Flipkart

Flipkart Pvt. Ltd.
Type of business Private
Founded 2007 (2007)
Headquarters Bangalore, Karnataka, India
Area served India
Founder(s) Sachin Bansal
Binny Bansal
Key people Binny Bansal (Group CEO)
Kalyan Krishnamurthy (CEO)
Services Online shopping
Revenue Increase ₹15,129 crore (US$2.3 billion) (2016)[1]
Employees 30,000 (2016)[2]
Subsidiaries Myntra, Jabong.com, PhonePe, eBay.in (India), EKart
Website www.flipkart.com
Alexa rank Increase 151 (July 2017)[3]
Commercial Yes
Registration Required
Current status Online

Flipkart is an electronic commerce company headquartered in Bangalore, Karnataka. It was founded in October 2007 by Sachin Bansal and Binny Bansal (no relation).[4] Flipkart has launched its own product range under the name "DigiFlip" with products including tablets, USBs, and laptop bags.[5][6][7] As of April 2017, the company was valued at $11.6 billion.[8]

History

Flipkart logo used from 2007 to 2015

Flipkart was founded on 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi. They worked for Amazon.com, and left to create their new company incorporated in October 2007 as Flipkart Online Services Pvt. Ltd.[9] The first product they sold was the book Leaving Microsoft To Change The World to a customer from Hyderabad.[10][11][12] Flipkart now employs more than 33,000 people.[13]

In October and November 2011, Flipkart acquired the websites Mime360.com[14] and Chakpak.com.[15] Later, in February 2012, the company revealed its new Flyte Digital Music Store.[16] Flyte, a legal music download service in the vein of iTunes and Amazon.com, offered DRM-free MP3 downloads. But it was shut down on 17 June 2013 as paid song downloads did not get popular in India due to the advent of free music streaming sites.[17][18][19]


After the success of its 2014 Big Billion Sale, Flipkart carried out a second Big Billion Sale.[20] where it is reported that they saw a business turnover of $300 million in gross merchandise volume.[21]

In 2015, Flipkart bought a minority stake in navigation and route optimization startup MapmyIndia to help improve its delivery using Map my India assets.

Acquisitions

Business structure

In a report dated 25 November 2014, a leading media outlet reported that Flipkart were operating through a complex business structure which included nine firms, some registered in Singapore and some in India. In 2012 Flipkart co-founders sold WS Retail to a consortium of investors led by Rajeev Kuchhal.[32]

Finance

Initially, they had spent ₹400,000 (US$6,200) only for making the website to set up the business.[33] Flipkart has later raised funding from venture capital funds Accel India ($1 million in 2009)[34][35][36] and Tiger Global ($10 million in 2010 and $20 million in June 2011).[37][38][39] On 24 August 2012, Flipkart announced the completion of its 4th round of $150 million funding from MIH (part of Naspers Group) and ICONIQ Capital. The company announced, on 10 July 2013, that it has raised an additional $200 million from existing investors including Tiger Global, Naspers, Accel Partners and Iconiq Capital.[40]

Flipkart's reported sales were ₹40 million (US$620,000) in FY 2008–2009,[41][42] ₹200 million (US$3.1 million) in FY 2009–2010[43] and ₹750 million (US$12 million) for FY 2010–2011.[44] In FY 2011–2012, Flipkart is set to cross the ₹5 billion (US$78 million) mark as Internet usage in the country increases and people get accustomed to making purchases online.[45] Flipkart projects its sales to reach ₹10 billion (US$160 million) by year 2014. On average, Flipkart sells nearly 10 products per minute[46] and is aiming at generating a revenue of ₹50 billion (US$780 million) by 2015.[47]

On November 2012, Flipkart became one of the companies being probed for alleged violations of FDI regulations of the Foreign Exchange Management Act, 1999[48][49]

Flipkart reported a loss of ₹2.81 billion (US$44 million) for the FY 2012–13.[50] In July 2013, Flipkart raised $160 million from private equity investors.[51]

In October 2013, it was reported that Flipkart had raised an additional $160 million from new investors Dragoneer Investment Group, Morgan Stanley Wealth Management, Sofina SA and Vulcan Inc. with participation from existing investor Tiger Global.[52][53][54]

On 26 May 2014, Flipkart announced that it has raised $210 million from Yuri Milner’s DST Global and its existing investors Tiger Global, Naspers and Iconiq Capital.[55]

In early July 2014, it was also highly speculated that Flipkart was in negotiations to raise at least $500 million, for a likely listing in the US for 2016.[56]

On 29 July 2014, Flipkart announced that it raised $1 billion[57] from Tiger Global Management LLC, Accel Partners, and Morgan Stanley Investment Management and a new investor Singapore sovereign-wealth fund GIC.[58]

On 6 October 2014, Flipkart sold products worth ₹6.5 billion (US$100 million) in 10 hours in a special one-day event – "The Big Billion Day", claiming they had created e-commerce history, but their hard-won reputation for good customer service suffered because of technical problems, and angry reactions on social media from buyers disappointed with the pricing and availability of products.[59][60][61] It claimed to sell a whopping 500,000 mobile handsets, 500,000 clothes and shoes and 25,000 television sets within hours of opening its discounted sale at 8 AM.[62] In December 2014, After it received $700 million from another funding, Flipkart had a market cap of $11 billion.[63] In May 2015 Flipkart has raised $550 million from some of its existing investors, in a deal that raises the valuation of the privately held Indian startup to about $15 billion.[64]

On 20 December 2014, Flipkart announced filing application with Singapore-based companies' regulator ACRA to become a public company after raising $700 million for long term strategic investments in India following which its number of investors exceeded 50. The $700 million fund raised by Flipkart added new investors—Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority—on company's board.Its existing investors DST Global, GIC, ICONIQ Capital and Tiger Global also participated in this latest financing round.[65]

By August 2015, after raising $700 million, Flipkart had already raised a total of $3 billion, over 12 rounds and 16 investors.[66]

In what has been the company's latest round of funding, Flipkart announced on April 10th 2017, that it has secured a fresh $1.4 Billion[67][68] at a valuation of $11.6 Billion. Flipkart managed to secure this investment at a post-money valuation of $11.6 billion from the likes of Tencent, eBay, and Microsoft. This fundraising round also witnessed participation from existing Flipkart backers — Tiger Global, Naspers, Accel and DST Global.

On 10th of August 2017, Softbank Vision Fund invested $2.5 Billion in Flipkart.[69]

Regulatory action and lawsuits

The Government Of India informed the parliament in 2016, that it had asked the Enforcement Directorate to investigate Flipkart Online Services. In August 2014, the Enforcement Directorate claimed that it had found Flipkart to be in violation of the Foreign Exchange Management Act.[70]

On 30 November 2012, Flipkart's offices were raided by the Enforcement Directorate. Documents and computer hard drives were seized by the regulatory agency.[71]

Delhi High Court observed violation of foreign investment regulations by E-Commerce firms including Flipkart.[72]

In January 2016, a public interest litigation came up for hearing which alleges Flipkart of contravention of foreign investment norms. The court asked the Reserve Bank of India to provide the latest circular on foreign investment policy.[73]

In January 2016, the Department of Industrial Policy and Promotion (DIPP) clarified that it does not recognize the marketplace model of online retail.[74]

In February 2016, Health Minister, J P Nadda, informed that the Maharashtra FDA had taken action against Flipkart, among others, for selling drugs without valid license.[75]

Exclusive product launches

Motorola Mobility

Motorola Mobility, previously owned by Google but then sold to Lenovo, successfully launched its budget smartphone Moto G in India on 5 February 2014 in an exclusive tie up with Flipkart.[76][77] Flipkart started selling Motorola's Moto X Android smartphone on 19 March 2014.[78] Flipkart began selling the less expensive Moto E on 13 May 2014.[79]

Xiaomi Tech

The sale of high-end smartphone Xiaomi Mi3 produced by Xiaomi Tech was successfully launched in India on an exclusive tie-up with Flipkart.[80] Multiple subsequent launches were just as successful.[81][82][83]

On 2 September 2014 Flipkart held a flash sale of the Xiaomi Redmi 1S budget Android smartphone which was launched in India in July 2014, selling 40,000 units within seconds.[84] Subsequent sales sold just as quickly.[85] [86] [87][88]

Xiaomi also sold its Redmi Note phone in India exclusively through Flipkart. 50,000 units sold in 6 seconds on 2 December 2014.[89]

Micromax Yu Yunique

Flipkart launched an exclusive sale of Yu Yunique 2, which is a subsidiary mobile line of Micromax Informatics on July 27th, 2017 at a price point of Rs.5,999 [90]

In-house products

Digiflip, Flipkart's own electronic brand

Flipkart also sells several branded electronics and other products.

Criticism

On 13 September 2014, a Flipkart delivery boy allegedly molested a house maid in Hyderabad.[91] The house maid's employer has been fighting against Flipkart for justice on this issue, and also for making offline delivery services safe.[92]

On 6 October 2014 Flipkart launched a promotion called 'Big Billion Day' with the intention to increase the popularity of their website by targeting a billion sales in 1 day. This, even though Flipkart achieved the target, led to public outcry and widespread criticism among consumers, competitors and partners, heavily damaging its reputation. Many users could not place orders because of high server load and errors which led to frustration among customers.[93] Many users who placed orders received emails stating that their orders were cancelled.[94] Most of the products were sold for less than their cost, and Flipkart was accused of anti-competitive behavior. Major competitors filed complaints against Flipkart with the commerce ministry, claiming that selling products lower than cost is against the commerce policy of the country.[95] The Ministry said that they would formulate new trade rules for electronic retail after this incident.[96][97]

Flipkart was criticized on the subject of net neutrality after their announced partnership with Airtel to use the Airtel Zero platform which would have made the Flipkart app free for Airtel Users. On 14 April 2015 Flipkart retracted its decision to use Airtel Zero platform.[98]

Sellers on Flipkart have been facing several challenges while doing their business on its marketplace portal, to the extent that some of them had to quit the portal. Some of these challenges include its unfair policies for sellers, lack of a competent logistics service and customer returns that are purely as a result of consumer fraud.[99]

Awards and recognition

See also

References

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