Indians are embracing the blooming e-retailing with great zeal. The online shopping portals, with great discount offers, are spearheading offline shoppers. This field of India’s biggest e-retailing start-ups with eye popping success is incomplete without Flipkart. It started off by selling books and today it’s offering a wide variety of almost all household products. Read on to know more about the story of Flipkart from scratch to the zenith.
Evolution and Laying the First Stone
Two brilliantly gifted intellects, Sachin Bansal and Binny Bansal alma mater of IIT Delhi by the course of fate became colleagues while working at Amazon.com. The duo seeded a common thought to start an e-commerce company in India. Their passion and obsession for the e-commerce start-up domain along with their enthusiasm for developing a user-friendly online portal for better customer services led to the genesis of Flipkart in 2007.
It was registered in Singapore as Flipkart Online Services Pvt. Ltd but had its headquarters in India. Initially, they started off as a platform for selling books. Their outset marketing strategy included strolling the streets of Bangalore procuring and delivering orders. By religiously following their mantra, ‘Don’t count your customers before they smile’ and humble services they soon expanded their company. They then ventured into new waters, selling fashion and lifestyle products, electronic goods, stationery, etc. as well.
The duo sharing a common passion, strong technical background, sharp business acumen and a mere initial investment of Rs. 4 lakhs which was spent majorly on website development got them down to business.
Securing mind-boggling popularity they bagged a whopping fund of $1 million from venture capitalist Accel India in 2009. They succeeded in obtaining a sizable $10 million in 2010 and $ 20 million in 2011 from Tiger Global. In 2012 they procured a prodigious sum of $150 million from MIH and ICONIQ Capital. These initial funding served as stepping stones for the huge leap of Flipkart’s success. As Flipkart’s stature grew, more and more investments crawled in. Flipkart continuously repaid its investors’ faith with mind-blowing performances.
Flipkart reported a sale of Rs. 40 million in the year 2008-2009, Rs. 200 million in the financial year 2009-2010. Again, it raised a gigantic sum of Rs. 750 million in the year 2010-2011. Year after year the company has performed extraordinarily well. Their outstanding performance has obligated investors and as of 2015, they have already raised $3 billion.