[110], In January 2016, public interest litigation came up for hearing which accused Flipkart of contravention of foreign investment norms.

[75][76], On 13 November 2018, Flipkart CEO Binny Bansal resigned, after facing an allegation of "serious personal misconduct". Before joining Amazon, Binny had worked with Sarnoff Corporation for a year and a half,[13] where he developed a lane sensor device for cars which would warn you and beep automatically if you changed lanes without giving a signal. [114] In 2017, Flipkart launched additional brands, including Billion (smartphones),[115] Smartbuy (electronics accessories, effectively replacing Digiflip),[116] and MarQ (for large appliances, although its launch was faced with a trademark dispute with an existing company, Marc Enterprises). [63] Flipkart achieved a gross merchandise volume of US$300 million during the event, with the largest volumes coming from fashion sales, and the largest value coming from mobiles. [133], Sellers on Flipkart have been facing several challenges while doing business on its marketplace, to the extent that some of them have had to quit the portal. [13], Flipkart was founded in October 2007 by Sachin Bansal and Binny Bansal, who were both alumni of the Indian Institute of Technology Delhi and formerly worked for Amazon. Kalyan Krishnamurthy is Chief Executive Officer at Flipkart Online Services Pvt Ltd. See Kalyan Krishnamurthy's compensation, career history, education, & memberships.

[43] Motorola also partnered with Flipkart on the Moto E—a phone targeted primarily towards emerging markets such as India. [21][22][23][24], With an eye on the retail segment, in May 2012, Flipkart acquired Letsbuy, an online electronics retailer. [14][15][16] The company initially focused on online book sales with country-wide shipping. [118] A 43-inch TV was unveiled on 4 June 2020. Flipkart Online Services serves customers in India. Binny Bansal (born 1982/1983) is an Indian billionaire Internet entrepreneur. eBay promoted that the partnership would eventually allow Flipkart to access eBay's network of international vendors, and vice versa, but these plans never actually came to fruition. [40], Flipkart has invested $4 million (about Rs 29 crore) in customer engagement and rewards platform EasyRewardz on Tuesday Nov 19 2019. [35][36], In April 2017, eBay announced that it would sell its Indian subsidiary eBay.in to Flipkart and make a US$500 million cash investment in the company. [132] In response, Flipkart launched a safety initiative -'Project Nanjunda', named after the deceased executive. Its existing investors DST Global, GIC, ICONIQ Capital and Tiger Global also participated in this latest financing round. [7][8] He is currently an anchor investor in the venture firm 021 Capital which focuses on investing in the fields of biotechnology, agritech, and the internet. Flipkart later pulled out. [17] In 2010, Flipkart acquired the Bangalore-based social book discovery service WeRead from Lulu.com. Flipkart is a Singaporean[8] e-commerce company headquartered in Bangalore, Karnataka, India.

[16] His 5.5% stake in Flipkart was valued at $1 billion after the acquisition. Please remove or replace such wording and instead of making proclamations about a subject's importance, use facts and attribution to demonstrate that importance. [104], On 19 September 2018, Flipkart Marketplace Singapore infused INR 3,463 crore into the Indian entity Flipkart Internet. The Company provides books, movies, music, games, consoles, televisions, mobiles, digital cameras, computers, network components, software, peripherals, apparel, shoes, and kitchen appliances.

[106][107] On 30 November 2012, Flipkart's offices were raided by the Enforcement Directorate. [111] The same month, the Department of Industrial Policy and Promotion (DIPP) clarified that it does not recognise the marketplace model of online retail. [100] As of May 2015[update], Flipkart had raised $550 million from some of its existing investors, in a deal that raised its total valuation to $15 billion. They are a member of the board and work as executive chairman.

[99], 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. [102] In April 2017, Flipkart underwent another round of funding, with $1.4 billion at a valuation of $11.6 billion, including eBay, Microsoft, and Tencent.

Documents and computer hard drives were seized by the regulatory agency. [27] Later in April 2015, Flipkart acquired Appiterate, a Delhi-based mobile marketing automation firm. [122][123], On 13 September 2014, a Flipkart delivery boy allegedly molested a housemaid in Hyderabad. Bansal currently resides in Bangalore. [108] In August 2014, the Enforcement Directorate claimed that it had found Flipkart to be in violation of the Foreign Exchange Management Act. The company stated that it would licence its data to help improve delivery logistics. [83][84][85] On 24 August 2012, Flipkart announced the completion of its 4th round of US$150 million funding from MIH (part of Naspers Group) and ICONIQ Capital. [17][18] He resigned from Flipkart in November 2018 on allegations of personal misconduct. Chief Executive Officer, Flipkart Online Services Pvt Ltd, Head:Category Management , Flipkart Online Services Pvt Ltd. Flipkart Online Services Private Limited owns and operates e-commerce website. [86], Flipkart's reported sales were ₹40 million (US$560,000) in FY 2008–2009,[87][88] ₹200 million (US$2.8 million) in FY 2009–2010[89] and ₹750 million (US$11 million) for FY 2010–2011. [125], In 2014, competitors such as Future Group (owner of retail chain Big Bazaar) filed complaints with India's Ministry of Commerce and Industry, alleging that the site's Big Billion Days discounts undercut prices in a manner predatory to other retailers. The "app-only" model, however, proved to be unsuccessful for Myntra (reducing sales by 10%), and its main website was reinstated in February 2016.

[58][59][60][61][62], In October 2015, Flipkart reprised its Big Billion Day event, except as a multi-day event that would be exclusive to the Flipkart app. Meet Sachin Bansal and Binny Bansal", "What Flipkart's Funds Mean for its Rivals", https://www.forbes.com/profile/binny-bansal/#17e3ac46303b, "flipkart ceo wanted to be a gamer snapdeal chief a food and film critic", "Before I got into Amazon, Google rejected me twice. [9], Binny Bansal is originally from Chandigarh, the capital city of Punjab and Haryana.

[109] The Delhi High Court observed violation of foreign investment regulations by e-commerce firms including Flipkart.

[131] In 2016, delivery executive Nanjunda Swamy was murdered by a customer who did not have money to pay for a product. Flipkart also stated that it had bolstered its supply chain and introduced more fulfillment centres in order to meet customer demand. Following its launch, Flipkart slowly grew in prominence; by 2008, it was receiving 100 orders per day.

It was founded by Sachin Bansal and Binny Bansal in 2007. [101], By August 2015, after raising another US$700 million, Flipkart had raised a total of $3 billion, after over 12 rounds and 16 investors.

[64], On 4 May 2018, it was reported that the US retail chain Walmart had won a bidding war with Amazon to acquire a majority stake in Flipkart for US$15 billion. He has no siblings and is married to a homemaker. Read Full Summary

In August 2018, U.S.-based retail chain Walmart acquired an 81% controlling stake in Flipkart for US$16 billion, valuing the company at $20 billion. Flipkart stated that it would use its technology to enhance its mobile services. [29] In 2016, Flipkart acquired the online fashion retailer Jabong.com from Rocket Internet for US$70 million, as well as the UPI mobile payments startup PhonePe. [51] Flipkart sold 1.3 million phones in 20 hours on 21 September alone for its Big Billion Days promotion, doubling the number sold on the first day of the event in 2016 (where it sold a total of 2.5 million phones in five days). : STARTUPCENTRAL", "Flipkart Raises $150Mn From Accel Partners, Tiger Global", "Inlogistics: India's first private train cargo operator", "Flipkart Raises Fresh $200 mn from Existing Investors Tiger global, Naspers & Others", "Flipkart may launch online marketplace on its website", "Flipkart India Reports Loss of Rs.

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