The e-commerce business in India has increased by over 80% in 2013 and is expected to reach around $50-70bn by 2020, according to Flipkart co-founder and CEO Sachin Bansal.

The growth will be driven by fast growing internet-connected population and improvement in infrastructure like payment and delivery systems.

Bansal said online retail business will lead the industry’s growth in the coming years.

"Consumer mentality and shopping patterns are changing very fast. Online shopping is going to become main stream in the coming five-six years," Bansal added.

According to a report by KPMG and Internet And Mobile Association Of India (IAMAI), the Indian e-commerce business was around $13bn in 2013, where online travel segment accounted for 70% of the total consumer e-commerce transactions.

Bansal said smartphones would be the biggest online shopping driver in the coming years.

"Tier-II and Tier-III cities are opening up very rapidly. By 2020, you will have e-commerce penetrated everywhere, whether it is smaller cities or rural areas," Bansal added.

Flipkart, which currently accounts for nearly one-third of online retail business in the entire country, aims to be a $20bn company by 2020.

Flipkart co-founder Binny Bansal said they are investing a lot on technologies, especially on mobiles and the supply chain.

"We have raised a good amount of funding this year. We are well funded for the foreseeable future. However, we will continue to raise funds as and when required," Binny added.