Startup Name :- Flipkart
Founder :- Sachin Bansal, Binny Bansal
Founded :- October 2007,India
Official Site:- https://www.flipkart.com/
About the Startup:-
Back in 2007, when Flipkart was launched, Indian e-commerce industry was taking its beginner steps.Sachin Bansal and Binny Bansal, who were working for Amazon.in had an idea to start an e-commerce company in India.
◾Intro
A quick look into any success story shows a path breaking idea at the heart of the tale. Flipkart is no exception. It is not the idea itself but the conviction to convert ideas into action and action into results is what defines a true success story. Measured by that yardstick, Flipkart has been a hugely successful.Back in 2007, when Flipkart was launched, Indian e-commerce industry was taking its beginner steps.Sachin Bansal and Binny Bansal, who were working for Amazon.in had an idea to start an e-commerce company in India.
◾Acquisition by Walmart
On 4 May 2018, it was reported that the US retail chain Walmart had won a bidding war with Amazon to acquire a majority stake in Flipkart for US$15 billion. On 9 May 2018, Walmart officially announced its intent to acquire a 77% controlling stake in Flipkart for US$16 billion, subject to regulatory approval. Following the proposed purchase, Flipkart co-founder Sachin Bansal left the company, while the remaining management now report to Marc Lore, CEO of Walmart eCommerce US. Walmart president Doug McMillon cited the "attractiveness" of the market, explaining that their purchase "is an opportunity to partner with the company that is leading transformation of eCommerce in the market". Indian traders protested against the deal, considering the deal a threat to domestic business.
The acquisition was completed on 18 August 2018. Walmart also provided US$2 billion in equity funding to the company.
Revenue
₹43,615 crore (US$6.1 billion) (FY 2019)
Comments