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Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal

  • Dailybhaskar.com
  • Dec 09, 2013, 11:58 AM IST
Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal
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Flipkart.com
 
The mega online shopping store Flipkart is in the industry since 6 years now. It was revealed on 9 October that a foreign investor has funded the company with $360 million (Rs 2,228 crore).  Certainly this is huge figure. With such enormous investment, online retail chain shall now thrive neck to neck along with big brands such as Shoppers Stop and Future Retail.
 
The company had received funds worth $200 million (Rs 1,180 crore) in the first round of venture funding in July this year from investors comprising Naspers and Tiger Global. The E-commerce giant raised an additional $160 million (Rs 992 crore) in the second round by new investors — Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital, along with existing investor Tiger Global.
 
Flipkart is now a name making rounds in the market alongside top companies like P&G and Tata Global Beverages. According to the data Flipkart has provided to Ministry of Corporate Affairs, the company’s revenue in 2001–12 was $77 million (Rs 500 crore). For the fiscal 2012–13, their revenue is estimated to be $350 million (Rs 21 arab). 
 
Two alumni students of IIT Delhi, Sachin Bansal and Binny Bansal, 6 years ago started the company, which is today one of the leading online shopping websites of India. Bansals had worked with Amazon.com previously and now commenced their business with an online bookstore and later expanded to other products and finally introducing a whole marketplace.
 
Flipkart assured high-end customer satisfaction and adopted an attractive mode of payment of cash on delivery. In time delivery of product and cash on delivery carved an identity for the brand. The strategy proved to be the key to the success.
 
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    Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal
Sachin Bansal and Binny Bansal
 
On an average, a B. Tech. graduate would want to work in a big MNC for a grand pay package. IIT Delhi pass outs Sachin and Binny, who founded Flipkart in 2007, hold degree in Computer Science. The two did exactly what any B. Tec. graduate does. Sachin Bansal worked in Techspan for 6 months and in Amazon for 1.5 years, while Binny Bansal worked with Sarnoff Corporation for 1.5 years and with Amazon for 8 months.
 
While the two were working in Amazon, they incubated the idea to start their own online venture. They quit their comfortable job with a hefty salary and entered the competition to commence their own business. Like any other middle-class family, theirs strongly opposed the idea to quit the job. The two bought time from their families by promising to return to jobs if their venture failed to be successful.
 
Thus, Flipkart was established in 2007 and in 6 years alone the company has bagged success.
 
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