What is the story of Flipkart?
Description
Flipkart was founded in October 2007 in Bangalore[11] by Sachin Bansal and Binny Bansal, alumni of the IIT, Delhi and former Amazon employees.[12][13][14] The company was started from a two-bedroom apartment in Kormangala, Bengaluru. The initial investment was provided by their families, which was INR 2 Lakh from each family. The website was kicked off in October 2007 and the company was only limited to selling books at that time country-wide shipping.[15] Flipkart slowly grew in prominence and was receiving 100 orders per day by 2008.[16]
Flipkart acquired WeRead in 2010 from Lulu.com that helped it build its foundational strength which was the digital retail of books. This space was otherwise only shared by very limited number of players at that time in the market, such as Landmark and Infibeam. Flipkart used aggressive discounts and focused on customer service to move towards a leadership position in the market. WeRead consisted of a large network of readers (~3 Million) with around 60 million books. The platform also noted information that was user generated – such as people marking a book as favorite or leaving a review or rating. WeRead, because of its utility to community and independent nature maintained its brand identity even after acquisition.
In 2011, Flipkart acquired the digital distribution business Mime360.com[19] and the digital content library of the Bollywood portal Chakpak.[20] Following the acquisition, Flipkart launched its DRM-free Digital music store Flyte in 2012. Due to competition from free streaming sites, Flyte was unsuccessful and shut down in June 2013.[21][22][23][24] Mime360 was a content distributor that used HTTP-based encryption technology that allows for fast and secure data delivery. It distributed music, media and games using it's distribution platform.[25]
With its eyes on India's retail market, Flipkart acquired Letsbuy, an online electronics retailer,[26] in 2012, and Myntra, an online fashion retailer, for US$280 million in May 2014.[27] Myntra continues to operate alongside Flipkart as a standalone subsidiary focusing on separate market segments.[28]
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