India’s First Unicorn Flipkart
Online marketplaces are completely changing the way we shop. While e-commerce is the biggest industry where small, medium and even rich entrepreneurs’ bandwagon as sellers and they are the witnessing significant growth in their business. Flipkart is one of them. The idea of Flipkart was simple, that consumers could shop online and get books delivered to their doorstep. Soon they started dealing in a variety of options. This is why it is called as India’s First Unicorn Flipkart. And they hire the best mobile app developer to develop their mobile app which gave a kick to their e-commerce business and now they are enjoying their success at the peak level.
Now let us know their success story, a journey from 2BHK to 8.3 lakh sq. feet. In this blog, we will endeavor into how the company grew in such a short time period. And also, we would give you insights into the history and achievements of the company. Have a look…
Small Beginning
Mr. Sachin Bansal and Mr. Binny Bansal met in 2005 at IIT Delhi. They both are the IIT-Delhi graduates left their jobs at Amazon to pursue their entrepreneurial dreams. Yes, they were former employees of US e-commerce giant Amazon; they became friends while working together at Amazon, they left their jobs in the hope of shaping the future of e-commerce in India at a time when this field was constantly growing and then they launch an internet business called Flipkart 12 years ago in 2007. Amazon is one of the best company which also has its unique mobile app (which is developed by one of the best mobile app development companies) to grow their business in the digital world. In Flipkart’s initial stage of operation, it was registered as Flipkart Online Services Pvt. Ltd. and sold only books. The idea was simple, that consumers could shop online and get books delivered to their doorstep. As both of them loved the books and founded Flipkart as a platform that catered to book lovers. They initiated this platform with a meager Rs. 6,500 funds. And within a couple of months into the business, they realized they had a larger target audience to tap. They have an awesome journey from 2BHK to 8.3 lakh sq. feet.
Grand Success
Within a couple of months, the company grew bigger and ventured into selling other products such as e-books, fashion, lifestyle products, electronic goods, and stationery supplies as well. They raised $1 billion from previously existing investors including Accel Partners, Tiger Global Management LLC, and Morgan Stanley Investment Management and a new investor Singapore sovereign-wealth fund GIC. Their way to success is the excellent quality of services being offered by them at which their challengers have lagged behind. Availability of all sorts of goods of various categories, pre as well as post sales experience, enhanced online shopping experience, is the company’s key differentiators. Flipkart is a platform that has not just emerged as a successor, but also helped other sellers to gain their aspirations recognition and fame.
Achievements
1. Entrepreneur of the Year Award 2012–2013 from Economic Times.
2. They acquired many firms such as Mime360, Letbuy.com, WeRead, Chakpak.com, FX Mart, and India’s largest online apparel store in mystore.com.
3. It hit GMV of $1 billion in March 2014. And presently the value of GMV on Flipkart is $4 billion.
4. In 2016, Flipkart achieved the milestone of 100M registered users.
5. Flipkart was the first who implement the ‘Cash on delivery’ facility.
6. Flipkart found a way by introducing their own supply chain management system so that deliveries can take place smoothly.
7. It acquired other famous companies such as LetBuy.com and Myntra.com.
8. In 2013, The Company was awarded Young Turk of the year by CNBC TV 18 channel.
9. In 2011, they have enjoyed the Leaders of Tomorrow awards by IndiaMart.
10. The owners of the company marked a place in Forbes India Rich Listings at the 86th position, enjoying a net worth of $1.3 billion each.
Conclusion
Flipkart is one of the leading examples for the small scale business entrepreneurs, who want to be recognized worldwide in the world of web. The discounts and deals offered by this company are a great way to sustain their customers. One of the most interesting things of Flipkart is they mixed their objectives with the sellers so that others (sellers) too achieved their goals.
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