Flipkart

Flipkart
Flipkart Online Services Pvt. Ltd. also known as Flipkart.com is an Indian based online retailer company founded in 2007 by Sachin Bansal and Binny Bansal. The company is registered in Singapore but has its headquarters in Bangalore, Karnataka. It has a wide range of products from electronic items to accessories, home appliances to books and toys. Flipkart also has its own product range of products and has launched it under the name DigiFlip and it includes products like tablets, USBs and laptop bags. The company was founded in October 2007 by Sachin Bansal and Binny Bansal, both worked for amazon.com but later they left their job to create their new company. Both the founders are the alumni of Indian Institute of Technology, Delhi and the first product sold by the company was a book called Leaving Microsoft to Change the World and they sold this book to a customer in Hyderabad. Initially, they spent 4 Lakh rupees for making the website to set up the business. Flipkart was the first company in India to allow Cash on Delivery option as the Indian customers had less trust on e-commerce website. Currently, Flipkart allows payment methods such as cash on delivery, credit card or debit card transactions, net banking and e-gift voucher. Flipkart reported the sales worth Rs 40 million in the financial year of 2008-09. Flipkart later raised funding from venture capital funds Accel India worth 1 million dollars in 2009 and then raised 10 million dollars in 2010 and 20 million dollars in 2011 from Tiger Global. Flipkart announced its fourth round of funding worth 150 million dollars from MIH and ICONIQ Capital. In July 2013, the company raised additional 200 million dollars from its existing investors Tiger Global, Naspers, Accel Partners and Iconiq Capital. Flipkart is reported to sell at least 10 products per minute and after reporting the sales worth Rs 40 million in 2008-09, Flipkart reported 200 million rupees in 2009-10 and 750 million rupees in 2010-2011. In November 2012, Flipkart was one of the companies that was being probed for alleged violation of FDI regulations of the Foreign Exchange Management Act 1999. After the allegations, Flipkart reported a loss of US$ 42 million in the financial year 2012-13. In July 2013, Flipkart raised $160 million from private equity investors. Flipkarts last fundraising round in May 2015 pegged its valuation around $15 billion. By August 2015 Flipkart had already raised a total of $ 3 billion over 12 rounds and 16 investors. However, in May 2016, Morgan Stanley lowered Flipkarts valuation to $9.39 billion. Flipkart being one of the biggest ecommerce players in the country moved a step ahead and made an exclusive tie up with Motorola and launched its budget smartphone Moto G on 5th February 2014 and sold more than 20,000 units within hours of the launch. Flipkart then made a long term tie up with Motorola Mobility and launched Moto X and later Moto E in May 2014. Flipkart also made a deal with Xiaomi and sold the high end smartphone Xiaomi Mi3 exclusively. The first batch was sold within 39 minutes and the second batch was sold within 5 seconds. Later, more than 150,000 buyers booked for the next sale of the smartphone. Flipkart also launched its in-house home appliance and personal healthcare brand Citron in September 2014 and the label includes a wide range of cooking utilities as well as grooming products. Flipkart was criticized for its failure of the 2014 Big Billion Sale. However in the second edition of the Big Billion Sale it reported that they saw a business turnover worth $300 million in gross merchandise volume. Flipkart received criticism again in 2014 after a Flipkart delivery boy molested a house maid in Hyderabad. Flipkart was again criticized on the issue of net neutrality after they announced their partnership with Airtel to use Airtel Zero platform which would have made Flipkart app free for Airtel users. After receiving such criticism, Flipkart retracted its decision to use Airtel Zero platform. Flipkart acquired companies like Myntra.com, Letsbuy.com etc to better their presence in the market as well as to survive in the heavy competition of e-commerce. Flipkart recently purchased jabong.com, a popular fashion store. Flipkart also had won many awards and recognition. In 2012, Flipkart was awarded Young Turk of the Year at the CNBC TV 18s India Business Leader Awards 2012. Flipkart.com also was nominated for IndiaMART Leaders of Tomorrow Awards of 2011. Co-founder of the company Sachin Bansal received the Entrepreneur of the year Award of 2012-13 from Economic Times leading Indian Economy Daily. Sachin Banal and Binny Bansal also entered the Forbes India Rich List and were placed at the 86th position with a net worth pf $1.3 billion each in September 2015. In April 2016, Sachin Bansal and Binny Bansal were also included in 100 most influential people by TIME.
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