Flipkart is an Indian private limited company e-commerce company. This is an online shopping site. This company is headquartered in Bangalore, Karnataka, India, and incorporated in Singapore. At first, this company focuses on online books selling later on it expand to other things like consumer electronics, fashion, and groceries. This company was founded by Sachin Bansal and Binny Bansal. Now Flipkart is owned by Walmart.
Flipkart was founded in October 2007. Like others, it also grew slowly and they received 100 orders per day in 2008. Today Kalyan Krishnamurthy is the CEO of Flipkart. Sachin was born in Chandigarh. He was the CEO of Flipkart for 11 years. His father was a businessman and his mother was a house maker. Sachin Bansal attended the Indian Institute of Technology Delhi school. Here Bansal and Binny Bansal met each other and they had a good friendship.
"'No' is a very difficult word, and more so in our culture, where people quickly tend to take offense. But a 'no' which makes your business and customer say 'yes' is worth the while."
~ Sachin Bansal
According to sachin himself, he said: “We were a group of 8 friends from IIT Delhi and we used to hang out together all the time and we were best of friends”. In 2005 he completed his degree in computer engineering. After completing his graduation he started working at Techspan. Later on, Binny Bansal started working in Sarnoff. Binny Bansal's father was a retired chef manager and his mother was in the government sector.
"As a startup company with ambitions in the e-commerce domain, we have to choose a category that could facilitate getting started quickly"
~ Sachin Bansal
Sachin Bansal started working at amazon in 2006 and he joined amazon web services as a senior software engineer afterward in 2007 Binny Bansal also joined him. They both notice the changing in technology and the importance of business in commerce. At that time only 50 million people are internet users. When the user of the internet became increasing in India then they see the opportunity to start a there on business. When the user of the internet further increased then online shopping became popular in India. Their plan was to create a trusted online shopping site.
After sometimes when they get bored with their jobs then they decided to open an e-commerce shopping website that would compare the prices of products with others and provide a reasonable price product to the customer. When they think about this idea then without wasting any time they quit amazon and collect 4 lakh rupees and started Flipkart in September 2007. Then they start selling books because that easy to deliver and it is also easy to find vendors for them. They choose books because as compared to other items like fashion beauty and electronics would cost a lot of money so books are easy for them.
After this, their journey begins and then they realize that it was not as easy as they thought. Later on, they start looking for vendors. Most of the vendors they found didn’t trust their business model. With their persistence later on they manage to convince some vendors to take chance. After convincing them they launched their website in October of 2007.
After further struggling at the end of October they received their first order from a customer named VVK Chandra who lived in Mahbubnagar in Telangana. They became so much excited about their first order but after some time when to talk to a vendor, their excitement becomes faded because the vendor tell them the book was unavailable. Then after finding their book all over Bangalore they finally delivered their first order.
After further struggles, they manage to deliver shipments in 2007. From 2009, Flipkart set up more centers in Mumbai and Delhi in Bangalore. In the same year, Flipkart gets its first investment from Accel. Slowly with time, Flipkart became profitable and at the end of 2009, they manage to sell books worth 40 million. By the end of this year, Flipkart had more than 150 employees and 3 offices across India. In 2010 Flipkart started selling mobiles.
After this, the books continued to grow but the sales of mobile were stuck there because the customers are willing to pay a small amount of money for the thing which they didn’t see but they are not willing to pay a large amount of money on that thing which they haven’t see. Later on, the founder comes up with the solution to this problem which is “cash on delivery.” Also, Flipkart was the first online shopping platform that introduces this method.
They were willing to sacrifice their growth to gain the trust of their customers. Flipkart also introduced a return and replacement policy. Later Flipkart continued to expand. When in 2013 amazon entered India Flipkart was the competitor of that. The founders of Flipkart had suffered more than a few hurdles and now today it had a net worth of $40 million. Today Flipkart owned many companies.
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