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Flipkart – SACHIN BANSAL

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Flipkart – SACHIN BANSAL

Flipkart Pvt Ltd. is an Indian electronic commerce company based in Bengaluru, India. Founded by Sachin Bansal and Binny Bansal(senior-junior at Indian Institute of Technology Delhi & colleagues at Amazon) in 2007, the company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products.

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The service competes primarily with Amazon’s Indian subsidiary, and the domestic rival Snapdeal.As of 2017, Flipkart held a 39.5% market share of India’s e-commerce industry.

Flipkart is significantly dominant in the sale of apparel (a position that was bolstered by its acquisitions of Myntra and Jabong.com), and was described as being “neck and neck” with Amazon in the sale of electronics and mobile phones. Flipkart also owns PhonePe, a mobile payments service based on the Unified Payments Interface(UPI).

In May 2018, U.S.-based retail chain Walmart announced its intent to acquire a 77% controlling stake in Flipkart for $16 billion USD, subject to regulatory approval. Completion of the deal was announced on August 18, 2018

Sachin Bansal was born on 5th August 1981 in Chandigarh. He is 36 years old. He completed his schooling from Saint Anne’s Convent School. He was a scholar who scored well and also he was a promising student and typical Indian geek. His father was a retired chief manager at a bank and mother was in the government sector and then she became a homemaker, and his brother runs a Consumer Goods Company.

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His family members have always been supportive of his works. His family believed in inculcating good education and attaining success by excelling in academics. Sachin Bansal worked very hard for his JEE preparation, and he scored 49 in All India JEE preparation. Also, he got into Indian Institute of Technology in Delhi. He also wanted to become a professional gamer. He graduated from Computer science engineering from IIT, Delhi

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About His Career

After Sachin Bansal graduation he started to work at Techspan Company and became a software engineer. He worked there for a few months until he got an opportunity to work at Amazon India as a Senior Software Engineering 2006.

He also got rejected by Google twice. At Amazon, he got to learn the dynamics of e-commerce at Amazon. Later, his friend Binny Bansal also started to work with him at the same company. Within six months, both of them decided to quit their job to discover the possibilities of e-commerce in India by 2007. Sachin Bansal and Binny Bansal thought of starting a comparison search engine, but they realised that the market for e-commerce was tiny.

Hence they founded Flipkart e-commerce as an e-commerce company. Therefore, Binny Bansal would concentrate on the firm on the day to day basis when the Flipkart company did not well know and whereas his partner Sachin Bansal would try to convince investors to bet on their unproven company for 100 crores. This was a challenging task for both of them as Flipkart was already fighting for its survival in the e-commerce market.

The success story of Flipkart

It was a ten thousand month allowance from their parents for almost 18 months that helped Sachin Bansal and Binny Bansal launched an e-commerce website, retailing buds in October 2007. Today the company that they started with just an investment of 4 lakh rupees is evaluated at almost $15 billion.

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India is shopping like never before and Flipkart is the hottest nation of every internet shopaholic. The mastermind behind this idea and one of the first people to establish an e-commerce website is Sachin Bansal, an IIT graduate and a businessman who created something of his history and the great Indian internet shopping revolution and mad lives a lot easier than what it used to be earlier.

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An IIT graduate with a computer science engineering degree would certainly have a bright future especially in the era when software was on a rise. Similarly soon after Sachin completed his graduation he backed a job at Techspan and later he worked with the biggest e-commerce website in the world Amazon.

Sachin Bansal and Binny Bansal studied together in the IIT and they both met again at Amazon and that was when they both decided that it was time to start India’s e-commerce website. Their brainchild is Flipkart.com, an e-retail company that went onto become the counties first and the biggest in less than six years.

However just as all the biggest business. Flipkart started off small. Both the founders Sachin Bansal and Binny Bansal were not sure about the idea. In the early days, the two founders delivered a book to their customers on their scooters. Though they did not get any initial fraction.

They dare to startle of the company Flipkart. Just because they thought that the internet shopping in India deserves to be better. They worked hard. Even they wear pamphlets of their company outside the bookstore where Flipkart was selling only books at the beginning. Post many difficulties in the initial stages for getting vendors and permission for the credit card payment gateway.

Flipkart slowly explained its operation. One can always call it a risky move in a country where people have various choices and preference. And e-commerce has ignoramus challenges. in India, people often prefer to shop at the local store and buy goods that they see and like. But Flipkart turned every no into a yes and transform the whole shopping ecosystem in India.

In the first few years of its existence, Flipkart raised funds through the venture of capital funding. As the company grew in-state year more funding arise. Flipkart repaid the investor with a terrific performance year after a year. And the financial year of 2008 to 2009 Flipkart made sales to the tune of 40 million Indian rupees. The soon increase to 200 million Indian rupees in the following year.

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Since then, there is no stopping to Flipkart and they have been expanding year after year. There last round of fundraising increase to $15 billion dollars. As of February 2016, according to bygone standard there estimated value stands at $11 billion dollars. Although every big business got few hiccups, the only thing Flipkart like in the entire system was to give an opportunity to the user to look and feel the product.

Well, Flipkart is facing tough competition in that sector as start-ups like Localjao, Shop City and many more are all providing look and feel the experience. But reaching the stage where Flipkart is at today will not be easy. Flipkart also encored like Myntra.com, Letsbuy.com and many more to better their presence in the market.

The entry of Amazon.in in India. The competition between the companies has seen many take over’s. Flipkart journey from small book e-retailer to India’s largest e-commerce platform inspires the generation of start-ups.

In a country where stereotype are common Flipkart manage the breaks it. And change the e-commerce industry forever. But one thing is sure that Flipkart and Sachin Bansal story proved that if you are a doer and not a thinking success is not far off.

So, what do you think about this? Simply share all your views and thoughts in the comment section below. For the latest tech,social media news and reviews, follow firebebble.com on Twitter, Facebook and Instagram

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