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===Flyte Digital Music Store===
===Flyte Digital Music Store===
In October and November 2011, Flipkart acquired the websites Mime360.com<ref name="mime360" /> and Chakpak.com.<ref name="chakpak"/> Later, in February 2012, the company revealed its new Flyte Digital Music Store.<ref name="digit">{{cite web|url=http://www.thinkdigit.com/Internet/Flipkart-to-launch-Flyte-Digital-Store-in_8839.html|title=Flipkart to launch 'Flyte Digital Store' in March|last=Lal|first=Abhinav|date=24 February 2012|work=[[Digit (magazine)|Digit]]|publisher=9.9 Media|location=India|accessdate=27 February 2012}}</ref> Flyte, a legal [[music download]] service in the vein of [[iTunes]] and [[Amazon.com]], will offer [[Digital rights management|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 {{INR}}6 on the store.<ref>{{cite web |url=http://gadgetronica.com/news/flipkart-launches-music-download-store.html|title=Flipkart launches new music download store.|author=Vikas }}</ref> A purchased song can only be downloaded maximum 4 times on an internet enabled device. Flipkart hits 100Cr mark in July 2012, while Flyte garners 600K downloads in 5 Months. <ref>{{cite web |url=http://www.watblog.com/2012/08/08/flipkart-hits-100cr-mark-in-july-2012-while-flyte-garners-600k-downloads-in-5-months/|title=Flipkart hits 100Cr mark in July 2012, while Flyte garners 600K downloads in 5 Months.|author= Rajiv Dingra }}</ref>Flipkart has launched the ebook application on android plat on Nov 28,2012<ref>{{cite web |url=http://www.retailopia.com/2012/11/Flipkart-launched-ebook-application-Enforcement-Directorate-probe-Flipkart.html/|title=Flipkart launched ebook application on android platform.|author= Amit Gupta }}</ref>
In October and November 2011, Flipkart acquired the websites Mime360.com<ref name="mime360" /> and Chakpak.com.<ref name="chakpak"/> Later, in February 2012, the company revealed its new Flyte Digital Music Store.<ref name="digit">{{cite web|url=http://www.thinkdigit.com/Internet/Flipkart-to-launch-Flyte-Digital-Store-in_8839.html|title=Flipkart to launch 'Flyte Digital Store' in March|last=Lal|first=Abhinav|date=24 February 2012|work=[[Digit (magazine)|Digit]]|publisher=9.9 Media|location=India|accessdate=27 February 2012}}</ref> Flyte, a legal [[music download]] service in the vein of [[iTunes]] and [[Amazon.com]], will offer [[Digital rights management|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 {{INR}}6 on the store.<ref>{{cite web |url=http://gadgetronica.com/news/flipkart-launches-music-download-store.html|title=Flipkart launches new music download store.|author=Vikas }}</ref> A purchased song can only be downloaded maximum 4 times on an internet enabled device. Flipkart hits 100Cr mark in July 2012, while Flyte garners 600K downloads in 5 Months. <ref>{{cite web |url=http://www.watblog.com/2012/08/08/flipkart-hits-100cr-mark-in-july-2012-while-flyte-garners-600k-downloads-in-5-months/|title=Flipkart hits 100Cr mark in July 2012, while Flyte garners 600K downloads in 5 Months.|author= Rajiv Dingra }}</ref>Flipkart has launched the ebook application on the Android platform on Nov 28, 2012.
===Enforcement Directorate probe===
===Enforcement Directorate probe===
Violation of FDI regulations of the Foreign Exchange Management Act, 1999<ref>{{cite web |url=http://timesofindia.indiatimes.com/business/india-business/Enforcement-Directorate-to-probe-Flipkart-Walmart-for-violation-of-FDI-norms/articleshow/17397206.cms|title=Enforcement Directorate to probe Flipkart.|author= ET Bureau }}</ref><ref>{{cite web |url=http://www.thehindu.com/business/flipkart-under-ed-scanner/article4143824.ece|title=Flipkart under ED scanner|author= STAFF REPORTER }}</ref>
Violation of FDI regulations of the Foreign Exchange Management Act, 1999<ref>{{cite web |url=http://timesofindia.indiatimes.com/business/india-business/Enforcement-Directorate-to-probe-Flipkart-Walmart-for-violation-of-FDI-norms/articleshow/17397206.cms|title=Enforcement Directorate to probe Flipkart.|author= ET Bureau }}</ref><ref>{{cite web |url=http://www.thehindu.com/business/flipkart-under-ed-scanner/article4143824.ece|title=Flipkart under ED scanner|author= STAFF REPORTER }}</ref>

Revision as of 11:06, 29 December 2012

Flipkart
File:Flipkart india.png
Flipkart logo
Screenshot
File:Flipkart2580.png
A screenshot of flipkart.com as on 3 May 2012
Type of site
Online shopping
Available inEnglish
OwnerSachin Bansal and Binny Bansal
RevenueIncrease ₹5 billion (US$60 million) (FY 2011–12)[1]
URLFlipkart.com
CommercialYes
RegistrationRequired
Launched2007; 17 years ago (2007)
Current statusOnline

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.[3]

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.[4]

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 popularise their company. A few months later, the company sold its first book on flipkart.com—John Woods' Leaving Microsoft to Change the World.[5] 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[5] with over 11 million titles on offer. Flipkart 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.[6] As of today, Flipkart employs over 4500 people.[7]

Funding

Initially funded by the Bansals themselves with ₹400,000,[5][8] Flipkart has raised funding from venture capital funds Accel India in 2009[quantify][9] and Tiger Global (US$10 million in 2010 and US$20 million in June 2011).[10][11][12]

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. [13]

Acquisitions

  • 2010: WeRead, a social book discovery tool.[14] 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.[15]
  • 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.[16]
  • 2012: Letsbuy.com is India's second largest e-retailer in electronics. Flipkart has bought the company for an estimated US$25 million.[17][18].Letsbuy.com had been closed down and all the traffic of Letsbuy is diverted to Flipkart.[19]

Business results

Flipkart's reported sales were ₹40 million in FY 2008–2009,[20][21] ₹200 million in FY 2009–2010[22] 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.[23]Flipkart projects its sales to reach US$1 billion by year 2014. On average, Flipkart sells nearly 20 products per minute[24] and is aiming at generating a revenue of ₹50 billion (US$1 billion) by 2015.[25]

Locations

The company's headquarters is located in Bangalore's Koramangala neighbourhood. Flipkart has offices, warehouses and customer service centres across India. Warehouses are located in the following cities, often near airports. From here on, Flipkart delivers the products in the selected 37 cities across India.

Current Developments

The company is expanding its courier service network to deliver products quickly, and to extend the COD option to most of the Indian parts as well. Recently the company started Flipkart Self delivery to offer faster shipping times. With the new delivery system customers can now track their orders in real time in Flipkart's website itself. [26]

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 2012, product launches includes health & beauty products, Life style products which includes watches, belts, bags & luggage.

In November 2011, Flipkart launched a new Electronic Wallet[27] feature that allows shoppers to purchase credit to their Flipkart account using credit or debit cards, and can subsequently be utilised to make purchases on the site, as and when required.

Flipkart is currently the only authorised online reseller of iPods in India.[citation needed]

From June 2012, Flipkart allowed people to buy toys, posters and from October 2012, Flipkart entered into apparel retailing.[28]

Flyte Digital Music Store

In October and November 2011, Flipkart acquired the websites Mime360.com[15] and Chakpak.com.[16] Later, in February 2012, the company revealed its new Flyte Digital Music Store.[29] 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.[30] A purchased song can only be downloaded maximum 4 times on an internet enabled device. Flipkart hits 100Cr mark in July 2012, while Flyte garners 600K downloads in 5 Months. [31]Flipkart has launched the ebook application on the Android platform on Nov 28, 2012.

Enforcement Directorate probe

Violation of FDI regulations of the Foreign Exchange Management Act, 1999[32][33]

See also

References

  1. ^ a b Rahul Jayaram. "Binny Bansal – The flip side of an e-venture". Mint (newspaper). Retrieved 30 May 2011.
  2. ^ "Flipkart.com Site Info". Alexa Internet. Retrieved 2 August 2012.
  3. ^ Flipkart.com: Payments Retrieved 6 October, 2012
  4. ^ Business Standard: Cash on delivery Retrieved 6 October, 2012
  5. ^ a b c Archana Rai (30 June 2010). "Flipkart: Country's largest online bookstore". The Economic Times. Retrieved 19 August 2010.
  6. ^ Geetika Rustagi (4 August 2010). "Now order your next mobile on Flipkart". Livemint. Retrieved 19 August 2010.
  7. ^ http://www.flipkart.com/about-us
  8. ^ Chirag Chamoli. "Interview With Binny Bansal Of Flipkart.Com". iamstarting.com. Retrieved 15 June 2011.
  9. ^ Sinha. "Accel India Invests in Flipkart". pluggd.in. Retrieved 25 August 2011.
  10. ^ "Flipkart Raises $150Mn From Accel Partners, Tiger Global". 31 January 2012. Retrieved 5 May 2012.
  11. ^ 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)
  12. ^ "Inlogistics: India's first private train cargo operator". CNBC-TV18. 18 March 2010. Retrieved 19 August 2010.
  13. ^ Yourstory.in. "Flipkart Raises Fourth Round of Funding; MIH and Inconiq Capital Take Minority Stake".
  14. ^ "Flipkart Buys Social Book Discovery Tool WeRead". VCCircle. Retrieved 15 June 2011.
  15. ^ a b Nikhil Pahwa. "Flipkart Acquires Mime360; To Launch Digital Distribution Of Music, E-books, Games". medianama.com. Retrieved 14 October 2011.
  16. ^ a b "Flipkart Acquires Digital Content From Bollywood News Site Chakpak". VCCircle. 23 November 2011. Retrieved 1 December 2011.
  17. ^ "Updated: It's Official Flipkart Acquires LetsBuy.com". medianama.com. 9 February 2012. Retrieved 9 February 2012.
  18. ^ "Flipkart Buys Letsbuy in Cash-Equity Deal". Business Standard. 11 May 2012. Retrieved 9 February 2012.
  19. ^ "Finally Dr. Flipkart.com declared patient Letsbuy.com dead". Fivepoint5. Retrieved May 31th, 2012. {{cite web}}: Check date values in: |accessdate= (help)
  20. ^ "Cash on delivery". Business Standard. 19 July 2010. Retrieved 19 August 2010.
  21. ^ Dua, Aarti (28 February 2010). "A winning chapter". The Daily Telegraph. Retrieved 19 August 2010.
  22. ^ "Bibliofile:A Garage Takes Off". Outlook. 22 March 2010. Retrieved 19 August 2010.
  23. ^ "India's-amazon-flipkart-expects-sales-to-surge-10-fold-this-year".
  24. ^ Nikhil Menon (9 September 2011). "e-Commerce: Can the dotcom majors cope with their rising expectations?". The Economic Times. India.
  25. ^ Tyagi, Akshay. "How Flipkart Helped India Realise Its E-Commerce Dream!". The TechIRIS. Retrieved 26 May 2012.
  26. ^ http://www.flipkart.com/s/help/shipping. {{cite news}}: Missing or empty |title= (help)
  27. ^ "Flipkart Adds Online Wallet To Ease Payment Woes". MediaNama.
  28. ^ Gupta, Vipul (8 October 2012). "Flipkart jumps into apparel retailing, further expand its portfolio". India. Retrieved 8 October 2012.
  29. ^ Lal, Abhinav (24 February 2012). "Flipkart to launch 'Flyte Digital Store' in March". Digit. India: 9.9 Media. Retrieved 27 February 2012.
  30. ^ Vikas. "Flipkart launches new music download store".
  31. ^ Rajiv Dingra. "Flipkart hits 100Cr mark in July 2012, while Flyte garners 600K downloads in 5 Months".
  32. ^ ET Bureau. "Enforcement Directorate to probe Flipkart".
  33. ^ STAFF REPORTER. "Flipkart under ED scanner".

External links

source: https://en.wikipedia.org/wiki/Special%3ADiff%2F530280888

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