The founders of an Indian e-commerce website that made its name worldwide, Sachin & Binny Bansal have created a great success story for themselves. The two formerly worked at Amazon India where they conceived the idea of Flipkart, an Indian e-commerce giant. They started pretty young and with their excellent leadership, have created a great team for their business.
The Founder: Sachin Bansal is now popular as a brilliant and successful internet entrepreneur. But it was his vision that brought him here. He had dreamed to create a highly successful and great quality e-commerce company in India and this idea inspired him to turn an entrepreneur.
Sachin had been pretty clear about his Startup and how he would shape it. He had decided to build a company that would make good money by providing great services and value to the customers. He was also clear that he would scale up his venture only if he finds sufficient customers.
The Idea: Sachin, an IIT Delhi alumnus previously worked with Amazon and there he was able to understand a great deal about the working of e-commerce websites. The previous work experience provided the technical and management skills to him and Binny that came handy while starting Flipkart. Together they started with the investment that they chipped in for the venture and with Bangalore as their base.
The Team: Sachin met his friend Binny while working with Amazon and took him aboard for launching his startup. They later quit Amazon together and started working on their dream venture. The vision of creating a technology for India instead of working for American companies is what shaped Flipkart and started a new era of e-commerce in India.
The Product: Flipkart was launched in 2007 when the e-commerce industry was not very developed in India. The industry was pretty immature and there was rarely a customer base as the customers did not know how to do comparative shopping. Hence Sachin and Binny started by working within a small facility with a small investment and they decided to initially sell books online. Thus Flipkart was started with a website that both the founders designed and with a single product category of books.
The Growth: The books were selling pretty well on Flipkart and their customer base started increasing. Thus within months of starting, they decided to expand their team and hired 2 more people. With an increase in suppliers and steady growth in business, the venture acquired more suppliers and added more products from Indian as well as international sellers. As the product range increased for Flipkart, their markets started growing.
Flipkart has turned into a multinational due to its steady growth and international manufacturers are tying up with this e commerce giant for launching their products in India.
The company recently attracted more investors and the fundraising activities of Flipkart have greatly increased the company’s valuation. Flipkart is one of the few startups that have earned quick money and made a mark in such a short span of 7 years.