Flipkart was co-founded in 2007 by Sachin and Binny Bansal and began by selling books online. It has since expanded to sell a wide range of products and has over 33,000 employees. It has received billions in funding from investors. Flipkart now has over 250 million users and $2 billion in annual sales. It faces challenges like high customer acquisition costs and supply chain issues but continues to grow through expanding product categories and improving delivery.