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 $250 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 $2 trillion today and 70 percent of that is in consumption. I believe in 10 years, this consumption figure will become $2.5 trillion, with 10 percent moving into [the] online [space]. As a result, the online market can become $250 billion, versus today's $20-30 billion," Bahl, who co-founded Snapdeal with his schoolmate Rohit Bansal, said.
This bullish outlook is good news for Snapdeal, which has captured 35-40 percent of India's online retail market, Bahl said. "If we retain our market share, I expect us to grow from $5 billion today to $75 billion over the next 5-10 years."