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ID:1580351
User:Dhanush Karthik
Article:Flipkart
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{{Use Indian English|date=March 2013}}
 
{{Use dmy dates|date=May 2012}}
 
{{Infobox dot-com company
 
| company_name = Flipkart
 
| company_logo = [[File:Flipkart india.png|200px]]
 
| company_type =
 
| traded_as =
 
| foundation = {{Start date|2007}}
 
| dissolved =
 
| location = [[Bangalore]], India
 
| locations =
 
| incorporated =
 
| area_served = [[India]]
 
| founder = {{ubl|Sachin Bansal|Binny Bansal}}
 
| chairman =
 
| chairperson =
 
| president =
 
| CEO =
 
| MD =
 
| GM =
 
| key_people = Sachin Bansal & Manish Verma
 
| industry = [[Internet]], [[Online retailing]]
 
| products = Flipkart.com, [[Online wallet|Electronic Wallet]], Mime360.com, Chakpak.com
 
| services = [[E-commerce|Electronic commerce]]
 
| revenue = {{increase}} {{INRConvert|500|c}} ([[Fiscal year|FY]] 2011–12)<ref name="bstandard"/>
 
| operating_income =
 
| net_income =
 
| assets =
 
| equity =
 
| owner =
 
| num_employees = 4578
 
| parent =
 
| divisions =
 
| subsid =
 
| company_slogan = The Online Megastore
 
| url = {{URL|http://www.flipkart.com/|Flipkart.com}}
 
| programming_language =
 
| ipv6 =
 
| alexa = {{DecreasePositive}} 168; 10: India ({{as of|2013|11|1|alt=November 2013}})<ref name="alexa">{{cite web|url= http://www.alexa.com/siteinfo/flipkart.com |title= Flipkart.com Site Info | publisher= [[Alexa Internet]] |accessdate= 2013-11-01 }}</ref><!--Updated monthly by OKBot.-->
 
| website_type = [[Online shopping]]
 
| advertising = yes
 
| registration = Optional (required for buying Digital Content)
 
| num_users =
 
| language = [[English language|English]]
 
| launch_date = {{Start date and age|2007|df=yes}}
 
| current_status = Online
 
| screenshot =
 
| caption = A screenshot of flipkart.com as on 27 June 2013
 
| footnotes =
 
| intl = yes
 
}}
 
'''Flipkart''' is an [[India]]n [[electronic commerce|e-commerce]] company founded in 2007 and head-quartered in [[Bangalore]], [[Karnataka]]. It is considered as the e-commerce company that made online shopping popular in India.<ref name=bt>{{cite news|url=http://businesstoday.intoday.in/story/flipkart-online-shopping-e-commerce-order-books-online/1/20797.html |title=How Flipkart changed India's online shopping market - Business Today |publisher=Businesstoday.intoday.in |date=2012-02-09 |accessdate=2013-10-05}}</ref><ref name=ht>{{cite news|url=http://www.hindustantimes.com/technology/IndustryTrends/How-Flipkart-broke-India-s-online-shopping-inertia/SP-Article1-780440.aspx |title=How Flipkart broke India's online shopping inertia |publisher=Hindustan Times |date=2011-12-10 |accessdate=2013-10-05}}</ref> According to [[Alexa Internet]], Flipkart's website is one of the top 20 Indian websites.<ref name="alexa"/>
 
 
 
==History==
 
==History==
Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the [[Indian Institute of Technology Delhi]]. They had been working for [[Amazon.com]] previously. During its initial years, Flipkart focused only on books, and soon as it expanded, it started offering other products like electronic goods, [[Air conditioning|Air Conditioners]], [[Evaporative cooler|Air coolers]], stationery supplies and life style products and [[e-books]].<ref>{{cite news|url=http://timesofindia.indiatimes.com/business/india-business/Flipkart-goes-for-fashion-branding/articleshow/19832631.cms |title=Flipkart goes for fashion branding - The Times of India |publisher=Timesofindia.indiatimes.com |date= |accessdate=2013-10-05}}</ref><ref>{{cite news|title=Now order your next mobile on Flipkart|url=http://www.livemint.com/2010/08/04170204/Now-order-your-next-mobile-on.html|accessdate=19 August 2010|newspaper=[[Livemint]]|author=Geetika Rustagi|date=4 August 2010}}</ref> Flipkart now employs more than 4,500 people,<ref>{{cite web|url=http://www.flipkart.com/about-us |title=About Us |publisher=Flipkart.com |date= |accessdate=2013-10-05}}</ref> and is ranked among the top 20 Indian websites.<ref name="alexa"/> Flipkart's offering of products on [[Collect on delivery|Cash on Delivery]] is considered to be one of the main reasons behind its success.<ref name=ht/><ref name=bt/> Flipkart also allows other payment methods- [[credit card|Credit]] or [[debit card|Debit]] card transactions, [[net banking]], e-gift voucher and Card Swipe on Delivery.<ref>[http://www.flipkart.com/s/help/payments Flipkart.com: Payments] ''Retrieved 6 October 2012''</ref>
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Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the [[Indian Institute of Technology Delhi]]. They had been working for [[Amazon.com]] previously. During its initial years, Flipkart focused only on books, and soon as it expanded, it started offering other products like electronic goods, [[Air conditioning|Air Conditioners]], [[Evaporative cooler|Air coolers]], stationery supplies and life style products and [[e-books]].<ref> [[ dhanushkarthik@hotmail.com]] this is fb
 
===Acquisitions===
 
* 2010: [[WeRead]], a social book discovery tool.<ref name="weread">{{cite web|url=http://www.vccircle.com/500/news/flipkart-buys-social-book-discovery-tool-weread|work=VCCircle|title=Flipkart Buys Social Book Discovery Tool WeRead|accessdate=15 June 2011}}</ref>
 
* 2011: Mime360, a digital content platform company.<ref name="mime360">{{cite web|url=http://www.medianama.com/2011/10/223-flipkart-mime360-digital-music-ebooks-games/|title=Flipkart Acquires Mime360; To Launch Digital Distribution Of Music, E-books, Games|author=Nikhil Pahwa|work=medianama.com|accessdate=14 October 2011}}</ref>
 
* 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.<ref name="chakpak">{{cite web|title=Flipkart Acquires Digital Content From Bollywood News Site Chakpak|url=http://techcircle.vccircle.com/500/flipkart-acquires-bollywood-news-site-chakpak-com/|work=VCCircle|date=23 November 2011|accessdate=1 December 2011}}</ref>
 
* 2012: Letsbuy.com, an Indian e-retailer in electronics. Flipkart has bought the company for an estimated {{USD}}25 million.<ref name="letsbuy">{{cite web|title=Updated: It’s Official Flipkart Acquires LetsBuy.com|url=http://www.medianama.com/2012/02/223-flipkart-letsbuy/|work=medianama.com|date=9 February 2012|accessdate=9 February 2012}}</ref><ref name="letsbuy-acquired">{{cite web|title=Flipkart Buys Letsbuy in Cash-Equity Deal|url=http://www.business-standard.com/india/news/flipkart-buys-letsbuy-incash-equity-deal/464289//|work=Business Standard|date=11 May 2012|accessdate=9 February 2012}}</ref> Letsbuy.com was closed down and all traffic to Letsbuy have been diverted to Flipkart.<ref>{{cite web|url=http://www.fivepoint5.com/2012/05/finally-dr-flipkartcom-declared-patient.html|title=Finally Dr. Flipkart.com declared patient Letsbuy.com dead.|publisher=Fivepoint5|accessdate=31 May 2012}}</ref>
 
 
==Finance==
 
Initially, the founders had spent {{INR}}4,00,000 to set up the business.<ref name="et">{{cite news|title=Flipkart: Country’s largest online bookstore|url=http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Flipkart-Countrys-largest-online-bookstore/articleshow/6108317.cms|author=Archana Rai|accessdate=19 August 2010|newspaper=[[The Economic Times]]|date=30 June 2010}}</ref><ref>{{cite news|url=http://iamstarting.com/2010/04/interview-with-binny-bansal-of-flipkart-com-audio-interview|title=Interview With Binny Bansal Of Flipkart.Com|author=Chirag Chamoli|work=iamstarting.com|accessdate=15 June 2011}}</ref> Flipkart has later raised funding from venture capital funds [[Accel Partners|Accel India]] ({{USD}}1 million in 2009)<ref>{{cite web|url=http://www.quora.com/How-much-did-Flipkart-raise-through-Accel-funding-in-Oct-2009 |title=How much did Flipkart raise through Accel funding in Oct 2009? |publisher=Quora |date= |accessdate=2013-10-05}}</ref><ref>{{cite web|last=Sengupta |first=Snigdha |url=http://startupcentral.in/2011/10/flipkart-deal-is-accel-partners-eyeing-a-25x-partial-exit/ |title=Is Accel Eyeing a 25X Partial Exit From Flipkart? : STARTUPCENTRAL |publisher=Startupcentral.in |date= |accessdate=2013-10-05}}</ref><ref>{{cite news|title=Accel India Invests in Flipkart|url=http://www.pluggd.in/accel-india-invests-in-flipkart-297/|author=Sinha|work=pluggd.in|accessdate=25 August 2011}}</ref> and [[Tiger Management|Tiger Global]] ({{USD}}10 million in 2010 and {{USD}}20 million in June 2011).<ref>{{cite news|title=Flipkart Raises $150Mn From Accel Partners, Tiger Global|url=http://dealcurry.com/20120131-Flipkart-Raises-150Mn-From-Accel-Partners-Tiger-Global.htm|accessdate=5 May 2012|date=31 January 2012}}</ref><ref>{{cite news|title=A Tale of Two Book Fairs|url=http://www.financialexpress.com/news/a-tale-of-two-book-fairs/576523/3|accessdate=19 August 2010|newspaper=[[The Financial Express (India)|Financial Express]]|author=Sudipta Datta|coauthors=Suman Tarafdar|date=7 February 2010}}</ref><ref>{{cite news|title=Inlogistics: India's first private train cargo operator|url=http://www.moneycontrol.com/news/business/inlogistics-indias-first-private-train-cargo-operator_447560.html|accessdate=19 August 2010|newspaper=[[CNBC-TV18]]|date=18 March 2010}}</ref> On 24 August 2012, Flipkart announced the completion of its 4th round of $150 million funding from MIH (part of [[Naspers|Naspers Group]]) and ICONIQ Capital.<ref>{{cite web |url=http://yourstory.in/2012/08/flipkart-raises-fourth-round-of-funding-mih-and-inconiq-capital-take-minority-stake/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+yourstory%2Fnews+%28YourStory.in+Entrepreneurs%2C+Startups%2C+News%2C+Reviews%2C+Resources%29|title=Flipkart Raises Fourth Round of Funding; MIH and Inconiq Capital Take Minority Stake|author= Yourstory.in}}</ref> 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. <ref>{{cite web |url=http://www.nextbigwhat.com/flipkart-funding-from-tiger-naspers-accel-iconiq-297|title=Flipkart Raises Fresh $200 mn from Existing Investors Tiger global, Naspers & Others|publisher=NextBigWhat| author= Jayadevan PK}}</ref>
 
 
Flipkart's reported sales were {{INR}}40 million in [[Fiscal Year|FY]] 2008–2009,<ref name="bs">{{cite news|title=Cash on delivery|url=http://www.business-standard.com/india/news/cashdelivery/401747/|accessdate=19 August 2010|newspaper=[[Business Standard]]|date=19 July 2010}}</ref><ref>{{cite news|last=Dua|first=Aarti|title=A winning chapter|url=http://www.telegraphindia.com/1100228/jsp/graphiti/story_12157168.jsp|accessdate=19 August 2010|work=The Daily Telegraph |date=28 February 2010|location=Calcutta, India}}</ref> {{INR}}200 million in [[Fiscal Year|FY]] 2009–2010<ref>{{cite news|title=Bibliofile:A Garage Takes Off|url=http://www.outlookindia.com/article.aspx?264649|accessdate=19 August 2010|newspaper=[[Outlook (magazine){{!}}Outlook]]|date=22 March 2010}}</ref> and {{INR}}750 million for [[Fiscal Year|FY]] 2010–2011. <ref name="bstandard">{{cite web|url=http://www.business-standard.com/article/companies/flipkart-may-launch-online-marketplace-on-its-website-112100200140_1.html|title=Flipkart may launch online marketplace on its website|accessdate=23 July, 2013|publisher=[[Business Standard]]}}</ref> In FY 2011–2012, Flipkart is set to cross the {{INR}}5 billion ({{USD}}100 million) mark as Internet usage in the country increases and people get accustomed to making purchases online.<ref name="Business week">{{cite web|url=http://www.businessweek.com/news/2011-11-23/india-s-amazon-flipkart-expects-sales-to-surge-10-fold-this-year.html|title=India's-amazon-flipkart-expects-sales-to-surge-10-fold-this-year}}</ref> Flipkart projects its sales to reach {{INR}}10 billion by year 2014. On average, Flipkart sells nearly 20 products per minute<ref name="et20110909">{{cite news|url=http://articles.economictimes.indiatimes.com/2011-09-09/news/30135779_1_flipkart-internet-users-sachin-bansal|title=e-Commerce: Can the dotcom majors cope with their rising expectations?|author=Nikhil Menon|work=The Economic Times |location=India|date=9 September 2011}}</ref> and is aiming at generating a revenue of {{INR}}50 billion ({{USD}}.81 billion) by 2015.<ref>{{cite web|last=Tyagi|first=Akshay|title=How Flipkart Helped India Realise Its E-Commerce Dream!|url=http://thetechiris.com/541/how-flipkart-helped-india-realise-its-e-commerce-dream/|publisher=The TechIRIS|accessdate=26 May 2012}}</ref>
 
 
On November 2012, Flipkart became one of the companies being probed for alleged violations of FDI regulations of the Foreign Exchange Management Act, 1999<ref>{{cite news |url=http://timesofindia.indiatimes.com/business/india-business/Enforcement-Directorate-to-probe-Flipkart-Walmart-for-violation-of-FDI-norms/articleshow/17397206.cms|title=Enforcement Directorate to probe Flipkart.|author= ET Bureau | work=The Times Of India}}</ref><ref>{{cite news |url=http://www.thehindu.com/business/flipkart-under-ed-scanner/article4143824.ece|title=Flipkart under ED scanner|author= Staff reporter | location=Chennai, India|work=The Hindu|date=28 November 2012}}</ref>
 
 
In July 2013, Flipkart raised USD 160 million from private equity investors, taking the total to USD 360 million in its recent fund raising drive to build and strengthen technology and bolster its supply chain.
 
<ref>{{cite news |url=http://www.moneycontrol.com/news/business/flipkart-raises-36160-millionlatest-funding-drive_966335.html?utm_source=ref_article|title=Flipkart raises $160 mn in latest funding drive|author=moneycontrol}}</ref>
 
 
In October 2013, it was reported that Flipkart had raised an additional $160 million from new investors Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital with participation from existing investor Tiger Global. With this, the company has raised a total $360 million in its fifth round of funding, the largest investment raised by an Internet company in India, emulating InMobi’s $200 million investment from Softbank in September 2011. The company plans to use the capital raised to improve its technology and supply chain capabilities, enhance its end user experience and for hiring.<ref>{{cite web|author=Vikas SN |url=http://www.medianama.com/2013/10/223-flipkart-160m-investment/ |title=Flipkart Raises $160M From Dragoneer Investment, Morgan Stanley Investment & Others |publisher=MediaNama |date=2013-10-09 |accessdate=2013-10-25}}</ref>
 
 
==DigiFlip==
 
Flipkart has launched its own product range under the name "DigiFlip", offering camera bags, pen-drives, headphones, computer accessories, etc.<ref>{{cite web|url=http://www.thinkdigit.com/forum/technology-news/160808-flipkart-launches-its-own-accessories-digiflip.html |title=Flipkart launches its own accessories digiflip |publisher=Thinkdigit.com |date= |accessdate=2013-10-05}}</ref><ref>{{cite web|url=http://www.nextbigwhat.com/digiflip-flipkart-private-label-brand-297/ |title=Exclusive: Flipkart forays into private label, launches DigiFlip brand |publisher=NextBigWhat.com |date=2012-07-25 |accessdate=2013-10-05}}</ref>
 
<br>
 
 
==Flyte Digital Music Store==
 
In October and November 2011, Flipkart acquired the websites Mime360.com<ref name="mime360" /> and Chakpak.com.<ref name="chakpak"/> Later, in February 2012, the company revealed its new Flyte Digital Music Store.<ref name="digit">{{cite web|url=http://www.thinkdigit.com/Internet/Flipkart-to-launch-Flyte-Digital-Store-in_8839.html|title=Flipkart to launch 'Flyte Digital Store' in March|last=Lal|first=Abhinav|date=24 February 2012|work=[[Digit (magazine)|Digit]]|publisher=9.9 Media|location=India|accessdate=27 February 2012}}</ref> Flyte, a legal [[music download]] service in the vein of [[iTunes]] and [[Amazon.com]], offered [[Digital rights management|DRM]]-free MP3 downloads. But it was shut down on 17 June 2013 as paid song downloads did not get popular in India due to the advent of free music streaming sites.<ref>{{cite web|title=Exclusive: Flipkart to Shutdown Flyte MP3 Store; To Exit Digital Music Business|url=http://www.nextbigwhat.com/flyte-mp3-shutdown-297/|publisher=NextBigWhat|accessdate=29 May 2013}}</ref><ref>{{cite web|title=Flyte MP3 Store Shutting Down|url=http://www.thinkdigit.com/forum/technology-news/174319-flyte-mp3-store-shutting-down.html|publisher=ThinkDigit|accessdate=29 May 2013}}</ref>
 
 
==See also==
 
* [[Ecommerce in India]]
 
* [[Online shopping]]
 
 
==References==
 
{{Reflist|30em}}
 
 
==External links==
 
* {{official website|http://www.flipkart.com/}}
 
* [http://www.indya.me/sachinbansal/ Sachin Bansal on Indya.Me]
 
* [http://www.thehindubusinessline.com/industry-and-economy/info-tech/flipkart-raises-200-m-from-existing-investors/article4901398.ece The Hindu Business Line - Flipkart raises $200 m from existing investors]
 
* [http://www.deccanchronicle.com/130704/news-businesstech/article/flipkart-launches-online-payment-solution-payzippy Flipkart launches online payment solution PayZippy]
 
* [http://www.livemint.com/Companies/PSY7QdLg0b2W308h6w86sI/Flipkart-in-talks-to-raise-125-mn-from-existing-new-invest.html Flipkart in talks to raise $125 mn from existing, new investors]
 
 
[[Category:Retail companies of India]]
 
[[Category:Retail companies established in 2007]]
 
[[Category:Companies based in Bangalore]]
 
[[Category:Book selling websites]]
 
[[Category:Indian websites]]
 
[[Category:Online retail companies of India]]
 
[[Category:Bookstores of India]]
 
[[Category:Internet properties established in 2007]]
 
[[Category:2007 establishments in India]]
 
[[Category:Privately held companies of India]]
 
[[Category:Indian companies established in 2007]]
 
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