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With Flipkart Group CEO Binny Bansal’s departure after a probe into misconduct allegations, the Bengaluru-based e-commerce giant may not remain the same. Flipkart cofounder and Binny’s peer Sachin Bansal had quit earlier this year as the etailer was in talks with Walmart for a merger.
Immediately after the $16-billion Walmart-Flipkart deal was announced on May 13, Sachin Bansal chose to sell his estimated 5 percent stake in the company for nearly $1 billion and exited the business completely.
Flipkart’s birth story, however, will continue to hold significance as an online book-seller platform that changed India’s e-commerce landscape.
Here’s timeline of Flipkart’s journey that changed customer’s online shopping experience in India:
October 2007: Turning a new page in India’s shopping history
Sachin Bansal and Binny Bansal started working on the website with an idea to start a price-comparison website. A few months later, however, the idea changed shape into something fresh and unconventional — an online bookstore. Thus, the e-commerce giant started its journey as an online bookstore on October 15, 2007, with a promise to deliver books across India. Bansals pulled off their first delivery that month to a bookworm in Mahbubnagar, now in Telangana.
Read — Binny Bansal refutes allegations of misconduct in letter to employees, says will remain on board of Flipkart
January 2008: Flipkart finds a home at 447-C, Koramangala
Flipkart opened its first office at 447-C, Koramangala, Bengaluru – 560034 and launches 24×7 service. Within a year, Flipkart delivered 3,400 shipments successfully.
January 2009: Flipkart hires first employee, books first pre-order
Flipkart hires its first full-time employee Ambur Iyyappa, who went on to become a millionaire. It offered Dan Brown’s The Lost Symbol as the first book for pre-order on the website.
September 2009: First funding comes along
Accel Partners invested $1 million in Flipkart following which the e-commerce company opened offices in Delhi and Mumbai. Its headcount leapt to 150. Over the next year, Flipkart revolutionized the e-shopping experience with same day delivery, eKart and cash-on-delivery (COD).
March 2010: COD wins over the Indian customers
In an industry-first, Flipkart offered the Cash-on-Delivery (COD) payment mode to build trust and make online shopping more convenient for Indian shoppers. It also introduced a 30-day return policy. Thereafter, it acquired the social book recommendation portal WeRead.
June 2010: eKart launch
Flipkart launched eKart, the logistics arm of Flipkart, under the guidance of Vinoth Poovalingam and added more shopping categories, including music, movies, games, electronics, and mobiles.
SLIDESHOW — Sachin Bansal & others who exited big companies to live their billion dollar dream
March 2011: Expanding delivery network
Flipkart launched digital wallet and further expanded shopping categories to include cameras, computers, laptops, large appliances, health, personal care, stationery products. It acquired Chakpak and Mime360 to bring digital content to the Indian shoppers’ fingertips.
March 2012: A mobile app for India
Flipkart launched its mobile shopping app for Indian customers and acquired electronics e-tailer Letsbuy. In March 2012, the firm also received PCI DSS Certification, which allowed customers to access ‘Saved Cards’ feature to make online payments easier.
In this year, Flipkart also launched its electronics private label DigiFlip.
February 2013: Rise of the marketplace
Flipkart adopted marketplace model and opened up the platform to sellers. Thereafter it introduced ‘Next Day Shipping Guarantee’ to improve customers’ shopping experience. Flipkart also raises $160 million in funding. To further ease online payments, it launches PayZippy, an online payments solution for merchants and customers.
It continues to expand its product range to include women’s lifestyle category. It was in 2013, that the company begins accepting international cards for transactions and starts recruiting.
May 2014: Myntra joins the Flipkart family
Flipkart bought one of India’s leading fashion e-tailers Myntra in the year. Besides, it becomes the first Indian internet retailer to register $1.9 billion gross merchandise value (GMV).
It also launched Flipkart First, a membership programme under which customers can purchase and avail exclusive features on Flipkart. It further improves its delivery by launching ‘Scheduled Delivery’ to make collecting deliveries even more convenient for online shoppers.
It also begins exclusive associations with smartphone makers Motorola and Xiaomi.
Read — Walmart buys 77% of Flipkart for $16 bn; global retail giant to bring in fresh equity of $2 bn
October 2014: Big Billion Day is born
India’s largest online sale — Big Billion Day — kicks off in October and Flipkart introduces ‘Same Day Delivery Guarantee’.
March 2015: Acquires mobile ads platform AdIquity and AppIterate
The acquisition spree continued and Flipkart lapped up mobile ads platform AdIquity and AppIterate to further strengthen mobile platform.
It unveiled a new Flipkart logo and launched Flipkart Lite to improve the shopping experience for user in poor network areas.
April 2016: The Phonepe acquisition
Flipkart acquired UPI-based payments startup PhonePe and fashion portal Jabong. Moving on, it launched Flipkart Assured, the first-of-its-kind trust marker in India’s e-commerce industry, that assures quality and timely delivery.
In 2016, Binny Bansal and Sachin Bansal were named among Time 100 list of most influential people by TIME magazine. They both were named Asian of the Year by Straits Times of Singapore as part of The Disruptors group.
September 2016: Flipkart crosses 100 million registered users
Flipkart crossed the milestone of 100 million registered users. It also became the first Indian mobile app to cross 50 million users. The two co-founders overhaul roles — Binny takes over as CEO, while Sachin becomes Executive Chairman.
January 2017: Flipkart gets new CEO
Kalyan Krishnamurthy is named as the new Flipkart CEO and Binny Bansal takes on the reins of Flipkart Group as the Group CEO. PhonePe crosses 10 million downloads on Google Play store.
March 2017: Flipkart’s biggest round of investments
In its 10th year, Flipkart raises $1.4 billion from Tencent, eBay & Microsoft. Softbank Vision Fund invests in Flipkart to become one of the largest shareholders of the company.
Rahul Dravid launches #FlipkartBig10 logo as Flipkart celebrates a decade of game-changing innovation. In the same month, eBay India becomes part of the Flipkart Group.
March 2018: One Flipkart
Flipkart employees move to the new consolidated office in Bengaluru’s Embassy Tech Village.
May 2018: Walmart invests in Flipkart Group
US retail giant Walmart announces the biggest-ever investment of $16 billion in home-grown brand Flipkart to meet India’s ever-growing online shopping needs. Flipkart launches Travel, powered by MakeMyTrip, allowing users to book domestic flight tickets on the Flipkart app.
In the same month, Flipkart’s co-founder, Executive Chairman, Sachin Bansal, bids adieu to live his billion dollar dream.
August 2018: Walmart locks in for the future
Walmart and Flipkart announced the completion of Walmart’s investment in Flipkart. Walmart underscored a long-term commitment to India with an aim to serve customers, support job creation, small businesses, farmers and women entrepreneurs.
September 2018: Flipkart acquires Israel-based Upstream Commerce team
The Israel-based Upstream Commerce team brings advanced, data science-based intelligent solutions to India to help local sellers boost sales and better serve Flipkart customers. The acquisition is in line with Flipkart’s vision to solve e-commerce challenges through technology innovations.
Flipkart also launches the first commercial for the 2018 edition of the Big Billion Days sale, featuring Amitabh Bachchan.
November 13, 2018: Binny Bansal resigns as Flipkart Group CEO
Flipkart Group CEO Binny Bansal resigns after an independent probe into an allegation of serious personal misconduct. Binny will continue to be a large shareholder in Flipkart and serve as a member of the Board of Directors.
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