Flipkart is an electronic commerce company founded in 2007, by Sachin Bansal and Binny Bansal. It operates exclusively in India, where it is headquartered in Bangalore, Karnataka. It is registered in Singapore, and owned by a Singapore-based holding company. Flipkart has launched its own product range under the name “DigiFlip”, offering camera bags, pen-drives, headphones, computer accessories, etc. Flipkart also recently launched its own range of personal healthcare and home appliances under the brand “Citron”. The brand offers 60 day replacement guarantee and On-site repair support under its warranty terms.
Flipkart Careers: http://www.flipkartcareers.com/
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 sell goods in India through a company called WS Retail. Other third-party sellers or companies can also sell goods through the Flipkart platform.
2010: WeRead, a social book discovery tool.
2011: Mime360, a digital content platform company.
2011: Chakpak.com, a Bollywood news site that offers updates, news, photos and videos. Flipkart acquired the rights to Chakpak’s digital catalogue which includes 40,000 filmographies, 10,000 movies and close to 50,000 ratings. Flipkart has categorically said that it will not be involved with the original site and will not use the brand name.
2012: Letsbuy.com, an Indian e-retailer in electronics. Flipkart has bought the company for an estimated US$25 million. Letsbuy.com was closed down and all traffic to Letsbuy have been diverted to Flipkart.
2014: Acquired Myntra.com in an estimated INR 2,000 crore deal.
Initially, the founders had spent INR 4,00,000 only for making website to set up the business. Flipkart has later raised funding from venture capital funds Accel India (US$1 million in 2009) and Tiger 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 INR 40 million in FY 2008–2009, INR 200 million in FY 2009–2010 and INR 750 million for FY 2010–2011. In FY 2011–2012, Flipkart is set to cross the INR 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 INR 10 billion by year 2014. On average, Flipkart sells nearly 10 products per minute and is aiming at generating a revenue of INR 50 billion (US$0.81 billion) by 2015.
On November 2012, Flipkart became one of the companies being probed for alleged violations of FDI regulations of the Foreign Exchange Management Act, 1999
In July 2013, Flipkart raised USD 160 million from private equity investors.
In October 2013, it was reported that Flipkart had raised an additional $160 million from new investors Dragoneer Investment Group, Morgan Stanley Wealth Management, Sofina SA and Vulcan Inc. with participation from existing investor Tiger Global.
On 26 May 2014, Flipkart announced that it has raised $210 million from Yuri Milner’s DST Global and its existing investors Tiger Global, Naspers and Iconiq Capital.
In early July 2014, it was also highly speculated that Flipkart was in negotiations to raise at least $500 million, for a likely listing in the US for 2016.
On 29 July 2014, Flipkart announced that it raised $1 billion from Tiger Global Management LLC, Accel Partners, and Morgan Stanley Investment Management and a new investor Singapore sovereign-wealth fund GIC.
On 6 October 2014, Flipkart sold products worth INR 650Crore in 10 hours in a special one-day event – “The Big Billion Day”, claiming they had created e-commerce history, but their hard-won reputation for good customer service suffered because of technical problems, and angry reactions on social media from buyers disappointed with the pricing and availability of products. It claimed to sell a whopping 5 lakh mobile handsets, five-lakh clothes and shoes and 25,000 television sets within hours of opening its discounted sale at 8 AM.