Wikipedia Flipkart 2t2l2s

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Flipkart From Wikipedia, the free encyclopedia

Flipkart

Flipkart logo

Screenshot [show]

URL

Flipkart.com

Slogan

The Online Megastore

Commercial?

Yes

Type of site

Online shopping

Registration

Optional (required for buying Digital Content)

Availablelanguage(s)

English

Owner

Sachin Bansal and Binny Bansal

Launched

2007; 6 years ago

12 billion (US$218.4 million)(FY 2011–12)[1]

Revenue

Alexa rank

Current status

213; India: 13 (March 2013)[2]

Online

Flipkart is an Indian e-commerce company headquartered in Bangalore, Karnataka. It was founded by Sachin Bansal and Binny Bansal in 2007. In its initial years, Flipkart focused on online sales of books, but it later expanded to electronic goods and a variety of other products. Flipkart offers multiple payment

methods like credit card, debit card, net banking, e-gift voucher, and the major of allCash on Delivery.[3] The cash-on-delivery model adopted by Flipkart has proven to be of great significance since credit card and net banking penetration is very low in India.[4] Contents [hide]

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1 History

o

1.1 Funding

o

1.2 Acquisitions

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2 Business results



3 Locations



4 Current Developments



5 Products

o

5.1 Flyte Digital Music Store

o

5.2 Enforcement Directorate probe

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6 See also

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7 References

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8 External links

[edit]History

Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi. They worked for Amazon.com before quitting and founding their own company. Initially they used word of mouth marketing to popularise their company. A few months later, the company sold its first book on flipkart.com—John Woods' Leaving Microsoft to Change the World.[5]Today, as per Alexa traffic rankings, Flipkart is among the top 20 Indian Web sites and has been credited with being India's largest online bookseller[5] with over 11 million titles on offer. Flipkart claims to have had at least 100% growth every quarter since its founding.[citation needed] The store started with selling books and in 2010 branched out to selling CDs, DVDs, mobile phones and accessories, cameras, computers, computer accessories and peripherals, and in 2011, pens & stationery, other electronic items such as home appliances, kitchen appliances, personal care gadgets, health care products etc. Further in 2012, Flipkart added A.C, air coolers, school supplies, office supplies, art supplies & life style products to its product portfolio.[6] As of today, Flipkart employs more than 4500 people.[7] [edit]Funding

Initially funded by the Bansals themselves with

400,000,[5][8] Flipkart has raised funding from venture capital funds Accel India (US$1 million in

2009)[9][10][11] and Tiger Global (US$10 million in 2010 and US$20 million in June 2011).[12][13][14]

Flipkart.com, on August 24, 2012 announced the completion of its 4th round of $150 million funding from MIH (part of Naspers Group) and ICONIQ Capital.[15] [edit]Acquisitions



2010: WeRead, a social book discovery tool.[16] The stated goal was to give Flipkart a social recommendation platform for buyers to make informed decisions based on recommendations from people within their social network.



2011: Mime360, a digital content platform company.[17]



2011: Chakpak.com is a Bollywood news site that offers updates, news, photos and videos. Flipkart acquired the rights to Chakpak’s digital catalogue which includes 40,000 filmographies, 10,000 movies and close to 50,000 ratings. Flipkart has categorically said that it will not be involved with the original site and will not use the brand name.[18]



2012: Letsbuy.com is India's second largest e-retailer in electronics. Flipkart has bought the company for an estimated US$25 million.[19][20] Letsbuy.com had been closed down and all the traffic of Letsbuy is diverted to Flipkart.[21]

[edit]Business

results

Flipkart's reported sales were Flipkart is set to cross the

40 million in FY 2008–2009,[22][23]

200 million in FY 2009–2010[24] and

750 million for FY 2010–2011.[1] In FY 2011–2012,

5 billion (US$100 million) mark as Internet usage in the country increases and people get accustomed to making purchases

online.[25] Flipkart projects its sales to reach US$10 billion by year 2014. On average, Flipkart sells nearly 20 products per minute[26] and is aiming at generating a revenue of

50 billion (US$1 billion) by 2015.[27]

[edit]Locations

The company's headquarters is located in Bangalore's Koramangala neighbourhood. Flipkart has offices, warehouses and customer service centres across India. Warehouses are located in the following cities, often near airports. From here on, Flipkart delivers the products to 95 cities which includes 2500 pincodes across India through its own logistics.

[edit]Current

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Bangalore, Karnataka

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Whitefield, Bangalore, Karnataka



Delhi



Bhiwandi, Maharashtra



Mumbai, Maharashtra



Hyderabad, Andhra Pradesh



Chennai, Tamil Nadu



Coimbatore, Tamil Nadu



Noida, Uttar Pradesh



Kolkata, West Bengal

Developments

The company is expanding its courier service network to deliver products quickly, and to extend the COD option to most of the Indian parts as well. Recently the company started Flipkart Self delivery to offer faster shipping times. With the new delivery system customers can now track their orders in real time in Flipkart's website itself.[28] [edit]Products

Flipkart started with selling books. In 2010, they added to their catalogue media (including music, movies and games) and mobile phones and accessories. In 2011, product launches included cameras, computers, pens & office supplies, computer accessories, home and kitchen appliances, personal care, health

care, gaming consoles, audio players and televisions. In 2012, product launches includes health & beauty products, Life style products which includes watches, belts, bags & luggage.

In November 2011, Flipkart launched a new Electronic Wallet[29] feature that allows shoppers to purchase credit to their Flipkart using credit or debit cards, and can subsequently be utilised to make purchases on the site, as and when required. From June 2012, Flipkart allowed people to buy toys, posters and from October 2012, Flipkart entered into apparel retailing.[30] [edit]Flyte

Digital Music Store

In October and November 2011, Flipkart acquired the websites Mime360.com[17] and Chakpak.com.[18] Later, in February 2012, the company revealed its new Flyte Digital Music Store.[31] Flyte, a legal music service in the vein of iTunes and Amazon.com, will offer DRM-free MP3 s. Flyte offers browse by language options where s can international as well as regional songs. Flipkart has listed the music based on its genre on the new music store and has given a lot of variety. s can shop for tracks from various albums starting at

6 on the store.[32] A purchased song can only be

ed maximum 4 times on an internet enabled device. Flipkart hits 100Cr mark in July 2012, while Flyte garners 600K s in 5 Months.[33] Flipkart has launched the ebook application on the Android platform on Nov 28, 2012. [edit]Enforcement

Directorate probe

Violation of FDI regulations of the Foreign Exchange Management Act, 1999[34][35]