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History of Flipkart Company - Timeline of Flipkart Company, Acquisition by Walmart

History of Flipkart Company - Founders, Acquisition by Walmart History of Flipkart Company - Founders, Acquisition by Walmart

History of Flipkart Company

History of Flipkart

Flipkart was founded in 2007 by Sachin Bansaru and Bini Bansaru, who were alumni of Indian Institute of Technology Delhi.

They worked at Amazon.com and subsequently founded Flipkart Online Services Pvt. Ltd in October 2007.

The company's first product was sold to Hyderabad customers in the book Leaving Microsoft To Change The World. Flip kart currently employs more than 33,000 people.

In October and November 2011, Flip Kart acquired the websites "Mime360.com" and "Chakpak.com". Then in February 2012, a new digital music store "Flyte" was released.

"Flyte," a legal music download service similar to iTunes and Amazon.com, downloaded and sold a DRM- free MP3.
However, due to the emergence of free music streaming sites, paid music downloads were closed in India and were closed on June 17, 2013.

After the success of the 2014 Big Billion sale, Flipkart launched its second Big Billion sale. According to media reports, the total turnover amounted to $ 300 million in volume

Timeline of Flipkart Company

History of Flipkart
Picture Credit to Livermint.com

  • 2010: Social book discovery tool "WeRead"
  • 2011: Digital Content Platform Company "Mime360" 
  • 2011: Chakpak.com, a news site that provides Bollywood updates, news, photos, and videos. The Flipkart acquired the rights to Chakpak's digital catalog. The catalog contains 40,000 filmographies, 10,000 films, and about 50,000 ratings. The Flipkart asserts that it is not involved in the original site and does not use a brand name
  • 2012: Flipkart has acquired the Indian electronic commerce site "Letsbuy.com" for electronics for an estimated $ 25 million. Letsbuy.com was shut down and all traffic to Letsbuy was directed to the Flipkart
  • 2014: Myntra.com acquired for an estimated $ 310 million
  • 2015: Flipkart acquired mobile marketing startup Appiterate for strengthening the mobile platform
  • 2016: Flipkart's umbrella Myntra has acquired rival fashion shopping site Jabong for $ 70 million 
  • April 2016: Flipkart acquired payment startup "PhonePe"
  • January 2017: Flipkart invested $ 2 million in childcare social network "Tinystep"
  • April 2017: In exchange for the share of Flip Kart stock, eBay has made a $ 500 million cash investment and agreed to sell eBay's Indian business (eBay.in) to Flipkart. However, according to a company statement, eBay.in will continue to operate as a separate entity from the Flipkart.
  • July 2017: Flipkart made an offer to buy Snapdeal, but Snap Deal refused and decided a solo route 
Acquisition by Walmart

History of Flipkart

On May 4, 2018, Wal-Mart, an American retail chain, won a bid to compete with Amazon and was reported to acquire a majority stake in Flipkart for $ 15 billion.

May 9, 2018, Wal-Mart announced its intention to acquire the purchase management rights for 77% of the shares of Flipkart at 160 $ 100 million on condition that the approval of the formal regulatory authorities.

After the acquisition proposal, Flip Kart's founder Sachin Bansal left the company, while the rest of the business was reported to be Wromart E-Commerce US CEO Mark Loa.

Wal-Mart's president Doug McMillon mentioned the "attractive" of the market and explained that the company's acquisition was "an opportunity to partner with a company that is leading a change in the market". Wal-Mart was expected to acquisitions completed at the end of 2018.

Indian traders protested the contract, deeming the contract a threat to local store owners.

After the announcement of Wal-Mart's contract, eBay announced that it would sell its flip kart stock to flip kart for about $ 1.1 billion and re-establish its own Indian business.

eBay has stated that "the huge growth potential of e-commerce in India and important opportunities for many players to succeed in diverse domestic markets in India".

The company sold 20% of its flip kart shares, which the Softbank Group also owns, to Wal-Mart (sale conditions are not disclosed).

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NEtechy: History of Flipkart Company - Timeline of Flipkart Company, Acquisition by Walmart
History of Flipkart Company - Timeline of Flipkart Company, Acquisition by Walmart
History of Flipkart Company - Founders, Acquisition by Walmart History of Flipkart Company - Founders, Acquisition by Walmart
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