The e-commerce company Flipkart is among India’s predominant online shopping platforms. It was launched in October 2007 with its main office in Bangalore. Established by Sachin Bansal and Binny Bansal, the online endeavor had first started as an online book shop; however, as the company’s popularity heightened, it developed and extended its activities.
The company began selling an assortment of items like music, mobile phones, and movies. With online business continuously changing the universe of retail and earning its energy in India, Flipkart grew faster by consistently introducing different categories in its assortment.
Flipkart has more than 160 million registered users and over 1,000,000 dealers on its electronic selling stage. For easy delivery to its client base, the firm contracts more than 1 million square feet of office in different regions, incorporating Mumbai, Hyderabad, Bengaluru, Lucknow, Ahmedabad, and so forth.
The Encounter of Sachin and Binny
Sachin Bansal and Binny Bansal, the two friends who laid the foundation of the Online Shopping Platform Flipkart, met at IIT Delhi. Both IIT Graduates worked in different companies for almost a year after graduation. Seeing the growing phase of online shopping, both of them joined American e-commerce company Amazon. While working here, both of them decided to do business. After this, both started Flipkart with only 10 thousand rupees. Then in October 2007, the duo raised Rs. 2 lakh each and went ahead with Flipkart.
The Business Started With a Two-Room Flat
Sachin and Binny launched the website to sell books in their 2-room flat in Bangalore with two computers. Initially, its name was Flipkart Online Services Private Limited. Not only this, at that time the business was limited to selling only books. However, they did not receive a single order for ten days. Meanwhile, a customer from Andhra Pradesh ordered the book ‘Living Microsoft to Change the World’. This was the first order for the company.
Used to Ask the Family for Their Expenses
Until 18 months after starting the company, Sachin and Binny Bansal had to ask for ten thousand rupees from their parents every month for their expenses. However, they were not disappointed when the business failed as in 2009, Essel Partner (India) joined. The Essel partner invested $1 million in Flipkart. The company grew, and Flipkart got investors. In 2010, Tiger Global also reposed confidence in Flipkart and invested $20 million. After this, this process continued like this.
Gradually Flipkart became the largest e-commerce company in the country. Flipkart also surpassed Amazon in terms of earnings. Then something happened that no one had even thought about. Binny Bansal decided to sell a 77 percent stake of Flipkart to Walmart. Which was not acceptable to Sachin Bansal, and he resigned. Now due to some allegations on Binny Bansal, he too has left Flipkart.