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Flipkart is an e-commerce portal founded by Sachin Bansal and Binny Bansal in 2007. It is headquartered in Bangalore, Karnataka. Both of them are alumni of Indian Institute of Technology, Delhi. Earlier, they used to work in Amazon.com. First product sold by them was a book named Leaving Microsoft to change the world. In order to set up its business, it spent 4,00,000 initially. In 2009, it set up it raised its funding from venture capital funds Accel India. From Tiger Global, it raised 10 million US dollars in 2010 and 20 million US dollars in 2011.
It is one of the top e-commerce companies in India giving tough ride to its biggest competitor- Snapdeal. It sells various products such as apparels, footwears, kids wear, fashion accessories, home décor, kitchen appliances, books, novels, sports items, electronic items etc. It has also launched its own product range- Digiflip- products include tablets, USBs and laptop bags.
Its first Big billion sale in 2014 was not at successful but it compensated its loss in its second edition in 2015. This year, it generated business turnover of 300 million in gross merchandise volume. It acquired many companies in last few years. In 2010, it acquired WeRead followed by Mime360 next year. Chakpak.com was also acquired by it in 2011. An e-retailer in electronics naming Letsbuy.com is one of acquisitions of it. In 2014, it acquired Myntra.com for approximately 2000 crores. In order to strengthen its mobile platform, it acquired a mobile marketing startup Appiterate in 2015.
Few more Stats
It has recorded rapid increase in its sales from 2008 to 2011. During 2012, it incurred a loss of 281 crores. It aimed to generate revenue INR 50 billion in 2015. It claimed to sell products worth INR 650 crores, that too within 10 hours on October 6, 2014. But this Big Billion day event did not went up well as it gained a lot of negative publicity due to some technical problems.
In February 2012, Flipkart launched its new Flyte Digital Music Store but it was closed in 2013 due to its paid service. Motorola Mobility, which was sold to Lenovo, in tie-up with Flipkart came up with a smartphone- Moto G and Moto X. In India, Xiaomi Mi3 was launched on an exclusive tie-up between Xiaomi tech and Flipkart. This year, its founders- Sachin bansal and Binny Bansal were at 86th position in Forbes India Rich List. Economic Times awarded Sachin Bansal as Entrepreneur of the year in 2012.