Flipkart is an Indian e-commerce company which was founded by Binny Bansal and Sachin Bansal in October 2007. Headquartered in Bangalore, the company has a market value of $5.54 billion as of November 2016, according to Morgan Stanley. Binny Bansal served as the chief operating officer of the company till January, 2016, following which he took over as its CEO. Sachin Bansal was replaced as CEO of the company in January, and currently serves as it executive chairman.
It has launched wide range of products including electronic gadgets such as tablets, USBs, etc, under its own brand name 'DigiFlip'. The company allows several payment methods like cash on delivery, net banking, debit and credit card transactions, swipe on delivery, etc. Flipkart was the first online shopping website in India to offer the popular and reliable 'COD or Cash On Delivery' facility.
The Singapore-registered company began with selling books, however, it soon expanded in offering a wide variety of products. It acquired Myntra and Jabong, two other online shopping websites as its subsidiaries. Its journey from an online book retailer to India's one of the largest e-commerce platform inspires a generation of start-ups.
In April 2017, Flipkart raised a fund of Rs 9,000-crore ($1.4-billion) from Tencent, eBay and Microsoft. The deal was led by China's Tencent with an investment of $700 million while eBay Inc contributed $500 million and also received Flipkart stock worth $200 million in lieu of its Indian operations. Microsoft, which recently signed an agreement with Flipkart to make Azure the etailer's exclusive public cloud platform, has put in $200 million to round off the deal.