The founders of the company came up with the idea of this website while working for Amazon as software engineers. Flip kart initially started out as an e commerce website retailing books with over 50,000 volumes in their catalog and with an initial investment of 4 lac rupees.The primary motivation was that the founders felt that there was a need for an online book store in India.The first headquarters for their company was their apartment in Bangalore.The website did not attract any order in its first 10 days of existence,however, the perseverance and their belief in themselves paid of when the first order was placed by a Customer from Andhra Pardesh for a Book titled "Leaving Microsoft to change the world".Multiple challenges were faced in the early days the most important of which was to persuade the book vendors to provide them with the list of books available with them as nobody was willing to trust an online portal.Flip kart later raised funding from Accel India and Tiger Global which were valued at $ 30 million and helped the company to expand its market..The company started off as selling books but later added a wide array of electronics to its catalog.Flip kart also launched an Electronic Wallet that allows shoppers to purchase credit to their flip kart account which can subsequently be used to make purchases on the site.Flip kart reported sales were 40 million Indian Rupees for the year 2008-09.On average the company sells 10 products per minute.The journey from working at Amazon to its main rivals in India is an inspiration for entrepreneurs all over the world.
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| (From L-R) Sachin and Binny Bansal |
Achievements of Flip kart
- The official website of the company ranks among the top 30 most visited websites in India.
- It has a customer base of more than 20 million.
- The company sells more than 10 products per minute.
- The company has annual sales of more than $ 1 billion
- In 2014 Flip kart acquired Myntra.com in a deal worth rupees 2000 crores.
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| Online web portal |
