Flipkart is in fact the poster boy of Indian Ecommerce. It is the turning point of the online shopping and it is a company which turned into a Billion dollar by revenue in just 7 years. Lets have a look as in how the company grew.
1. Sachin Bansal and Binny Bansal got bored of their jobs at Amazon.com
2. They thought to start a price comparision search engine
3. Switched there idea and started Flipkart just for online book selling on October 2007 as Flipkart Online Services Pvt. Ltd.
4. First book to be sold was Leaving Microsoft To Change The World, bought by VVK Chandra from Andhra Pradesh
5. Initial funding was just Rs. 4,00,000. Flipkart has later raised funding from venture capital funds Accel India (US$1 million in 2009)
6. US$ 1 billion (gross merchandise 2013-14)
7. Aquired Myntra for $320 million. A big leap in fact.
8. Then Big Billion Day happened and it caused a big dent on reputation of Flipkart.
9. Flipkart gained $700 million investment, planning to beat the competition from Amazon & Snapdeal. Qatar Investment Authority is the biggest investor this time.
10. $7 billion valuation reached.
11. Flipkart working on introducing 3 hour delivery system.. Amazon may put its “Prime Users Service” in India as well.
12. Amazon is the ultimate target.