In 2007, two non-related IIT-Delhi graduate Bansals from Chandigarh left their jobs at Amazon to sell books online from a two-bedroom apartment in Bengaluru. Everyone around called them insane. 11 years later these insane engineers sold 77 percent stake in country’s largest e-commerce company to US retail giant Wal-Mart.
Flipkart – naam toh suna hi hoga!
Flipkart introduced online shopping to Indians and the company is a household name today. From selling twenty books in their first year, the e-commerce giant has grown to record revenue worth INR 199 billion in 2017.
Sachin Bansal and Binny Bansal opened their first office in Bengalurur in 2008, slowly expanding to other cities like Delhi and Mumbai before going international in 2011, shifting domicile to Singapore to woo foreign investors.
Much of the credit for its expansion goes to acquisitions. It took over online apparel retailer Myntra in 2014 in a deal pegged at $300 million, followed by $70 million takeover of another fashion giant Jabong in 2016. It bought PhonePe in 2016, and eBay in 2017 for an equity in Flipkart.
Sachin believes that quality of service provided by Flipkart was what set them apart from their competitors. Further, the wide range of goods from myriad categories, enhanced online shopping experience, pre and post sales experience are company’s key to success.
Struggling with online payment gateway in the beginning, the company launched the cash on delivery system and pay by card on delivery system recognizing India’s love for cash which ultimately helped it to expand their consumer base. Knowing that timely delivery is the key for success, they launched their own supply chain management system Ekart for fast and timely delivery.
Innovation and change have helped the company to grow in a big way. Launching mobile app for easy access and turning sale season into a festival through Big Billion Days have helped it see several milestones. A new campus, 1,30,000 third-party sellers, product catalogue of over 80 million products and a Wal-Mart acquisition paints a picture of success of a company which promises to deliver even more in the future.