Flipkart.com
 |
|
| Type of business | Private |
|---|---|
| Founded | 2007 |
| Headquarters | Bangalore, Karnataka, India |
| Area served | India |
| Founder(s) |
Sachin Bansal Binny Bansal |
| Key people | Ryan Stephen (Group CEO) Shantanu Genius (CEO) |
| Services | Online shopping |
| Revenue |
 ₹15,129 crore (US$2.3 billion) (2016) |
| Employees | 30,000 (2016) |
| Subsidiaries | Myntra, Jabong.com, PhonePe, eBay.in (India), eKart |
| Website | www |
| Alexa rank |
 160 (April 2017[update]) |
| Commercial | Yes |
| Registration | Required |
| Current status | Online |
Flipkart is an electronic commerce company headquartered in Bangalore, Karnataka. It was founded in October 2007 by Sachin Bansal and Binny Bansal (no relation). Flipkart has launched its own product range under the name "DigiFlip" with products including tablets, USBs, and laptop bags. As of April 2017, the company was valued at $11.6 billion.
Flipkart was founded on 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi. They worked for Amazon.com, and left to create their new company incorporated in October 2007 as Flipkart Online Services Pvt. Ltd. The first product they sold was the book Leaving Microsoft To Change The World to a customer from Hyderabad. Flipkart now employs more than 33,000 people.
In October and November 2011, Flipkart acquired the websites Mime360.com and Chakpak.com. Later, in February 2012, the company revealed its new Flyte Digital Music Store. Flyte, a legal music download service in the vein of iTunes and Amazon.com, offered DRM-free MP3 downloads. But it was shut down on 17 June 2013 as paid song downloads did not get popular in India due to the advent of free music streaming sites.
After the success of its 2014 Big Billion Sale, Flipkart carried out a second Big Billion Sale. where it is reported that they saw a business turnover of $300 million in gross merchandise volume.
In 2015, Flipkart bought a minority stake in navigation and route optimization startup MapmyIndia to help improve its delivery using Map my India assets.
In a report dated 25 November 2014, a leading media outlet reported that Flipkart were operating through a complex business structure which included nine firms, some registered in Singapore and some in India. In 2012 Flipkart co-founders sold WS Retail to a consortium of investors led by Rajeev Kuchhal.
Initially, they had spent ₹400,000 (US$6,200) only for making the website to set up the business. Flipkart has later raised funding from venture capital funds Accel India ($1 million in 2009) and Tiger Global ($10 million in 2010 and $20 million in June 2011). On 24 August 2012, Flipkart announced the completion of its 4th round of $150 million funding from MIH (part of Naspers Group) and ICONIQ Capital. The company announced, on 10 July 2013, that it has raised an additional $200 million from existing investors including Tiger Global, Naspers, Accel Partners and Iconiq Capital.
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