Flipkart is an Indian e-commerce company founded in 2007, which is also credited for pioneering online shopping in India.
Flipkart is an online retailing firm founded by two IITians: Sachin Bansal and Binny Bansal. The duo first worked for Amazon.com, before founding Flipkart in 2007, and its incorporation as Flipkart Online Services Pvt. Ltd. The company is head quartered in Bengaluru, the capital of Karnataka.
Flipkart first began as an online portal which made books from different genres available to the internet users. However, as the business expanded, Flipkart soon began selling electronic products such as Air conditioners, coolers, Television sets, etc. The company currently employs about 4,600 people and features as a permanent fixation in the list of top 10 Indian websites.
Flipkart is chiefly credited for fostering the growth of online retail shopping in India. Many of the facilities that it provides as means of business are also a big factor for why it’s so popular today. For instance, its services of cash on delivery basis, card wipe on delivery, free shipping, etc. were seen as being unprecedented in India’s online retail industry.
In its short yet tremendously successful journey so far, Flipkart has managed to raise US$360 million as capital from the market, and is on course to generate revenues of US$ 0.81 billion. The company is presently priced at US$1.6 billion, or 9,900 crore Rupees. Along its way, Flipkart has also made some acquisitions such as WeRead, which is a social book discovery tool; Mime360, a digital content platform company; and Letsbuy.com, an Indian retailer in electronics.
On an average, Flipkart sells about 20 products per minute.