Flipkart Case Study | Founders - Sachin Bansal & Binny Bansal Success Story
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4 سال پیش
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In 2007, Sachin and Binny
In 2007, Sachin and Binny Bansal started a small online bookstore. They called it FlipKart. Today, more than a decade later, Flipkart is the most valuable e-commerce startup in India. But how did they do this? How did two software engineers manage to become two of India's most successful entrepreneurs? How did they define India's e-commerce space with their startup? Well, this video will be answering those questions. Welcome to Backstage with Millionaires. 00:00
01:25 Origins of Flipkart
04:33 Flipkart Gets Its First Customer
09:50 Flipkart's First Investment
11:40 Bookstore Starts Selling Mobiles
15:00 Flipkart Becomes a Unicorn
16:24 Battle for E-Commerce Dominance Begins
17:05 Flipkart Acquisitions
18:05 Flipkart Failures
22:00 Walmart Acquires Flipkart
23:58 Learnings From Binny and Sachin’s Journey
Origins of Flipkart: Sachin and Binny Bansal met for the first time in 2005 in IIT Delhi while working at their projects that they had failed to complete. They both secured jobs at Amazon and become friends while staying and working together in Bangalore. Bored at their jobs, they were intrigued by the opportunities in India's e-commerce space. That's when the idea of selling books online entered their minds. Recognising the lack of trust among customers in e-commerce, the founders decided to focus on their customers.
Flipkart Gets Its First Customer: VVK Chandra becomes Flipkart's first-ever customer. Sachin and Binny struggled to find his book all over the country but finally managed to secure the book and also gave him a discount for his troubles. This established Flipkart's customer-centric approach from their early days and it would help drive Flipkart's success in the coming years.
Flipkart's First Investment: Noticing the growth of Flipkart, Accel becomes its first investor with an investment of $1 million. Other investors like Tiger Global, Naspers and ICONIQ Capital soon followed Accel.
Bookstore Starts Selling Mobiles: After becoming a leading online bookstore and flush with funds, Flipkart expands into the electronics category by introducing Mobiles. However, the startup had to build trust among its customers in online shopping by providing them with the option of Cash on Delivery and no-questions-asked return policy.
Flipkart Becomes a Unicorn: Sachin and Binny's innovative approach and Flipakart's rapid growth attracted more investors and it became India's second unicorn in 2012.
Battle for E-Commerce Dominance Begins: By 2013, Snapdeal and Amazon had entered Indian e-commerce space. Flipkart starts to expand its prominence by acquiring more startups.
Flipkart Acquisitions: Some of Flipkart's more strategic acquisitions over the years include fashion etailers Myntra and Jabong, digital payments platform PhonePe, and eBay India.
Flipkart Failures: The success of Flipkart did not come easy, the founders had to make mistakes before they found their share of success. Some of Flipkart's initiatives that failed include music streaming service Flyte, payment gateway PayZippy, hyperlocal grocery delivery service Flipkart Nearby, and its experiment to make Flipkart an app-based platform.
Walmart Acquires Flipkart: In 2018, Flipkart had become India's leading e-commerce platform with a 38.3% market share leaving behind the likes of Amazon and Snapdeal. That is when Walmart acquired Flipkart for a massive $16 billion. This ended Sachin and Binny Bansal's journey and they moved on to new ventures.
Learning From Binny and Sachin's Journey: Firstly, Sachin and Binny understood the problems faced by Indian online consumers and focused their solutions around them. They knew the importance of making products for their customers. Secondly, while many of India's startups are running into losses even with massive revenues, they had made Flipkart profitable ensuring the sustainability of their business model. Thirdly, rather than scaling quickly as many startups usually do after raising funds, Flipkart focused on dominating their niche before they expanded and scaled their business. Finally, the founders learnt from their mistakes and failures.
It was Sachin and Binny's hunger and persistence for creating better products for their customers that enabled them to built Flipkart into a giant it is today.
Background Music Credits:
Yuzzy: @yuzzy8941
Ross Bugden: @rossbugden
VVK Chandra's Blog:
http://vvkchandra.com/
Give us a like and subscribe to Backstage with Millionaires if you liked our video. Let us know what you think about this video in the comments below.
Follow Backstage with Millionaires to remain updated with our latest developments.
LinkedIn: LinkedIn: backstagewithmillionaires
Twitter: Twitter: bwmillionaires
#flipkart #backstagewithmillionaires #bwm
01:25 Origins of Flipkart
04:33 Flipkart Gets Its First Customer
09:50 Flipkart's First Investment
11:40 Bookstore Starts Selling Mobiles
15:00 Flipkart Becomes a Unicorn
16:24 Battle for E-Commerce Dominance Begins
17:05 Flipkart Acquisitions
18:05 Flipkart Failures
22:00 Walmart Acquires Flipkart
23:58 Learnings From Binny and Sachin’s Journey
Origins of Flipkart: Sachin and Binny Bansal met for the first time in 2005 in IIT Delhi while working at their projects that they had failed to complete. They both secured jobs at Amazon and become friends while staying and working together in Bangalore. Bored at their jobs, they were intrigued by the opportunities in India's e-commerce space. That's when the idea of selling books online entered their minds. Recognising the lack of trust among customers in e-commerce, the founders decided to focus on their customers.
Flipkart Gets Its First Customer: VVK Chandra becomes Flipkart's first-ever customer. Sachin and Binny struggled to find his book all over the country but finally managed to secure the book and also gave him a discount for his troubles. This established Flipkart's customer-centric approach from their early days and it would help drive Flipkart's success in the coming years.
Flipkart's First Investment: Noticing the growth of Flipkart, Accel becomes its first investor with an investment of $1 million. Other investors like Tiger Global, Naspers and ICONIQ Capital soon followed Accel.
Bookstore Starts Selling Mobiles: After becoming a leading online bookstore and flush with funds, Flipkart expands into the electronics category by introducing Mobiles. However, the startup had to build trust among its customers in online shopping by providing them with the option of Cash on Delivery and no-questions-asked return policy.
Flipkart Becomes a Unicorn: Sachin and Binny's innovative approach and Flipakart's rapid growth attracted more investors and it became India's second unicorn in 2012.
Battle for E-Commerce Dominance Begins: By 2013, Snapdeal and Amazon had entered Indian e-commerce space. Flipkart starts to expand its prominence by acquiring more startups.
Flipkart Acquisitions: Some of Flipkart's more strategic acquisitions over the years include fashion etailers Myntra and Jabong, digital payments platform PhonePe, and eBay India.
Flipkart Failures: The success of Flipkart did not come easy, the founders had to make mistakes before they found their share of success. Some of Flipkart's initiatives that failed include music streaming service Flyte, payment gateway PayZippy, hyperlocal grocery delivery service Flipkart Nearby, and its experiment to make Flipkart an app-based platform.
Walmart Acquires Flipkart: In 2018, Flipkart had become India's leading e-commerce platform with a 38.3% market share leaving behind the likes of Amazon and Snapdeal. That is when Walmart acquired Flipkart for a massive $16 billion. This ended Sachin and Binny Bansal's journey and they moved on to new ventures.
Learning From Binny and Sachin's Journey: Firstly, Sachin and Binny understood the problems faced by Indian online consumers and focused their solutions around them. They knew the importance of making products for their customers. Secondly, while many of India's startups are running into losses even with massive revenues, they had made Flipkart profitable ensuring the sustainability of their business model. Thirdly, rather than scaling quickly as many startups usually do after raising funds, Flipkart focused on dominating their niche before they expanded and scaled their business. Finally, the founders learnt from their mistakes and failures.
It was Sachin and Binny's hunger and persistence for creating better products for their customers that enabled them to built Flipkart into a giant it is today.
Background Music Credits:
Yuzzy: @yuzzy8941
Ross Bugden: @rossbugden
VVK Chandra's Blog:
http://vvkchandra.com/
Give us a like and subscribe to Backstage with Millionaires if you liked our video. Let us know what you think about this video in the comments below.
Follow Backstage with Millionaires to remain updated with our latest developments.
LinkedIn: LinkedIn: backstagewithmillionaires
Twitter: Twitter: bwmillionaires
#flipkart #backstagewithmillionaires #bwm
4 سال پیش
در تاریخ 1399/02/26 منتشر شده
است.
71,489
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