Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi and formerly working for Amazon, formed Flipkart in October 2007. The company initially concentrated on online book sales with countrywide delivery. Following its launch, Flipkart grew gradually in prominence; it received 100 orders a day by 2008. In 2010, Flipkart acquired from Lulu.com the virtual book discovery service weRead, based in Bangalore.
Flipkart made several acquisitions in late 2011 concerning digital distribution, including Mime360.com and the Bollywood portal Chakpak's digital content library.
The company launched the DRM-free online music store Flyte in February 2012. However, due to competition from free streaming sites, the service was unsuccessful and shut down in June 2013 In May 2012, Flipkart acquired Letsbuy, an online retailer in the field of electronics. In May 2014, Flipkart acquired Myntra, an online fashion retailer, for $280 million. Myntra continues to operate as a stand-alone company alongside Flipkart; the site focuses on an upscale, "fashion-conscious" segment while Flipkart focuses on the mass market and major foreign brands itself.
Flipkart partnered with Motorola Mobility in February 2014 to be the exclusive Indian seller of its Moto G smartphone. Motorola also collaborated with Flipkart on the Moto E — a telephone specifically aimed at emerging markets including India. Strong demand for the telephone caused the Flipkart website to crash after its midnight launch on 14 May. Flipkart subsequently conducted exclusive Indian releases for other smartphones, including the Xiaomi Mi3 in
July 2014 (whose initial release of 10,000 devices sold out in around 5 seconds), the Redmi 1S and Redmi Note in late 2014 (which saw similarly rapid seals), and the Yu Yunii Micromax.
NO TEXT SET In 2017, Flipkart kept a 51% share of all Indian smartphone shipments, overtaking Amazon India (33%). On 21 September alone, Flipkart sold 1.3 million phones in 20 hours forits Big Billion Days promotion, doubling the amount sold on the first day of the event in 2016 (where it sold a total of 2.5 million phones in 5 days).Flipkart concluded a agreement with Authentic Brands tolicense and sell Nautica in India in August 2019.On Tuesday, Nov 19, 2019, Flipkart invested $4 million (aroundRs 29 crore) in customer loyalty and rewards platform EasyRewardz.On 4 May 2018, it was confirmed that the US retail giant Walmart won a bidding war with Amazon to buy a majority stake in Flipkart for US$ 15 billion. On 9 May 2018, Walmart formally declared its intention to buy a US$ 16 billion, regulatory approval, 77 per cent controlling interest in Flipkart. Following the proposed acquisition, Flipkart co-founder Sachin Bansal left the company.
Flipkart Private Limited, d / b / aFlipkart is a Bengaluru, India based Indian e-commerce company.It was founded in 2007 by Sachin Bansal and Binny Bansal.