Flipkart
| Flipkart | |
|---|---|
| legal form | Private |
| founding | October 2007 |
| Seat |
Bangalore , India
|
| management | Kalyan Krishnamurthy |
| Number of employees | 30,000 (2016) |
| sales | 2.9 billion US dollars (2017) |
| Website | www.flipkart.com |
Flipkart is an Indian online mail order company based in Bangalore . The company was founded in 2007 and had a market share of 39.5% of the entire Indian online mail order business in 2017, putting it ahead of competitors such as Amazon and Snapdeal . Mainly consumer electronics, fashion and lifestyle products are traded on Flipkarts website. The platform held a 51% share of all Indian smartphone sales in 2017. Flipkart also owns PhonePe , a service that allows electronic payments to be made by smartphone.
In August 2018, the acquired US -based retail chain Walmart a 77 percent majority stake in Flipkart for 16 billion US dollars . This was the most expensive takeover of an Indian company by a foreign corporation to date.
history
Flipkart was founded in October 2007 by Sachin Bansal and Binny Bansal , who were both Indian Institute of Technology Delhi graduates and previously worked for Amazon. The company initially focused on selling books before expanding into other product categories. Flipkart was slowly gaining traction; In 2008 we received 100 orders a day. In the course of its expansion, the company acquired several smaller competitors, including a bookstore, an online music service and a fashion distributor.
In April 2017 Flipkart India took over the businesses of EBay . In return, eBay received shares in Flipkart. In the course of its expansion, the company received money from various domestic and foreign investors. In April 2017, Flipkart received another $ 1.4 billion funding round. Investors were EBay, Microsoft and Tencent . On August 10, 2017, Softbanks Fund invested $ 2.5 billion in Flipkart.
In July 2017, Flipkart made an offer to acquire its main competitor Snapdeal for around $ 700 to 800 million. This was rejected by the company, which was aiming for a price tag of at least $ 1 billion.
On September 21, 2017, Flipkart sold 1.3 million cell phones in 20 hours.
On May 4, 2018, it was reported that US retail chain Walmart had won a bidding war with Amazon to acquire a controlling stake in Flipkart for $ 16 billion. Walmart CEO Doug McMillon justified the takeover with the high growth potential and the size of the Indian market.
The acquisition was completed on August 18, 2018. Walmart also provided the company with $ 2 billion in equity.
On November 13, 2018, Binny Bansal, CEO and founder of Flipkart, resigned after being accused of "serious personal misconduct".
Individual evidence
- ↑ This Is Why Amazon Hasn't Beaten Flipkart In India Yet. Retrieved May 12, 2019 .
- ↑ challenge to Amazon: Walmart's 16-billion-dollar bet in India. Retrieved May 12, 2019 .
- ↑ eBay to sell stake in Flipkart for about $ 1.1 billion, to relaunch eBay India . In: The Economic Times . May 10, 2018 ( indiatimes.com [accessed May 12, 2019]).
- ↑ Why eBay's CEO sold eBay India and poured $ 500 million into the country's top Amazon rival . In: Recode .
- ↑ Jon Russell: Flipkart raises $ 1.4 trillion from eBay, Microsoft and Tencent at about $ 11.6 trillion valuation .
- ↑ Chinmay Bidkar: SoftBank Vision Fund Invests a Record $ 2.5 Billion in Flipkart. In: TechStory. August 10, 2017. Retrieved May 12, 2019 (American English).
- ^ Itika Sharma Punit, Itika Sharma Punit: In 20 hours, Flipkart sold a record-breaking 1.3 million smartphones. Retrieved May 12, 2019 .
- ↑ Walmart completes its $ 16 billion acquisition of Flipkart. In: TechCrunch. Retrieved May 12, 2019 (American English).
- ↑ Suneera Tandon: Why Walmart bought Flipkart, according to Walmart (English) . In: Quartz .
- ↑ Rishi Iyengar: Setback for Walmart: Flipkart CEO resigns after misconduct investigation . In: CNN .