Mint has listed (on its front page) various fancy "GMV" goals totted out by CEOs of Indian E-Commerce Unicorns - at various points to various media outlets - but have been "missed by big margins". Extract:
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Payments start-up Paytm launched its e-commerce business only in 2014, years after Flipkart and Snapdeal. But that didn’t stop the company from spelling out growth targets that would put its rivals to shame.
Alibaba-backed Paytm said in an April 2015 interview with Mint that it will generate annualized GMV of more than $4 billion by December 2015. In an interview this February with the Hindu BusinessLine newspaper, Paytm CEO Vijay Shekhar Sharma said the company was clocking GMV of $3 billion, which means it missed its sales target. No sweat. Paytm has set an even more ambitious target of hitting $10 billion in GMV by this December.
..."If these goals are anything to go by, it would seem as if accountability isn’t high on the list of priorities at many e-commerce firms. Or perhaps the statements chronicled..simply comprise a low-risk, free-of-cost public relations strategy. If that’s the case, rose-coloured projections from start-ups are unlikely to stop any time soon.,"Ouch, Ouch and Ouch!!
Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.