Flipkart was founded in October 2007 by Sachin Bansal and Binny Bansal, alumni of the Indian Institute of Technology Delhi. The company initially focused on online book sales with country-wide shipping. As of March 2017, Flipkart held a 39. 5% market share of India’s e-commerce industry. In August 2018, Walmart acquired an 81% controlling stake in FlipKart for US USD 16 billion, valuing the company at around USD 20 billion.
About Flipkart in brief
Flipkart was founded in October 2007 by Sachin Bansal and Binny Bansal, alumni of the Indian Institute of Technology Delhi and former Amazon employees. The company initially focused on online book sales with country-wide shipping. As of March 2017, Flipkart held a 39. 5% market share of India’s e-commerce industry. In August 2018, U.S. -based retail chain Walmart acquired an 81% controlling stake in FlipKart for US USD 16 billion, valuing the company at around USD 20 billion. 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. The service competes primarily with Amazon’s Indian subsidiary and domestic rival Snapdeal. In April 2017, eBay announced that it would sell its Indian subsidiary, eBay. in, to Flipkmart and invest USD 500 million in the company. In October 2015, FlipKART held a Big Billion Day, selling $100 million worth of goods in 10 hours. The event received criticism via social media over technical issues and stock shortages during the event. On October 6, 2015, in honor of the company’s anniversary and the Diwali season, it promoted a major sale that it promoted as \”Big Billion Day\”. The event generated a surge of traffic of USD 100 million. In February 2014, Flip kart partnered with Motorola Mobility to be the exclusive Indian retailer of its Moto G smartphone.
Motorola also partnered with Flipkatt on the Moto E, a phone targeted primarily towards emerging markets such as India. In July 2017, Flippart made an offer to acquire its main domestic competitor, Snapdeal, for USD 700–800 million, which was rejected by Snapdeal,. In August 2019, Flipksart entered into a partnership with Authentic Brands to license and distribute Nautica in India. Flipkarten invested USD 4 million in the customer engagement and rewards platform EasyRewardz on 19 November 2019. The site was unsuccessful and shut down in June 2013 because of competition from free streaming sites, but it is now back up and running. In January 2017, the company made a USD 2 million investment in TinyStep, a parenting information startup. In December 2015, it purchased a minority stake in the digital mapping provider MapmyIndia. In 2016, it acquired the online fashion retailer Jabong. com from Rocket Internet for USD 70 million and the UPI mobile payments startup PhonePe. In May 2014, it invested USD 35 million in Arvind Fashions Limited’s newly formed subsidiary Arvind Youth Brands for a 27%. In October 2020, Flipcart acquired a 7. 8% stake in Aditya Birla Fashion and Retail for USD 204 million. It held exclusive Indian. launches for the Xiaomi Mi3 in July 2014, the Redmi 2 in late 2014, and Micromax’s Yuique 2 in September 2014, including other smartphones.
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This page is based on the article Flipkart published in Wikipedia (as of Jan. 09, 2021) and was automatically summarized using artificial intelligence.
