Flipkart, founded in 2007 by Sachin Bansal and Binny Bansal, has rapidly emerged as a leading e-commerce platform in India, focusing on customer service, affordability, and a diverse product range. The company operates on a marketplace model, generating revenue through commissions, advertising, and its private label offerings. Key lessons from Flipkart's success include the importance of innovation, adaptability, and creating a strong connection with the consumer base.