India is currently shopping online more than ever, and Flipkart is a hot destination for all online shopaholic. The genius behind this idea, one of the first people to build up an online business website in India, is Sachin Bansal, an IIT graduate and a businessman who set the benchmark in the history of great Indian online shopping transformation.
It is difficult to imagine that one small initiative can totally change how we shop. Yet, that is actually what Flipkart has done. Online business was thought to be a very different portion of the business, and most Indians did their shopping offline. It was challenging to change buyers’ mentality who believed in buying things only from their local shopkeepers. But Sachin Bansal decided to take the risk and started an e-commerce business. Let’s look at the inspiring story of Sachin Bansal – Founder Of Flipkart.
Life Of Sachin Bansal Before Flipkart
Sachin Bansal was born in Chandigarh on 5th August 1981. His father was a businessman, and his mother was a homemaker. He had completed his schooling at Saint Anne’s Convent School. Later, he got into the Indian Institute of Technology, Delhi. At one point of his life he wanted to be a professional gamer.
In the wake of completing engineering from IIT, Delhi, Sachin began working for Techspan Company. Bansal served there for a couple of months until he got the chance to work at Amazon India as a Senior Software Engineer. At Amazon, he learned about the dynamics of online business. Sachin Bansal joined Amazon first, and barely a year later, in 2007, Binny also joined the Amazon. It was during this time period that the idea of starting up crossed their thoughts.
The point to remember is that this was still 2007 when entrepreneurship was not that cool. Direct online business was not their first plan — it was to start a price comparison website. But a statistical survey of the market makes them start a web-based business, and hence, Flipkart was launched in October 2007 by Sachin Bansal. And the rest is the history of Indian startup up and e-commerce.
How Journey Of Flipkart Begins
Without wasting so much time, the two quit Amazon, invested 4 lakh rupees, and Sachin Bansal started Flipkart in September of 2007. They decided to sell books on their platform because it was easy to list, ship, and find vendors compared to other categories like electronics or fashion, which might cost them lots of cash.
As they started searching for vendors to list books on their platform, they soon revealed that it had not been as easy as that they had thought. People still failed to understand the internet, and doing business online wasn’t extremely popular, so most vendors were highly skeptical and didn’t trust their business model.
In any case, Sachin Bansal remains persistent and figured out how to convince a few vendors about the open-door opportunity for them. The couple started its website in 2007, sitting in their 2 BHK flat in Koramangala. It was basically a local location where Flipkart now owns multiple offices.
First Customer Of Flipkart
For 10 days, the website doesn’t receive a single order. By the end of October, they had received their first order from a young techie named VVK Chandra, who lived in Mahbubnagar in Telangana (previously Andhra Pradesh). The order was the book ‘Leaving Microsoft to Change the World’ by John Wood.
The first-order excitement made them worried as their sellers told them that the book was not available. After wildly trying to find the book all over Bangalore, Sachin Bansal and Binny Bansal managed to get the book and successfully delivered their first order. “In the beginning, it was a two-person show. We did everything ourselves,” says Sachin Bansal, the CEO of Flipkart.
Their passion for delivering their first order demonstrated their dedication towards their customers, and it’d help them well in the coming days. Being a two-person startup, they dealt with everything from designing their website to delivering books. They’d figured out how to deliver 20 shipments in 2007.
Success Of Flipkart
From 2009, Flipkart set up more branches in Mumbai and Delhi, besides Bangalore’s center. The platform started its acquisition binge in 2014 when it acquired Myntra for $400 million. Later in 2016, Flipkart, Sachin Bansal, as CEO, set off to buy the fashion site Jabong for $70 million. In 2017, the company acquired the payment gateway site PhonePe as well as the e-commerce company eBay.
The platform likewise merged the entirety of its Bangalore workplaces to build up a solitary huge campus across 8.3 lakh square ft. In 2011, Flipkart started an office in Singapore. In 2018, Walmart bought Flipkart with a 77% share.
From the launch in 2007 till 2016, Sachin Bansal was the CEO of Flipkart. From 2016 onwards, Binny Bansal took over as the CEO, with Sachin turning into the Executive Chairman. As of now, the Flipkart CEO is Kalyan Krishnamurthy, a Tiger Global executive.