Flipkart Big Billion Days Sale!
Flipkart End of Season Sale!
These are some taglines that you often read or hear whenever you come across social media. Do these words excite you? If you are a shopaholic or prefer online purchasing, you must wait for the season sale on Flipkart to buy needful items. Behind the immense success, there is an inspirational Flipkart startup story to motivate every leading aspirant.
Let’s start discussing Flipkart startup story: the base from where the company started.
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Launched back on October 7 with a mere investment of 4 lakh ($around & 6000), Flipkart is among the initial eCommerce startups in India.
With the fast-forward decades, this small startup has become a leading eCommerce giant in India. Today, the company employs over 30000 people, selling over 80 million products under 100+ categories. Reaching this height certainly started from the bottom. So let’s look at Flipkart startup story to know what makes it unique and successful.
The Founder’s Story
The foundation of Flipkart includes two ideal minds ━ Sachin Bansal and Binny Bansal. They are alumni of the prestigious Indian Institute of Technology (IIT), New Delhi. Despite being school and college mates, they were never good friends. Once their college was completed in 2005, they both were on their quest for jobs. Sachin joined Amazon as a Software Engineer, whereas Binny wanted to be a part of Google but couldn’t. When Sachin heard about Binny’s rejection, he referred him to Amazon, and hence he was chosen. This is how they both become good friends.
Two co-workers decided to quit their job with the intention of starting something of their own. Being entrepreneurial minds, they founded Flipkart. Thus, the Flipkart startup story starts!
When initiated, Flipkart was a price comparison website. However, they soon converted it into an eCommerce website, that too, at a time when several eCommerce players in the market weren’t able to provide quality services.
When the concept of eCommerce was still unknown to India, Sachin and Binny got the idea to make Flipkart an online book retailer.
The Flipkart startup story is inspiring, but it was never easy for the company and the founders. The initial months of Flipkart were challenging as it took almost 18 months for the website to take off finally.
‘Buying online books’ was not something the masses could accept in 2007, and the founders had to face many disappointments. In an interview, Sachin Bansal claims that they used to stand outside the bookstores and hand out ‘Flipkart’s bookmarks’ to those who purchased the books.
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After a few sales, Flipkart reported a loss of more than INR 280 Crore, which is unquestionably the hardship of any startup. Like any other startup, the Flipkart startup story had to go through many peaks and valleys before marking itself as a multi-billion brand.
Today, Flipkart is one of India’s leading platforms, and they excel in selling various products, including music, movies, mobile phones, footwear, clothes, home appliances, electronics, games, baby care, toys, games, games, jewellery, accessories, etc.
Flipkart understood the context of eCommerce in the Indian market, and that helped the company to uplift its reputation. Another thing that made Flipkart famous among online shoppers is the discounts and convenience of paying cash on delivery. Both features have been integral to the company’s growth so far. Unlike other companies, Flipkart never relies on spending on expensive advertising campaigns. Flipkart startup story involved founders’ own resources to build a robust supply, logistics, and customer support network in the initial years. They understood early that their store is online, but they must develop a full-fledged brick-and-mortar retail business.
At present, the company has eight warehouses in the country and runs its own delivery network in 27 cities. The company ensures that the customer receives their product within the promised time. Flipkart is also safe for online payments and offers options for cash on delivery (COD).
As no startup can stand without funds, the Flipkart startup story also somewhere relies on funding. Look at its investment below.
Currently, the company is valued at $37.6 billion and planning to go public through a listing in the USA in 2023.
The first funding was raised from Accel India, approximately $1 million, which led the company to significant growth. Another investment was Tiger Global, which remains the company’s key investor.
Other company investors include eBay, Axis Bank, Manhattan Venture Partners, Naspers, and SoftBank Vision Fund.
The biggest turning point of the company was when it was acquired by Walmart for $16 billion, and now it holds a 77% stake in the company.
The company, started by two people from a price comparison platform, has been driven to unimaginable heights within a decade. This is undoubtedly an inspiration to the upcoming generation. Flipkart startup story began as an online book store and became India’s largest eCommerce platform allowing customers to make purchases from the comfort of their homes. From nothing to a million-dollar company, Flipkart went through a lot.
Flipkart proves it doesn’t need a revolutionary idea to build a business. Hard work and even better execution are all that necessary. The Flipkart startup story showed that no one could stop you if you have dedication and zeal to achieve something. Flipkart is a rising platform and will continue to grow in the upcoming years. For now, a pat on the back for the job done by Bansal&Bansal who put their best to make the company stand out from the crowd.