fliopkart history and current status

1. FLIPKART IN DETAIL
 Flipkart is an e-commerce company founded in 2007 by Sachin Bansal and Binny Bansal. The company is
registered in Singapore, but has its headquarters in Bangalore, Karnataka, India.[Flipkart has launched its
own product range under the name "DigiFlip" with products including tablets, USBs, and laptop bags

2. HISTORY
 Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of
Technology Delhi. They worked for Amazon.com, and left to create their new company incorporated in
October 2007 as Flipkart Online Services Pvt. Ltd.The first product they sold was the book Leaving Microsoft
To Change The World to a customer fromHyderabad.Flipkart now employs more than 33,000
people.Flipkart allows payment methods such as cash on delivery, credit or debit card transactions, net
banking, e-gift voucher and card swipe on delivery.

3. Business Structure
 In a report dated November 25, 2014, a leading media outlet reported thatFlipkart were operating through a
complex business structure which included nine firms, some registered in Singapore and some in India. In
2012 Flipkart co-founders sold WS Retail to a consortium of investors led by Rajeev Kuchhal

4. Flyte Digital Music Store
 n October and November 2011, Flipkart acquired the websites Mime360.com and Chakpak.com.[24] Later, in
February 2012, the company revealed its newFlyte Digital Music Store. Flyte, a legal music download service
in the vein of iTunes and Amazon.com, offered DRM-free MP3 downloads. But it was shut down on 17 June
2013 as paid song downloads did not get popular in India due to the advent of free music streaming sites

5. Criticism
 On 6 October 2014 Flipkart launched a promotion called 'Big Billion Day' with the intention to increase the
popularity of their website by targeting a billion sales in 1 day. This, even though Flipkart achieved the
target, led to public outcry and widespread criticism among consumers, competitors and partners, heavily
damaging its reputation. Many users could not place orders because of high server load and errors which
led to frustration among customers.

6. Awards and recognition
 In September 2015, Sachin Bansal and Binny Bansal entered Forbes India Rich List debuting at the 86th
position with a net worth of $1.3 billion each.[99]
 Co-Founder of Flipkart, Sachin Bansal, got Entrepreneur of the Year Award 2012-2013 from Economic Times,
leading Indian Economic Daily.[100]
 Flipkart.com was awarded Young Turk of the Year at CNBC TV 18's 'India Business Leader Awards 2012'
(IBLA).[101]
 Flipkart.com- got Nominated for IndiaMART Leaders of Tomorrow Awards 2011