Flipkart From Wikipedia, the free encyclopedia Flipkart Flipkart india.

png Foundation date 2007 Headquarters Bangalore, India Area served India Founder(s) Sachin Bansal Binny Bansal Key people Sachin Bansal & Binny Bansal Industry Internet, Online retailing Products Flipkart.com, Electronic Wallet, Mime360.com, Chakpak.com Services Electronic commerce Revenue Increase INR500 crore (US$80 million) (FY 2011 12)[1] Employees 4578 Slogan(s) The Online Megastore Website Flipkart.com Alexa rank positive decrease 181; 11: India (September 2013)[2] Type of site Online shopping Advertising yes Registration Optional (required for buying Digital Content) Available in English Launched 2007; 6 years ago Current status Online Flipkart is an Indian e-commerce company headquartered in Bangalore, Karnataka. It was founded by Sachin Bansal and Binny Bansal in 2007. In its initial years, Flipkart focused on online sales of books, but later it expanded to electronic g oods and a variety of other products. Flipkart offers multiple payment methods l ike credit card, debit card, net banking, e-gift voucher, Cash on Delivery and C ard Swipe on Delivery.[3] Contents [hide] 1 History 1.1 Funding 1.2 Acquisitions 2 Business results 3 Products 3.1 DigiFlip 3.2 Flyte Digital Music Store 4 Enforcement Directorate probe 5 See also 6 References 7 External links History[edit source | editbeta] Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of t he Indian Institute of Technology Delhi. They worked for Amazon.com before quitt ing and founding their own company. The first book the company sold was John Woo ds' Leaving Microsoft to Change the World.[4] Today, as per Alexa traffic rankin gs, Flipkart is amongst the top 20 Indian Web sites and has been credited with b eing India's largest online bookseller[4] with over 11 million titles on offer. Further in 2012, Flipkart added A.C, air coolers, stationery supplies & life sty le products [5] to its product portfolio.[6] As of today, Flipkart employs more than 4,500 people.[7] Funding[edit source | editbeta] Initially funded by the Bansals themselves with INR400,000,[4][8] Flipkart has r aised funding from venture capital funds Accel India (US$1 million in 2009)[9][1 0][11] and Tiger Global (US$10 million in 2010 and US$20 million in June 2011).[ 12][13][14] Flipkart.com, on 24 August 2012, announced the completion of its 4th round of $1

50 million funding from MIH (part of Naspers Group) and ICONIQ Capital.[15] The company announced, on 10 July 2013, that it has raised an additional $200 millio n from existing investors including Tiger Global, Naspers, Accel Partners and Ic oniq Capital. [16] Acquisitions[edit source | editbeta] 2010: WeRead, a social book discovery tool.[17] 2011: Mime360, a digital content platform company.[18] 2011: Chakpak.com is a Bollywood news site that offers updates, news, photos and videos. Flipkart acquired the rights to Chakpak s digital catalogue which include s 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.[19] 2012: Letsbuy.com is India's second largest e-retailer in electronics. Flipkart has bought the company for an estimated US$25 million.[20][21] Letsbuy.com had b een closed down and all the traffic of Letsbuy is diverted to Flipkart.[22] Business results[edit source | editbeta] Flipkart's reported sales were INR40 million in FY 2008 2009,[23][24] INR200 milli on in FY 2009 2010[25] and INR750 million for FY 2010 2011. [1] In FY 2011 2012, Flipk art is set to cross the INR5 billion (US$100 million) mark as Internet usage in the country increases and people get accustomed to making purchases online.[26] Flipkart projects its sales to reach INR10 billion by year 2014. On average, Fli pkart sells nearly 20 products per minute[27] and is aiming at generating a reve nue of INR50 billion (US$1 billion) by 2015.[28] Products[edit source | editbeta]

An 8 GB DigiFlip pen-drive DigiFlip[edit source | editbeta] Flipkart has launched its own products range under the name DigiFlip, offering c amera bags, pen-drives, headphones, computer accessories and a lot more. They ar e eventually expanding the range. Flyte Digital Music Store[edit source | editbeta] In October and November 2011, Flipkart acquired the websites Mime360.com[18] and Chakpak.com.[19] Later, in February 2012, the company revealed its new Flyte Di gital Music Store.[29] Flyte, a legal music download service in the vein of iTun es and Amazon.com, offered DRM-free MP3 downloads. Flyte offered browse by langu age options where users could download international as well as regional songs. Flipkart listed the music based on its genre on the new music store and provided a lot of variety. Users could shop for tracks from various albums starting at I NR6 on the store.[30] A purchased song could only be downloaded a maximum of 4 t imes on an internet enabled device. Flyte