Bengaluru-based Flipkart Private Limited is an Indian e-commerce business that was established in Singapore as a private limited company. Before branching out into other product categories like consumer electronics, fashion, household essentials, groceries, and lifestyle goods, the business initially concentrated on online book sales.
The service’s main rivals are Snapdeal in India and Amazon’s Indian affiliate. Flipkart had a 39.5% market share of India’s e-commerce business as of March 2017. Flipkart was said to be “neck and neck” with Amazon in the sale of electronics and mobile phones, and it has a dominant place in the apparel sector thanks to its purchase of Myntra.
Flipkart was valued at around $20 billion when American retail giant Walmart purchased a 77% controlling share for US$16 billion in August 2018. By 2022, Flipkart will be worth $37.6 billion. In 2023, it intends to become publicly traded through an American offering.
The IIT, Delhi alums and former Amazon employees Sachin and Binny Bansal started Flipkart in October 2007. The business originally concentrated on offering nationwide shipping for online book sales. By 2008, Flipkart had steadily gained popularity and was getting 100 orders daily. Flipkart purchased WeRead, a social book discovery service headquartered in Bangalore, from Lulu.com in 2010.
In 2011, Flipkart purchased the digital content collection of the Bollywood portal Chakpak as well as the digital distribution company Mime360.com. After the purchase, Flipkart debuted Flyte, a DRM-free online audio retailer, in 2012. Flyte failed due to rivalry from free streaming websites and was discontinued in June 2013.
For US$204 million in October 2020, Flipkart purchased a 7.8% share in Aditya Birla Fashion and Retail. The following month, Flipkart paid an undisclosed sum to purchase the intellectual property of gaming startup Mech Mocha. The purchase was a component of Flipkart’s strategy to attract and keep users by providing casual games. The augmented reality company Scapic, which offers a set of tools to quickly and easily create and distribute augmented reality, virtual reality, and 3D content, was purchased by Flipkart in November 2020. Flipkart revealed its acquisition of the online travel agency Cleartrip in April 2021.
Shopsy, a social commerce platform introduced by Flipkart in July 2021, enabled individuals and small businesses to directly sell and resell products to customers through social media channels. Shopsy began offering grocery delivery in 700 Indian towns in December 2021. In 2021, Gujarati was also added to their website, making Flipkart accessible in 8 regional Indian languages: Bengali, Odia, Hindi, Telugu, Kannada, Marathi, and Tamil. In September 2022, Shopsy passed 100 million users, with more than 60% of users arriving from tier 2 and other cities.
In Guwahati, Flipkart opened its first food fulfillment facility in Northeast India in April 2022. According to reports, the center was managed by women to aid Flipkart’s female employees in advancing their careers. The Flipkart Foundation was founded by the business in the same month to help underserved communities in India with entrepreneurship and skill development. Additionally, Flipkart collaborated with Telangana’s Narayanpet District, also known by the brand name Aarunya and famous for its handicrafts and looms, to develop the skills of regional women artisans and make their goods accessible for online purchase.Similar to this, the organization also collaborated with the Micro, Small and Medium Enterprises and Textiles (MSME&T) Department of the Government of West Bengal to assist local weavers, artisans, and craft makers in receiving training and assistance so they can market their wares on the platforms through time-limited incubation.
For the previous fiscal year, 2020â2021, a total of 43,357 crore in revenue was recorded. This was a 25% increase over its fiscal year 2020 earnings. According to reports, the losses dropped by 23% to 2,445 Crore, with 45,801 in overall expenses.
By allowing Indian buyers of the Nothing Phone (1) to obtain the NFT of Nothing through the app known as Nothing Community Dots in 2022, Flipkart joined the Non-Fungible Tokens (NFTs) and Web3 segments. These NFTs store it on the Polygon blockchain. The NFT delivery took place at FireDrops, which used the GuardianLink-supported NFT marketplace on Flipkart. Flipverse is a shopping network built on the metaverse that was developed by Flipkart in October 2022. The app enables more interactive product exploration and shopping for users. The Flipverse was developed in collaboration with eDAO, a company that was incubated by Polygon, and it aims to provide users with an Avatar creation experience that is comparable to buying at a real mall. For the Indian and international markets, Flipkart also entered the hotel business. Cleartrip API is utilized by Flipkart Hotels.
A report from November 2014 claimed that Flipkart worked with a complicated business structure that included nine companies, some of which were registered in India and Singapore. The co-founders of Flipkart sold WS Retail in 2012 to an investment group headed by Rajeev Kuchhal. Flipkart Pvt. Ltd., a Singapore-registered company, is the owner of Flipkart’s Indian companies. Eight Indian businesses are owned by the Singapore-registered corporation, including Flipkart Internet Pvt. Ltd., which operates the online marketplace Flipkart.com, Flipkart India Pvt. Ltd., which conducts wholesale business, and Flipkart Logistics Pvt. Ltd., which operates Ekart. (the internal logistics arm that can be used by other ecommerce players). In 2021, Flipkart launched an app called Flipkart Health+ that focuses on using technology to deliver medical supplies and healthcare services. Gaining control of Sastasundar Marketplace Limited, an established business that already offered internet pharmacy services, helped launch this.
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