Flipkart is an Indian e-commerce company headquartered in Bangalore, Karnataka. It’s being touted as India’s answer to Amazon. Founded by Sachin Bansal and Binny Bansal (not related to each other) in Oct 2007, Flipkart has catapulted to one of India’s most popular e-commerce sites and undoubtedly as the most popular online destination for books within a short span of three years. History
Flipkart was established 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 finding 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 30 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 & accessories, cameras, computers, computer accessories and peripherals, pens & office supplies, other electronic items such as home appliances, kitchen appliances, personal care gadgets, health care products etc. Interesting Statistics about the company
* As of today, Flipkart employs over 4500 people
* It experiences 2 million unit sales and 4 million unique visitors per month with sales growing at 25% per month, eyeing a $50 million run rate * With close to 11.5 million titles, Flipkart is the largest online book retailer in India with 80 per cent market share * It has a registered user base of two million customers and ships out as many as 30,000 items a day, clocking daily sales of Rs 2.5 crore * Flipkart is rapidly expanding its network of warehouses, distribution centers, procurement operations and 24/7 customer support teams. The company even has its own delivery network in 27 cities and is set to expand this even further by next year What sets it apart?
With path-breaking features like Cash/Card on Delivery, 30 Day replacement policy and EMI options, Flipkart has now made it possible for anyone across the country with internet access to shop online. The Flipkart experience is characterized by the intuitive user interface, free shipping and low prices. As a testimony to the superior customer experience, the company has consistently recorded repeat purchase rates of more than 70%. Funding
The company was initially self-funded, with co-founders Sachin and Binny Bansal spending Rs 400,000 ($9056) to setup the business. They later raised two rounds of funding from Accel Partners and Tiger Global Management to the tune of $31 million, with the first round being around $10 million and the second round being $20 million
WeRead, a social book discovery tool. The stated goal was to give Flipkart a social recommendation platform for buyers to make informed decisions based on recommendations from people within their social network. 2011
Mime360, a digital content platform company.
Chakpak.com is a Bollywood news site that offers updates, news, photos and videos. Flipkart acquired the rights to Chakpak’s digital catalogue which includes 40,000 filmographies, 10,000 movies and close to 50,000 ratings. Flipkart has categorically said that it will not be involved with the original site and will not use the brand name.
Letsbuy.com is India's second largest e-retailer in electronics. Flipkart bought the company for an estimated US$ 25 million
Flipkart's reported sales were 4 Crore in FY 2008-2009, 20 Crore in FY 2009-2010 and 75 Crore for FY 2010-2011. In FY 2011-2012, Flipkart is set to cross the 500 Crore (US$ 100 million) mark as Internet usage in the country...
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