Did you know?
India’s top e-commerce website Flipkart was initially just a product comparison website and nothing else!
India’s top e-commerce website Flipkart was initially just a product comparison website and nothing else!
Not only this, Flipkart then pivoted and became the no. 1 online bookstore in India before becoming the marketplace it is today.
But how did Sachin Bansal (co-founder of Flipkart) make Flipkart the top e-commerce website? Let’s find out!
But how did Sachin Bansal (co-founder of Flipkart) make Flipkart the top e-commerce website? Let’s find out!
Sachin & his co-founder Binny Bansal are IIT Delhi graduates. They worked at Amazon back in 2006, but in 2007, they came together and started Flipkart as a product comparison website for the products available online for sale.
Soon they realized that the UI UX of pre-existing e-commerce websites is not so good, so they pivoted and made Flipkart an online bookstore.
They focused on simplicity, convenience, and creating the best customer support, which made them the no. 1 online bookstore in India. They made ₹40 million in FY 2008-09.
After that, there was no stopping. Flipkart raised funds and significantly increased their revenue and profits. And in 2012, they became India’s 2nd Unicorn upon raising $150 Million from ICONIQ Capital.
And the funny part is that the term “Unicorn” was coined in 2013. So there was no such hype around it at that time.
They continued to raise funds as more and more competitors entered the market. They made many acquisitions to survive and grow more.
They continued to raise funds as more and more competitors entered the market. They made many acquisitions to survive and grow more.
Though the fate of the company seemed great, both the founders were not happy with the demands of the investors.
Sachin had to leave the company of his dreams after Walmart acquired Flipkart in 2018. Within a few months, Binny Bansal also left Flipkart.
Sachin had to leave the company of his dreams after Walmart acquired Flipkart in 2018. Within a few months, Binny Bansal also left Flipkart.
Walmart owns the majority stakes in Flipkart now. Both the founders have been pushed out of the company almost entirely.
While Binny is now using his experience to help other startups grow through his venture; xto 10x, Sachin has started a new company in the fintech space called Navi Technologies with his co-founder Ankit Agarwal.
They are building a full-fledged fintech company that provides all sorts of financial products and services. They have made several acquisitions till now as they are aiming to have the Universal Banking license for Navi and are trying to meet the requirements of the same.
But because of an old case related to Flipkart against Sachin, and a few other things, RBI has denied Navi’s request for the Universal Banking License.
Navi is also planning for its IPO but all these things may negatively affect Navi. Sachin has invested more than half of his net worth in Navi, which means he strongly believes in it. Let’s wait and see what the future holds for them.
Let’s know your thoughts in the comments 👇
Let’s know your thoughts in the comments 👇
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