This is the success story of Flipkart – 2nd largest E commerce website in india.
In 2007 Sachin Bansal and Binny Bansal founded Flipkart as an E-commerce company.
Sachin Bansal and Binny Bansal studied in Indian Institute of Technology (IIT) – Delhi and Worke at Amazon.com
They launched Flipkart from an apartment in Bangalore with 4,00,000 rupees ($6,500) cash.
It wasn’t an easy road as Internet connection was extremely low and e-commerce in India.
They used to deliver books across Bengaluru on their scooters. Initial sells was low. So Sachin and Binny bansal gave away pamphlets outside books stores. They faced difficulties with book vendors for tie up and permission of credit card payment.
Watch Flipkart Story:
Flipkart slowly grew in presence in online market; by 2008, there were receiving 100 orders per day.
In first 2 years of existence filipkart raised fund through venture capital funding.
In 2008-09 made sales of 40 Million Indian Rupees.
Soon increase to 200 Million Indian Rupees. Since then there is no stopping to Flipkart.
In 2010, Flipkart acquired the Bangalore-based social book discovery service weRead from Lulu.com.
In May 2012, Flipkart acquired Letsbuy, an online electronics retailer.They are increasing exponentially year after year.
In May 2014, Flipkart acquired Myntra, an online fashion retailer, for ₹20 billion (US$310 million).
2015, Flipkart reprised its Big Billion Day event.
Flipkart achieved a gross merchandise volume of US$300 million during the event.
In 2016, Flipkart achieved the milestone of 100 million registered customers.
In 2016, Flipkart acquired the online fashion retailer Jabong.com from Rocket Internet for US$70 million, as well as the UPI mobile payments startup PhonePe. In January 2017, Flipkart made a US$2 million investment in Tinystep, a parenting information startup.
In April 2017, eBay announced that it would sell its Indian subsidiary eBay.in to Flipkart and make a US$500 million cash investment in the company.
Flipkart held a 51% share of all Indian smartphone shipments in 2017, overtaking Amazon India (33%).
Sachin and Binny earning a spot among TIME magazine’s list of 100 most influential people.
Bansals’ e-commerce bet finally has paid off big time. On 9th may 2018 Walmart bought a 77% stake in it for $16 billion.Which help Sachin Bansal to gain net worth of $ 1.6 Billion.
Info of Filpkart:
- Website: flipkart.com
- Revenue: US$3.0 billion
- Headquarters: Bengaluru, India
- Employees: 30,000 (2016)
- Subsidiaries: Myntra, Jabong.com, PhonePe, Ekart, Jeeves.co.in
Check out this infographics for easy to understand story of Filpkart.