Flipkart history
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Flipkart is an Indian e-commerce company, headquartered in Bangalore, Karnataka, India, and incorporated in Singapore as a private limited company.[5] The company initially focused on online book sales before expanding into other product categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products.
Flipkart Private Limited
Flipkart logo.svg
Flipkart-main-office.jpg
Flipkart's main office in India
Type
Private, subsidiary
Industry
E-commerce
Founded
2007; 15 years ago
Founder
Sachin Bansal
Binny Bansal
Headquarters
Bangalore, Karnataka, India (operational HQ)
Singapore (legal domicile)
Area served
India
Key people
Kalyan Krishnamurthy (CEO)[1]
Services
Online shopping
Revenue
Increase ₹43,615 crore (US$5.7 billion) (FY 2019)[2]
Owner
Walmart (82.1%)[3]
Tencent (5.1%)
Tiger Global (4.87%)
Binny Bansal (3.25%)
Microsoft (1.46%)
QIA (1.43%)
Accel (1.32%)
Other (0.47%)
Number of employees
30,000 (2016)[4]
Parent
Walmart
Subsidiaries
Myntra
PhonePe
Ekart
Jeeves
Cleartrip
Website
www.flipkart.com
The service competes primarily with Amazon's Indian subsidiary and domestic rival Snapdeal.[6][7] As of March 2017, Flipkart held a 39.5% market share of India's e-commerce industry.[8] Flipkart has a dominant position in the apparel segment, bolstered by its acquisition of Myntra, and was described as being "neck and neck" with Amazon in the sale of electronics and mobile phones.[9] Flipkart also owns PhonePe, a mobile payments service based on the UPI.
In August 2018, U.S.-based retail chain Walmart acquired a 77% controlling stake in Flipkart for US$16 billion, valuing Flipkart at around $20 billion.
Flipkart was founded in October 2007 by Sachin Bansal and Binny Bansal, alumni of the IIT, Delhi and former Amazon employees.[11][12][13] The company initially focused on online book sales with country-wide shipping. Flipkart slowly grew in prominence and was receiving 100 orders per day by 2008.[14] In 2010, Flipkart acquired the Bangalore-based social book discovery service WeRead from Lulu.com.[15]
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