within India to about $12 billion over the next three years, supported by 60 per cent of the current online consumers who are between the ages of 19 and 30, FutureBazaar has said. Currently, India has about 46 million internet users.

FutureBazaar recently hired US-based Art Technology Group to create a "next-generation" website. Sherpalo Ventures and Kleiner Perkins Caufield & Byers (KPCB) have together picked up 15 per cent stake in FutureBazaar.com.

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