In E-commerce or electronic commerce, there is the use of platforms that makes it easier for individuals to sell and buy products over the net. However, eCommerce also refers to digital activities like payment gateways, online ticketing, and online auctions. In this write-up, let us find out the success story of the eCommerce startup, Flipkart.
Story of Flipkart – Who is the Founder of Flipkart?
The table below indicates the worldwide report on retail eCommerce sales growth.
Flipkart is registered in Singapore as a private company but is based in India as an e-commerce firm. Who is the founder of Flipkart?
Two founders of the company, Sachin and Binny Bansal, studied B.Tech at IIT Delhi in 2005. Later, they both worked for Amazon.com for a brief time, only to quit their jobs after about nine months. They wanted to launch a “Comparison Search Engine” but set up Flipkart in 2007.
The Flipkart founders successfully gained the people’s trust, and the so-called trust element and assurance prevailed. According to Forbes India Rich List, the two were recognized in 2015. The founder of Flipkart was named the 86th wealthiest person. Jointly, the partners’ net worth was anticipated to be approximately $1.3 billion.
ECommerce Startup Flipkart’s Awards and Accolades
The founding partners earned the following accolades-
- The Economic Times named them Entrepreneur of the Year 2012-2013
- With a combined net worth of $1.3 billion, the Flipkart founders debuted at #86 on Forbes’ India Rich List.
- Selected as the world’s 100 most influential people, April 2016 by Time Magazine’s annual list.
In May 2018, the American conglomerate Walmart acquired Flipkart by earning a 77% stake in Flipkart. The founders would hold the remaining stake. However, just after the acquisition, Sachin Bansal left the company. The most crucial contribution of Sachin has been moulding and nurturing Flipkart in the initial stages, as stated by Binny Bansal. Sachin Bansal was associated as the Chief Executive officer until 2016.
Eventually, Flipkart added more products to its portfolio and started selling other products that included mobile phones, music, and movies. Presently, there are more than 80 million-plus products that the company facilitates across different categories.
Over the years, Flipkart has grown by leaps and bounds and is gradually adding more products. The success story of this eCommerce startup has inspired many to follow a similar path and aspire to follow their dreams and never quit. It is worth mentioning that it started as an online bookstore within a two-bedroom apartment in Koramangala in Bengaluru.