Startup Story of Flipkart
Started: 2007
Founders: Sachin Bansal and Binny Bansal
Industry: E-commerce
Valuation: $24 billion
Flipkart, the largest e-commerce platform in India, was acquired by Walmart and has significantly expanded its business horizons, including foraying into the video streaming industry with Flipkart Video Originals.
Sachin Bansal and Binny Bansal founded Flipkart as an online bookstore. In its first year, the company made around 20 successful shipments. It quickly captured the attention of consumers, leading it to become the top online retail market in India.The Startup Story of Flipkart
Flipkart, one of India’s leading e-commerce platforms, began its journey in 2007. The company was founded by Sachin Bansal and Binny Bansal, two alumni of the Indian Institute of Technology, Delhi. Both Sachin and Binny previously worked at Amazon, where they gained valuable insights into the world of e-commerce and technology.
Inspired by the potential of the online retail market in India, the Bansals decided to start their own venture. With an initial investment of INR 4,00,000, they launched Flipkart as an online bookstore. The company operated out of a modest two-bedroom apartment in Koramangala, Bengaluru.
The early days were challenging, as the founders had to manage everything from sourcing books to delivering them to customers. They personally visited bookshops and distributors to procure books and ensured timely deliveries by packaging and dispatching orders themselves. Their dedication and commitment paid off as Flipkart gained a reputation for reliable service and prompt delivery.
Flipkart’s customer-centric approach set it apart from other players in the market. The introduction of features like cash-on-delivery, a 30-day return policy, and efficient customer support helped build trust and attract a growing customer base. As the company expanded, it diversified its product offerings to include electronics, fashion, home essentials, and more.
The growth of Flipkart attracted significant attention from investors. In 2009, the company secured its first round of funding from Accel Partners, which enabled it to scale operations and enhance its technology infrastructure. Subsequent funding rounds brought investments from Tiger Global, Naspers, and other prominent venture capital firms.
Flipkart continued to innovate and evolve, acquiring Myntra in 2014 to strengthen its position in the fashion segment and launching its own logistics arm, Ekart, to streamline deliveries. The company’s aggressive marketing campaigns, such as the annual Big Billion Days sale, further fueled its growth and solidified its status as a market leader.
In 2018, Flipkart achieved a significant milestone when Walmart acquired a 77% stake in the company for $16 billion, valuing Flipkart at $20.8 billion. This acquisition marked one of the largest deals in the global e-commerce sector and underscored Flipkart’s importance in the Indian market.
Today, Flipkart continues to dominate the Indian e-commerce landscape, serving millions of customers across the country. Its journey from a small startup to a billion-dollar enterprise is a testament to the vision, perseverance, and innovation of its founders and team.