India's 'Amazon' courts the mobile shopper
Indian consumers are shopping more on mobile devices, and the country's e-commerce giant is banking on that to grow.
"India is a very, very mobile-centric economy," Punit Soni, chief product officer at online marketplace FlipKart, said Wednesday on CNBC's "Squawk Alley."
"It's very important to think of product in terms of mobile, in terms of how people will use it on a mobile phone."
FlipKart is growing rapidly, as it raised nearly $2 billion in three separate funding rounds last year. The company holds about 50 percent of the e-commerce market share in India, the world's second-largest country by population, said Mukesh Bansal, FlipKart's head of commerce platforms.
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E-commerce "is growing very rapidly" in India, Bansal said on "Squawk Alley." As online shopping gains traction, the nearly 8-year-old company has attempted to court the increasingly tech-savvy Indian consumer.
For instance, it holds an exclusive online sales partnership with Chinese smartphone maker Xiaomi. FlipKart has worked on ensuring that it gives "the right kind of offering" through mobile phones, Bansal said.
He added that FlipKart has yet to take a significant hit from global e-commerce competitors, including Amazon and Alibaba, in the Indian market. He believes the company's established Indian presence gives it an advantage.
"We've also been in the space for the last seven years, so we understand the market really well," Bansal said.