Today, Flipkart is an India’s most valuable brand for online shopping. It was founded by Sachin Bansal and Binny Bansal on 2007. Both are alumni of Indian Institute of Technology Delhi. They was started journey with amazon.com as an ordinary employee and then left on 2007 to create their own new venture as Flipkart online services Pvt. Ltd. It began selling books online and soon expanded and began offering a wide variety of products. Now, Flipkart is offering over 30 million products creating to a user base of 100 million registered users. Flipkart headquarter are in the city of Banglore, India. Flipkart is now the second largest e-tailing company after Amazon in India.
KEYWORDS: Online Shopping, e-Tailing Company, Venture Capital Funds.
Introduction In 2007, when Sachin bansal and Binny bansal wanted to create their own venture, they choose an online shopping with selling online books in India. The bigger you grow, tougher the challenges you face and harder it becomes to overcome them, this statement was proven by Sachin and Binny. Because in initially both taken many challenges. In its early time, they want to stick Flipkart name board on vendors shop but didn‟t have approval. Both brothers however faced every challenge head on, Sachin and Binny used to stand outside at a book store, name was Gangaram book stores, Bangalore and take books in hand to customers who were coming at Gangaram book stores. At that time they had to ensure selling target and to make several assumptions for success. Sometimes these prediction was wrong but they learned by mistakes to change the direction. They build good business relations with customers and suppliers. Initially, Flipkart had spent Rs. 4,00,000 only for making the website to set up the business. Flipkart raised huge funds from various investors such as, venture capital funds Accelindia, Tiger Global, Morgan Stanley Investment Management etc. It was a make or break decision. Flipkart had a huge market share in the online shopping business at that time and starting new was very risky and this move surprised the investors too, as more and more customers turned to Flipkart for shopping.
After a year, in 2008-09 Flipkart reported sales were Rs. 40 million. Then year on year Flipkart growth journey was boost with huge sales figure. “The Big Billion Day”, that special day for Flipkart because on that day (6th October 2014) flipkart sold products worth of Rs. 6.5 million in just 10 hours, flipkart created history in online shopping market. Flipkart gets huge success and reputation in Indian market only because of good customer services. Sachin Bansal believes that „quality of the service provided‟ is what sets Flipkart success. Both was always think on how create differentials form his competitors. Time to time Flipkart was updated attributes of services such as, availability of all sorts of products of various categories, enhanced online shopping experience; add to list, pre and post sales experience etc. Their five values- Customer first, Respect, Bias for action, Ownership and Audacity. Flipkart‟s growth had been phenomenal and it is their continued efforts to bring the best to the market. Excessive ideas might be important for every business, but how to implement those ideas with practically which are more important.
