Startup Story of Flipkart

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Startup Story of Flipkart

Startup Story of Flipkart – Flipkart, the biggest in house e commerce giant of India, is not unknown to anyone.  This has become the ultimate marketplace for the online shoppers in India. It has become the biggest e-commerce brand of India retailing in fashion, lifestyle, travel, and every other category.

Startup Story of Flipkart

It was founded in October 2007.It was founded by the IIT alumni, Sachin Bansal and. Binny Bansal, both of whom are not related to each other. They used the tower for Amazon previously. Initially, they just started with selling books online in the whole country.

Their big leap came in May 2012 when they acquired Letsbuy which was an online retailer of electronics products. Today, after 13 years of its launch, the start up is a big billion e  commerce startup. They started with those goods in their initial stages that were of low maintenance, had higher margins of profit, and were easy to transport.

Startup Story of Flipkart

Startup Story of Flipkart
Startup Story of Flipkart

They did not even start with an inventory. They used to just list the books on their platforms, they just directly procured them from the distributors, and sent them to their online customers. 

The initial investment on Flipkart was Rs 4 lakhs that the founders gave in from their own pocket. It was bootstrapped. They started their office in a 2 BHK house in Koramangala. The initial few years were not the most satisfying for Flipkart because back then in 2007, the e commerce scenario was not that great in India.

They faced a lot of setbacks and failures and were their best friends. They could not convince any of their friends to come on board as a team for their startup because no one was convinced with their ideas.

They could not even convince the investors as they thought their idea was shallow for the Indian market and they were simply wasting their time. 

But, in 2009, they got their first ever investment from a small investment firm. It took them 18 months to draw a funding of around $1 million. But, things kept on working as the founders kept on working on their ideas.

After a few months, Flipkart received funding from Lee Fixel, a little-known fund manager at Tiger Global, a hedge fund in New York. Just within weeks post this, they got an investment of $10 million and was finalized. 

Startup Story of Flipkart

Startup Story of Flipkart
Startup Story of Flipkart

With Flipkart, the entire ecosystem of the e commerce and the entrepreneurship genre grew in India. Both the founders were incredible as a team and both had different qualities to take their business forward in different ways.

Flipkart and Amazon are the two powerful e-commerce businesses that are popular in India but the fact Flipkart is our own in house startup, it is more amazing for us. People also call Flipkart as the Amazon of India.

One thing that Flipkart has managed to do over the years is that it has been able to hold on to the. Trust factor of its customers with great customer service. Flipkart was the one introducing the cash on delivery option to their audiences. This was a massive turn on for the people of India. 

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