Table of Contents
Flipkart Story - Bio, facts, Net Worth, Family and Career
A prominent e-commerce site in India is Flipkart.com. It was founded in October 2007 and is headquartered in Bengaluru. When Sachin and Binny Bansal founded the company, it was just an online bookshop. However, as the company gained popularity, it developed and broadened its offerings.
Some highlights about his life:
Binny Bansal
He was born somewhere around 1982 or 1983. His mother works for the government, while his father holds the position of chief management at a bank. His home is in Chandigarh. The capital city of Punjab and Haryana, Chandigarh is where he is originally from. His education was received at Chandigarh's St. Anne's Convent School. At IIT Delhi, he pursued his studies in software programming. His degree in computer science and engineering was awarded by the Indian Institute of Technology Delhi.
Sachin Bansal
He was born on August 5, 1981 in Chandigarh, India. His mother stays at home while his father works in business. Bansal received his education at Chandigarh's St. Anne's Convent School. He studied computer engineering at Indian Institute of Technology Delhi, where he earned his degree in 2005. Bansal worked at Tech Sprange for a few months following his graduation before beginning a career as a senior software developer at Amazon Web Services in 2006. Bansal resigned from Amazon in 2007 to launch his own business.
About his successful life:
Flipkart sells everything these days. According to the firm, its platform offers over 150 million products in 80 distinct categories, such as electronic devices, jewelry, e-books, equipment for the house, clothing, toys, and many more. Marketplaces for digital commerce function as aggregators, and turning into an all-in-one store is one way to build a profitable aggregation business. With its retail division at its core, the corporation has created its e-commerce ecosystem. Ekart, the courier service that Flipkart launched in 2009, is currently the biggest logistics platform in India, handling 10 million shipments per month on average.
Flipkart has collaborated with numerous businesses thus far, such as eBay, Motorola Mobility, and Authentic Brands LLC. eBay invested $500 million in the business and sold its Indian affiliate ebay.in to Flipkart in April 2017. The business collaborates with hundreds of Indian fashion labels. After defeating Amazon in the bidding war, US retail giant Walmart formally announced on May 9, 2018, that it would buy a 77% controlling interest in Flipkart for $16 billion. Flipkart's valuation increased to $20 billion following the acquisition. Thus far, Flipkart has purchased sixteen businesses, such as Myntra, Jabong, Chakpak, Appiterate, and others. Snapdeal turned down Flipkart's offer to buy them for $700–800 million in July 2017 because they were hoping for at least $1 billion.
Flipkart held a "Big Billion Day" promotion on October 6, 2014, to commemorate the company's anniversary. In just ten hours, the campaign's merchandise sales reached a total of $100 million. However, the company was criticized by stakeholders and customers for failing to live up to client expectations because of technical difficulties and a supply shortage. But the company's Big Billion Day the following year brought in an incredible $300 million in GMV.
The company states that it has about 112 million active monthly users and processes over 10,000 orders per day. The corporation runs multiple house brands, including Billion (smartphones), Citron (home appliances), and Smartbuy (electronic accessories). To take against Amazon Prime, the business introduced Flipkart Video, an in-app video streaming service, in August 2019.
Through 24 funding rounds, the company has raised more than $3 billion to date. Flipkart wants to raise about $3 billion to go public in 2022, making it a $40 billion firm, according to Bloomberg.
What we should learn from their life:
- Obstacles and hardships do not quench your hunger for achievement.
- As you focus on laying a solid foundation, success will follow naturally.
- To begin, you don't need a great idea. Rather, you must begin by developing your idea into something substantial and influential.
