Sachin and Binny Bansal 2 Indian guys, who reach their dream within 7 years. Sachin and Binny Bansal the founders of biggest online shopping website Flipkart.
They started their dream with an investment of just 4 Lakhs, and within 7 years their company grossed with 11.8 billion (US$200 million) revenue and become biggest online shopping place.
Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi. They had been working for Amazon.com previously. The business was formally incorporated as a company in October 2008 as Flipkart Online Services Pvt. Ltd. During its initial years, Flipkart focused only on books, and soon as it expanded, it started offering other products like electronic goods, air conditioners, air coolers, stationery supplies and life style products and e-books. The first product sold by them was the book Leaving Microsoft To Change The World, bought by VVK Chandra from Andhra Pradesh. Flipkart now employs more than 9000 people. Flipkart allows payment methods such as cash on delivery, credit or debit card transactions, net banking, e-gift voucher and card swipe on delivery.
According to Alexa Internet, Flipkart's website is one of the 10 most visited websites in India. Flipkart has launched its own product range under the name "DigiFlip", offering camera bags, pen-drives, headphones, computer accessories, etc.
Legally, Flipkart is not an Indian company since it is registered in Singapore and majority of its shareholders are foreigners. Because foreign companies are not allowed to do multi-brand e-retailing in India, Flipkart sells goods in India through a company called WS Retail. Other third-party sellers can also sell companies too can sell on the Flipkart platform.
Initially, the founders had spent 400,000 to set up the business. Flipkart has later raised funding from venture capital funds Accel India (US$1 million in 2009) andTiger Global (US$10 million in 2010 and US$20 million in June 2011). On 24 August 2012, Flipkart announced the completion of its 4th round of $150 million funding from MIH (part of Naspers Group) and ICONIQ Capital. The company announced, on 10 July 2013, that it has raised an additional $200 million from existing investors including Tiger Global, Naspers, Accel Partners and Iconiq Capital.
Flipkart's reported sales were 40 million in FY 2008–2009, 200 million in FY 2009–2010 and 750 million for FY 2010–2011. In FY 2011–2012, Flipkart is set to cross the 5 billion (US$100 million) mark as Internet usage in the country increases and people get accustomed to making purchases online. Flipkart projects its sales to reach 10 billion by year 2014. On average, Flipkart sells nearly 20 products per minute and is aiming at generating a revenue of 50 billion (US$0.81 billion) by 2015.
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