Flipkart

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FLIPKART

INTRODUCTION:

Flipkart is an Indian e-commerce company headquartered in Bangalore, Karnataka. It was founded by Sachin Bansal and Binny Bansal in 2007. In its initial years, Flipkart focused on online sales of books but it later expanded to electronic goods and a variety of other products. Flipkart offers multiple payment methods like credit card, debit card, net banking, e-gift voucher, and Cash on Delivery. The cash-on-delivery model adopted by Flipkart has proven to be of great significance since the credit card and net banking penetration is very low in India.

Values
Flipkart is built by a group of passionate, innovative, relentless individuals, who are constantly striving to provide a wholesome online shopping experience to the customer. Our focus is to use technology to its fullest so that the customer satisfaction we offer is consistently considered the best.  

Our core values are based around some critical components:

1. Customer Obsession
2. Ownership
3. Impact
4. Honesty
5. Selflessness
6. Communication
7. Innovation
 

History

Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi. They worked for Amazon.com before quitting and founding their own company. Initially they used word of mouth marketing to popularize their company. A few months later, the company sold its first book on flipkart.com—John Woods' Leaving Microsoft to Change the World. Today, as per Alexa traffic rankings, Flipkart is among the top 20 Indian Web sites and has been credited with being India's largest online bookseller with over 11 million titles on offer. Flipkart broke even in March 2010 and claims to have had at least 100% growth every quarter since its founding. The store started with selling books and in 2010 branched out to selling CDs, DVDs, mobile phones and accessories, cameras, computers, computer accessories and peripherals, and in 2011, pens & stationery, other electronic items such as home appliances, kitchen appliances, personal care gadgets, health care products etc. Further in 2012, Flipkart added A.C, air coolers, school supplies, office supplies, art supplies & life style products to its product portfolio. As of today, Flipkart employs over 4500 people.

Funding

Initially funded by the Bansals themselves with [pic]400,000, Flipkart has since then raised funding from venture capital funds Accel India in 2009and Tiger Global (US$10 million in 2010 and US$20 million in June 2011).

Flipkart.com, on August 24, 2012 announced the completion of its 4th round of $ 150 million funding from MIH (part of Naspers Group) and ICONIQ Capital.

Acquisitions

▪ 2010: WeRead, a social book discovery tool. The stated goal was to give Flipkart a social recommendation platform for buyers to make informed decisions based on recommendations from people within their social network. ▪ 2011: Mime360, a digital content platform company.

▪ 2011: Chakpak.com is a Bollywood news site that offers updates, news, photos and videos. Flipkart acquired the rights to Chakpak’s digital catalogue which includes 40,000 filmographies, 10,000 movies and close to 50,000 ratings. Flipkart has categorically said that it will not be involved with the original site and will not use the brand name. ▪ 2012: Letsbuy.com is India's second largest e-retailer in electronics. Flipkart has bought the company for an estimated US$ 25 million.Letsbuy.com had been closed down and all the traffic of Letsbuy is diverted to Flipkart.

Business results

Flipkart's reported sales were [pic]40 million in FY 2008–2009, [pic]200 million in FY 2009–2010 and [pic]750 million for FY 2010–2011. In FY 2011–2012, Flipkart is set to cross the [pic]5 billion (US$100 million) mark as Internet usage in the country increases and people get accustomed to making purchases online. Flipkart projects its sales to reach US$1 billion by year 2014. On average, Flipkart sells nearly...
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