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Started in 2007 by IIT alumnus Sachin Bansal and Binny Bansal (who are not related by the way), Flipkart is today amongst India´s leading e-commerce marketplace with a registered base of 50 million customers and 80,000 sellers offering more than 30 million products across 70 plus categories.
The products include both Indian as well as international brands across various categories which include books, media, consumer electronics, large appliances furniture, lifestyle and more. They also have their own product range titled “DigiFlip” with products such as tablets, USBs, and laptop bags.
Even though, Flipkart is founded by Indians, it is registered in Singapore owing to taxation purpose and benefits. But, Flipkart is headquartered is located in Bangalore.
Flipkart registers sales worth 25000 rupees per second on an average. It allows payment methods such as cash on delivery, credit or debit card transactions, net banking, e-gift voucher and card swipe on delivery.
Owing to its strong business performance, Flipkart has always managed to attract strong investor support. Some of its major business acquisitions are PhonePe, MapMyIndia, FX Mart, Myntra, LetsBuy.com, weRead, Mime360 etc.
The brand Flipkart has taken a major beating when it comes to its valuation in 2016. For a valuation at $15 billion in May 2015, it dropped down to $9.39 billion in May 2016 and even further down to $5.54 billion in November 2016.
Flipkart stands distinctly apart from its competitors, Amazon and Snapdeal. It has a definite edge over their competitors owing to their larger reach, impact and measurability It was the most visited website in India in the year 2015.
In an endeavour to become leaner in structure, Flipkart has recently asked its under performers to either resign or leave with severance cuts. Standing at around 30,000 employees, this announcement is going to affect 2.3-3.3% of the workforce.