Flipkart – the top player in the e-commerce industry today, survived all the initial business hurdles and tough competition successfully and emerged as a true winner. This startup has a very steady and upward success graph. The large online store provides a plethora of options in every category. It is the only e-commerce company giving a tough competition to the US-based e-commerce giant Amazon.
The digital world is witnessing a boom in the world top e-commerce industry. Busy lifestyles and tight working schedules leave no time for shopping. In such a scenario, the e-commerce websites come as a very convenient option to shop. One could do the shopping from their home or offices using their laptops or smartphones. In an environment where several e-commerce sites are reaching out to the customers with attractive advertisements and tall claims, Flipkart stood tough due to its unmatchable services.
The company was founded by two IIT Delhi alumni, Mr. Sachin Bansal and Binny Bansal in October 2007 with a small investment of Rs. 4, 00,000. They started by selling only books. Mr. Sachin received achiever of Entrepreneur of the Year Award 2012-2013 from Economic Times. Next, they started selling products in other categories like electronics, stationery, fashion and lifestyle products.
Adding more products to the site rapidly increased their it’s customer base. This, in turn, helped Flipkart getting US$1 million investment by venture capital funds Accel India, in the year 2009. In 2010 and 11, it raised US$10 million and US$20 million respectively. A remarkable achievement for the company was raising $1 billion from the same existing investors.
They faced few challenges initially, getting book vendors on board was quite a task that literally made the founders stand outside the Gangaram Book store in Bangalore. They used to give Flipkart bookmarks to the customers who used to come out with a book in their hand. Another challenge was to get approval for online credit card payment.
Overcoming all these initial challenges, Flipkart always maintained an impressive growth record in terms of revenue. The future plans comprise adding more and more sellers to the site and selling more that $1 billion products by next year.
Sachin often acknowledged in interviews that initially he was not very pleased about starting his company Flipkart journey till 2016. But soon company started growing in leap and bounds.
With such a strong track record in the business, it is all set to take the e-commerce industry to much higher standards. We wish the company all the best.