Many of you will awe to know that the most favourite online store for Indians was started just 11 years ago. Binny Bansal and Sachin Bansal, two Delhi-based IIT graduates resigned their jobs at Amazon to start Flipkart in 2007.
Flipkart Jorney so Far:
- The two Bansals became friends while working for Amazon. Together they founded Flipkart in 2007. Both of them hail from Chandigarh but are not related.
- The first Flipkart office was set up in Kormangla, Bangalore in 2008. It was then a simple online bookstore.
- Flipkart opened offices in Delhi as well as Mumbai in 2009.
- Flipkart opened doors to foreign traders in 2011 and domiciled to Singapore. This helped exponential growth of funds.
- Sachin Bansal initially became the CEO of Flipkart. He was the CEO till 2016.
- In 2014, Flipkart acquired Myntra – an online fashion store for about $300 million.
- Binny Bansal became the CEO of Flipkart in 2016 and Sachin took over as an executive Chairman.
- Flipkart bought Jabong, another online apparel store in 2016 for about $70 million. It also purchased PhonePe in 2016 which was a start-up then. EBay agreed to invest $00 million cash in Flipkart and sell its eBay.in online business to Flipkart in 2017.
- In 2017, an executive in Flipkart investor Tiger Global Kalyan Krishnamurthy became CEO of Flipkart. Binny Bansal took over as the CEO of the whole group which included fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.
- In April 2018 i.e., last month, all Flipkart Bengaluru offices were consolidated into one large campus covering 8.3 Lakh square feet.
As of now SoftBank of Japan is the largest investor in Flipkart with a 23-24 per cent stake. Other who hold a 13 per cent stake are South Africa media and Naspers amongst others including Tiger Global, a NewYork based hedged fund, US private-equity firm Accel Partners, China’s Tencent Holdings Ltd, eBay Inc and Microsoft Corp.
When it comes to the financial statistics of Flipkart, Flipkart Group’s combined loss attributable to owners of the company in fiscal 2017 extended to Rs 8,770 crore from Rs 5,216 crore a year earlier. Consolidated revenue raised 29 per cent to Rs 19,855 crore in fiscal 2017.
Trying to become the best of what it can do, Flipkart has certainly had a lot of interests for acquire and mergers. Amazon was the first organization to show interest, however, on Tuesday night 8th May 2018, the Walmart-Flipkart agreement was made. Flipkart agreed to stake 77 per cent to US Walmart for $16 billion. Walmart also plans to invest $2 billion (nearly Rs 13,000 crore) as fresh equity into Flipkart to strengthen its hold on the e-commerce firm.