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Flipkart-Walmart Deal, Five unknown, unseen, and interesting facts about Flipkart

Flipkart-Walmart Deal, Five unknown, unseen, and interesting facts about Flipkart
Written by Abhishek Lohia

Softbank CEO has confirmed the deal between Flipkart and Walmart. This e-commerce company was established in 2007 by Sachin Bansal and Binny Bansal. Both of these were met in Delhi in 2005. Both were the former employees of Amazon. Flipkart was the first e-commerce store to selling books. After that, they started selling music, movies, electronics gadgets and mobile. After this deal, the total valuation of Flipkart will be 1.3 million crores. At firstly, Flipkart sold John Wood left Microsoft to change the world book. Flipkart opened its first office in Bangalore. After this, they opened their Office in Delhi and Mumbai in 2009. In April 2018, Flipkart shifted all of its offices to campus in Bangalore. The company also opened a logistics company named E-Cart in 2010.

Here are five Unknown, Unseen and Interesting facts about Flipkart

  1. During their job in Amazon, Sachin and Binny dreamed of starting their own company, and today Flipkart is counted among the world’s largest e-commerce companies. The company’s first office was opened in Hyderabad.
  2. Sachin was the CEO of Flipkart for the last nine years; Binny Bansal became CEO in 2016 and Sachin became Flipkart’s executive president. Last year, Kalyan Krishnamurthy took over as the executive CEO of Flipkart.
  3. Flipkart bought Myntra for about $ 300 million in 2014. After this, in 2016 Flipkart bought Jabong for $ 7 million. Last year, Flipkart offered to buy Snapdeal, but they failed. So it means, Myntra and Jabong are its child domain.
  4. The company is a part of investors such as Softbank, Tiger Global, Essel Partner, Naspres, Tentent Holding. Flipkart gave an option to people to exchange their old products. The company has also given good deals to the people.
  5. In 2017, the loss of Flipkart had increased from 5,216 crores to 8,770 crores. However, the company’s income increased 29 percent to Rs 19,855 crore. In 2010, Flipkart launched the cash on delivery option (COD). Only 0.5 percent of people used a credit card when Flipkart started Cash On Delivery (CoD). This experiment of Flipkart changed the picture of the industry.

Registration of Flipkart Digital Media Pvt Ltd was made on November 3, 2010, in the Registrar of the Company. It was founded with a share capital of Rs 6.6 crores and a paid-up capital of Rs. 6.4 crores. Rajeev Sahni and Sakar Chaudhary are also the directors of Flipkart India Pvt Ltd.

About the author

Abhishek Lohia

Abhishek Lohia was a Sports and Political Writer working for Newsfolo and is no longer associated with the organization.

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