India’s online shopping boom has helped Flipkart hit $1 billion sales.

That’s well ahead of its goal of 2015, say founders Sanchin Bansal and Binny Bansal.

“In March 2011, we announced that by 2015, we wanted to hit $1 billion in GMV. At that point in time, our run rate was US$10 million. Today, we are really proud and excited to announce that we have hit a run rate of $1 billion GMV one year before our target,” they said.

Flipkart, touted as India’s Amazon, is backed by investors including Tiger Global Management and Accel Partners.

“E-merchandise retailing sales stood at $1.6 billion in 2013. By 2018, we think they will be $14 billion and in 2023 they will reach $60 billion,” said Saloni Nangia, president of consultancy Technopak Advisors.

It is estimated that India has more than 200 million Internet users and 20 per cent of them transact online.