Flipkart was established in 2007 by IIT alumni Sachin Bansal and Binny Bansal. It initially sold books online and has since expanded into various product categories. Flipkart has raised over $3 billion in funding and acquired companies like Myntra. It focuses on strong logistics and customer service to compete with Amazon in India. Flipkart's vision is to become the largest online retailer in India across all categories except groceries and automobiles.