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==History==
==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' [[John_Wood_(Room_to_Read)#Leaving_Microsoft_to_Change_the_World|Leaving Microsoft to Change the World]].<ref name="et">{{cite news|title=Flipkart: Country’s largest online bookstore|url=http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Flipkart-Countrys-largest-online-bookstore/articleshow/6108317.cms|author=Archana Rai|accessdate=19 August 2010|newspaper=[[The Economic Times]]|date=30 June 2010}}</ref> 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<ref name="et"/> 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.{{Citation needed|date=June 2011}} 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. <ref>{{cite news|title=Now order your next mobile on Flipkart|url=http://www.livemint.com/2010/08/04170204/Now-order-your-next-mobile-on.html|accessdate=19 August 2010|newspaper=[[Livemint]]|author=Geetika Rustagi|date=4 August 2010}}</ref> As of today, Flipkart employs over 4500 people.
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' [[John_Wood_(Room_to_Read)#Leaving_Microsoft_to_Change_the_World|Leaving Microsoft to Change the World]].<ref name="et">{{cite news|title=Flipkart: Country’s largest online bookstore|url=http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Flipkart-Countrys-largest-online-bookstore/articleshow/6108317.cms|author=Archana Rai|accessdate=19 August 2010|newspaper=[[The Economic Times]]|date=30 June 2010}}</ref> 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<ref name="et"/> 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.{{Citation needed|date=June 2011}} 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. <ref>{{cite news|title=Now order your next mobile on Flipkart|url=http://www.livemint.com/2010/08/04170204/Now-order-your-next-mobile-on.html|accessdate=19 August 2010|newspaper=[[Livemint]]|author=Geetika Rustagi|date=4 August 2010}}</ref> As of today, Flipkart employs over 4500 people.<ref>http://www.flipkart.com/about-us</ref>


===Funding===
===Funding===

Revision as of 14:02, 26 April 2012

Flipkart
File:Flipkart india.png
Flipkart logo
Type of site
Online shopping
Available inMultilingual
OwnerSachin Bansal and Binny Bansal
Created bySachin Bansal and Binny Bansal
RevenueIncrease 500 Crore (FY 2011-12)[1]
URLflipkart.com
CommercialYes
RegistrationNot Required
Launched2007; 17 years ago (2007)
Current statusOnline

Flipkart is an Indian e-commerce company headquartered in Bangalore, Karnataka. It was started by two IIT graduates, Sachin Bansal and Binny Bansal, in the year 2007. They were working in Amazon.com previously. Earlier, Flipkart mainly dealt with books but now, it has expanded to electronic goods and a variety of other products.

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.[3] 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[3] 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.[citation needed] 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. [4] As of today, Flipkart employs over 4500 people.[5]

Funding

Initially funded by the Bansals themselves with ₹400,000,[3][6] Flipkart has since then raised two rounds of funding from venture capital funds Accel India (in 2009)[7] and Tiger Global Management (to the tune of US$20 million) (in 2010).[8][9][10]

Acquisitions

  • 2010: WeRead, a social book discovery tool.[11] 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.[12]
  • 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. [13]
  • 2012: Letsbuy.com is India's second largest e-retailer in electronics. Flipkart has bought the company for an estimated US$ 25 million. [14]

Business Results

Flipkart's reported sales were ₹40 million in FY 2008-2009,[15][16] ₹200 million in FY 2009-2010[17] and ₹750 million for FY 2010-2011.[1] In FY 2011-2012, Flipkart is set to cross the ₹5 billion (US$100 million) mark as Internet usage in the country increases and people get accustomed to making purchases online.[18]At average, Flipkart sells nearly 20 products per minute[19] and is aiming at generating a revenue of ₹50 billion (US$1 billion) by 2015.[20]

Locations

The company's headquarters is located in Bangalore's Koramangala neighbourhood. Flipkart has offices, warehouses and customer service centers across India. Warehouses are located in the following cities, often near airports.

Products

Flipkart started with selling books. In 2010, they added to their catalogue media (including music, movies and games) and mobile phones and accessories.

In 2011, product launches included cameras, computers, pens & office supplies, computer accessories, home and kitchen appliances, personal care, health care, gaming consoles, audio players and televisions.

In November 2011, Flipkart launched a new Electronic Wallet[21] feature that allows shoppers to purchase credit to their Flipkart account using credit or debit cards, and can subsequently be utilized to make purchases on the site, as and when required.

Flyte Digital Music Store

In October and November 2011, Flipkart acquired the websites Mime360.com [12] and Chakpak.com. [13] Later, in February 2012, the company revealed its new Flyte Digital Music Store.[22] Flyte, a legal music download service in the vein of iTunes and Amazon.com, will offer DRM-free MP3 downloads. Flyte offers browse by language options where users can download international as well as regional songs. Flipkart has listed the music based on its genre on the new music store and has given a lot of variety. Users can shop for tracks from various albums starting at ₹6 on the store.[23] A purchased song can only be downloaded maximum 4 times on an internet enabled device.

See also

References

  1. ^ a b Rahul Jayaram. "Binny Bansal - The flip side of an e-venture". Mint (newspaper). Retrieved May 30, 2011.
  2. ^ "Flipkart.com Site Info". Alexa Internet. Retrieved 2012-02-02.
  3. ^ a b c Archana Rai (30 June 2010). "Flipkart: Country's largest online bookstore". The Economic Times. Retrieved 19 August 2010.
  4. ^ Geetika Rustagi (4 August 2010). "Now order your next mobile on Flipkart". Livemint. Retrieved 19 August 2010.
  5. ^ http://www.flipkart.com/about-us
  6. ^ Chirag Chamoli. "Interview With Binny Bansal Of Flipkart.Com". iamstarting.com. Retrieved 2011-06-15.
  7. ^ Sinha. "Accel India Invests in Flipkart". pluggd.in. Retrieved 25 August 2011.
  8. ^ Madhav A. Chanchani (15 June 2010). "Flipkart Raises Up To US$10M From Tiger Global". VC Circle. Retrieved 19 August 2010.
  9. ^ Sudipta Datta (7 February 2010). "A Tale of Two Book Fairs". Financial Express. Retrieved 19 August 2010. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  10. ^ "Inlogistics: India's first private train cargo operator". CNBC-TV18. 18 March 2010. Retrieved 19 August 2010.
  11. ^ "Flipkart Buys Social Book Discovery Tool WeRead". VCCircle. Retrieved 2011-06-15.
  12. ^ a b Nikhil Pahwa. "Flipkart Acquires Mime360; To Launch Digital Distribution Of Music, E-books, Games". medianama.com. Retrieved 2011-10-14.
  13. ^ a b "Flipkart Acquires Digital Content From Bollywood News Site Chakpak". VCCircle. 23 November 2011. Retrieved 1 December 2011.
  14. ^ "Updated: It's Official Flipkart Acquires LetsBuy.com". medianama.com. 9 February 2012. Retrieved 9 February 2012.
  15. ^ "Cash on delivery". Business Standard. 19 July 2010. Retrieved 19 August 2010.
  16. ^ Dua, Aarti (28 February 2010). "A winning chapter". The Daily Telegraph. Retrieved 19 August 2010.
  17. ^ "Bibliofile:A Garage Takes Off". Outlook. 22 March 2010. Retrieved 19 August 2010.
  18. ^ "India's-amazon-flipkart-expects-sales-to-surge-10-fold-this-year".
  19. ^ Nikhil Menon (9 September 2011). "e-Commerce: Can the dotcom majors cope with their rising expectations?". The Economic Times.
  20. ^ "Flipkart gets jump on Amazon in India's e-shopping business". The Financial Express.
  21. ^ "Flipkart Adds Online Wallet To Ease Payment Woes". MediaNama.
  22. ^ Lal, Abhinav (24 February 2012). "Flipkart to launch 'Flyte Digital Store' in March". Digit. India: 9.9 Media. Retrieved 27 February 2012.
  23. ^ Vikas. "Flipkart launches new music download store".

External links

source: https://en.wikipedia.org/wiki/Special%3ADiff%2F489312055

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