The Journey of Flipkart is nothing short of a tale of grit, determination, and resilience for struggling entrepreneurs. From a small 2BHK apartment in Bengaluru, it rose to one of the largest e-commerce empires in India. But like all great stories, this one too had its share of struggles and challenges.
Join us as we delve into the Flipkart story and discover the determination and hard work that went into building a company now valued at over $37 billion.
Start Of An Entrepreneurial
The story of Flipkart begins in 2009 with a small 2BHK apartment in Bengaluru, where two young entrepreneurs, Sachin Bansal and Binny Bansal, had the vision to change how India shopped online.
It was a time when e-commerce was still in its infancy in India, and the founders faced numerous challenges. From a lack of infrastructure and technology to a limited customer base, the road to success took work.
They started small, selling books online and slowly expanding their product offerings. The early days were filled with long hours, hard work, and a constant battle to stay afloat.
Their vision and mission to make online shopping accessible to everyone in India served as a guiding light. This spirit has propelled Flipkart to where it is today – one of the largest e-commerce companies in India.
In 2016, there was a change in the leadership at Flipkart as Binny Bansal stepped into the role of CEO, with Sachin Bansal becoming the executive chairman. This transition marked the end of Sachin’s nine-year tenure as CEO.
A year later, Kalyan Krishnamurthy, previously an executive at Flipkart investor Tiger Global, took over as the CEO of Flipkart. As part of this change, Binny Bansal was appointed as the Flipkart Group’s CEO, overseeing all of the group’s portfolio companies, including Myntra, Jabong, PhonePe, and Ekart.
Flipkart’s Growth and Expansion
As Flipkart continued to grow and expand, it hit several significant milestones.
Key Strategies Used By Flipkart
Introducing new services and products
Flipkart introduced new services like Flipkart Plus and Flipkart Wholesale to increase customer loyalty and diversify revenue streams.
Flipkart made strategic acquisitions like Myntra to strengthen its position in the market and gain access to a new customer base.
Diversifying revenue streams
Flipkart diversified its revenue streams by introducing a B2B arm, Flipkart Wholesale.
Tapping new market segments
Flipkart expanded its reach by targeting new market segments through services like Flipkart Wholesale.
Adapting to changing market conditions
Flipkart’s ability to adapt to changing market conditions has been critical to its success, allowing it to evolve and grow in response to shifts in the industry.
Flipkart’s Key Acquisitions
In 2014, Flipkart acquired Myntra, an online clothing retailer, for an estimated $300 million. Two years later, they bought Jabong, another fashion e-commerce company, for $70 million.
They also acquired PhonePe, a payment start-up, in 2016. In 2017, eBay invested $500 million in Flipkart in exchange for an equity stake. Also, it sold its eBay.in business to Flipkart.
Flipkart and Walmart Join Hands
In 2018, Walmart Inc. acquired a majority stake in Flipkart for $16 billion, solidifying Flipkart’s position as one of India’s leading e-commerce companies.
The acquisition also gave Walmart a strong foothold in the e-commerce space in India, allowing it to tap into the rapidly growing market.
The story of Flipkart is a true testament to the power of perseverance and the ability to adapt and evolve.
From humble beginnings in a 2BHK apartment to becoming an 8.3 lakh sq feet empire, the company has faced its fair share of struggles and challenges.
However, through a combination of strategic thinking, innovation, and a willingness to take risks, the founders and leadership team of Flipkart were able to navigate the ever-changing e-commerce landscape.
It’s a story of grit and determination and one that serves as an inspiration to entrepreneurs everywhere.
The journey is not over, as Flipkart continues to scale newer heights. It will be interesting to see what the future holds for this e-commerce giant.