Flipkart is an e-commerce company that was initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products.
Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal. The company is headquartered in Bengaluru, India. In the 10 years since it started, Flipkart has come to offer over 80 million products across 80+ categories including Smartphones, Books, Media, Consumer Electronics, Furniture, Fashion and Lifestyle.
Flipkart has over the years become the preferred online marketplace for leading Indian and International brands. Their acquisition of Jabong and Myntra has been a natural step in our journey to be India’s largest fashion platform.
Flipkart purchased a minority stake in the digital mapping provider MapmyIndia. The company stated that it would licence its data to help improve delivery logistics. In 2016, Flipkart acquired the online fashion retailer Jabong.com from Rocket Internet for US$70 million, as well as the UPI mobile payments startup PhonePe. In January 2017, Flipkart made a US$2 million investment in Tinystep, a parenting information startup.
Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns – customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians. The company has a customer base of over 100 million, offering over 80 million products across 80+ categories.
On 9 May 2018, Walmart acquired a 77% controlling stake in Flipkart for US$16 billion, valuing the company a massive $21B. The company will continue to be run by its leadership with Tencent and Tiger Global retaining board seats. Those two have remained investors in the business, alongside others that include Flipkart co-founder Binny Bansal and Microsoft.
Flipcart has also attracted investors such as Accel, Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates, Qatar Investment Authority and dozen others. The company raised $1.2B in a new round on July 14, 2020, from its stakeholders Walmart, Tiger Global, Tencent among others. This brings Flipkart's total funding to $8.9B to date. The latest round also brings the company's valuation to $24.9B post-money.