Flipkart

Flipkart is an Indian electronic commerce company established in 2007 by Sachin Bansal and Binny Bansal. It operates exclusively in India, where it is headquartered in Bangalore, Karnataka, though Flipkart is actually registered and based in Singapore. Flipkart has launched its own product range under the name "DigiFlip" with products including tablets, USBs, and laptop bags. Flipkart has also launched its own range of personal healthcare and home appliances under the brand "Citron".

Legally, Flipkart is not an Indian company, since it is based in Singapore, and majority of its shareholders and investors are foreigners.[8] In May 2014, Flipkart received $210 million from DST Global and in July it raised $1 billion led by existing investors Tiger Global and South Africa's media group Naspers.

History

Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi. They had been working for Amazon.com previously. The business was formally incorporated as a company in October 2008 as Flipkart Online Services Pvt. Ltd. During its initial years, Flipkart focused only on books, and soon as it expanded, it started offering other products like electronic goods, air conditioners, air coolers, stationery supplies and life style products and e-books. The first product sold by them was the book Leaving Microsoft To Change The World, bought by VVK Chandra from Andhra Pradesh. Flipkart now employs more than 15000 people. Flipkart allows payment methods such as cash on delivery, credit or debit card transactions, net banking, e-gift voucher and card swipe on delivery.

Criticism

On 6 October 2014 Flipkart launched Big Billion Day with intention to increase the popularity by targeting billion sales in 1 day. This even though helped Flipkart achieve the target led to public outcry and widespread criticism across consumers, competitors and Partners heavily damaging its reputation.

Many users couldn't place the order because the servers were not capable enough to take the load and was giving random errors to users which led to frustration among customers. Many users who placed orders got email saying that the order got cancelled. Most of the products were sold for price less than cost price and was accused of killing the competition. Major competitors filed complaints against Flipkart to commerce ministry claiming that selling products for less than cost price is against the commerce policy of the country. Ministry said that they will form new trade rules for e retail after this incident.

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

Awards and recognition

•  Co-Founder of Flipkart Sachin Bansal, got Entrepreneur of the Year Award 2012-2013 from Economic Times, leading Indian Economic Daily 
• Flipkart.com was awarded Young Turk of the Year at CNBC TV 18's 'India Business Leader Awards 2012' (IBLA).
• Flipkart.com- got Nominated for IndiaMART Leaders of Tomorrow Awards 2011.
• Flipkart.com, secured second position in the List of Cheapest Mobile Store 2013, compiled by Indian e-commerce observer Zoutons.com.

CREDITS:- Wikipedia