successful entrepreneurs of flipkart {sachin and binny bansal}
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Sachin Bansal and Binny Bansal co-founded Flipkart in 2007, driven by a desire to create a significant and lasting e-commerce platform in India. They transitioned from their jobs at Amazon to pursue their vision, leveraging their technical backgrounds from the Indian Institute of Technology Delhi. Over the years, Flipkart has grown exponentially, facing and adapting to competitive challenges while innovating its product offerings and strategies.
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Flipkart is an e-commerce company founded in 2007 by Sachin Bansal and
Binny Bansal. It is registered in Singapore and it operates in India, where it
is headquartered in Bangalore, Karnataka.[4] Flipkart has launched its own
product range under the name "DigiFlip" with products including tablets,
USBs, and laptop bags.
In May 2014, Flipkart received $210 million from DST Global, in July 2014
it raised $1 billion led by existing investors Tiger Global and South Africa's
media group Naspers and in May 2015 it raised $550 million from some of
its existing investors. Flipkart's last fundraising round in May 2015 had
pegged its valuation at $15 billion.
They started off in 2007 by setting up three canters across India without
funding. Six months ago, they
reached number one status. They are also four times bigger than their nearest
competitor. The company started off small; today they have grown ten times
over the last one year and aim to touch the
mark by March 2013.
Flipkart progressive journey](https://image.slidesharecdn.com/flippkartyogesh-150914170023-lva1-app6891/85/successful-entrepreneurs-of-flipkart-sachin-and-binny-bansal-7-320.jpg)
successful entrepreneurs of flipkart {sachin and binny bansal}
- 1. Sachin Bansal & BINNY BANSAL
- 2. They saw a good opportunity in the market around e- commerce. Also, regular job was not as challenging. The excitement and satisfaction that comes with building something of a long lasting value is addictive enough for them to continue this. They started flipkart.com because they themselves felt the need for a good online book store. E-commerce sector is one of the toughest to get into in India. They believe that they can make a difference here. They wanted to create something which has a long lasting value and which we can be proud of. According to Sachin (CEO of Flipkart.com) at this point in our life we can devote our entire time and energy to flipkart which is very important for any start-up…. WHY THEY CHOOSE ENTERPRENEURSHIP
- 3. Born on Aug. 5 1981 . Sachin Bansal is an Indian Software engineer and Internet entrepreneur. Known for co-founding India's largest e-commerce platform Flipkart. Sachin is from Chandigarh . Graduated from the Indian Institute of Technology Delhi with a degree in computer engineering. INTRODUCTION
- 4. Flipkart was founded in 2007 by Sachin Bansal(26) and Binny Bansal(25), both alumni of the Indian Institute of Technology Delhi, computer science graduates from the 2005 batch. Sachin worked at Techspan for 6 months and then at Amazon India for a year and a half. Binny worked at Sarnoff India for a year and a half and then at Amazon India for 8 months. They quit their jobs in September 2007 to begin our startup journey. Flipkart.com was founded on 5th Sept 2007. The website was launched on 15th Oct 2007. Flipkart has grown into a online retail giant in just five years. INTRODUCTION
- 5. Sachin Bansal is originally from Chandigarh, the capital city of Punjab and Haryana. His business partner, Binny Bansal, is also from Chandigarh. Although they share the same last name, they are not related. They both completed their schooling at St. Anne's Convent School, Chandigarh and coincidentally, were students of computer science engineering at Indian Institute of Technology Delhi. PERSONAL LIFE
- 6. Bansal graduated from IIT in 2005 and joined a company called Techspan where he served for a few months. In 2006, he joinedAmazon.com India as Senior Software Engineer. Binny Bansal also worked at Amazon.com India at this point. They initially thought of starting a comparison search engine, but realized that the market for E-commerce in India was very small. Hence, after leaving Amazon in 2007, they founded Flipkart as an e-commerce company. PROGRESSIVE JOURNEY
- 7. Flipkart is an e-commerce company founded in 2007 by Sachin Bansal and Binny Bansal. It is registered in Singapore and it operates in India, where it is headquartered in Bangalore, Karnataka.[4] Flipkart has launched its own product range under the name "DigiFlip" with products including tablets, USBs, and laptop bags. In May 2014, Flipkart received $210 million from DST Global, in July 2014 it raised $1 billion led by existing investors Tiger Global and South Africa's media group Naspers and in May 2015 it raised $550 million from some of its existing investors. Flipkart's last fundraising round in May 2015 had pegged its valuation at $15 billion. They started off in 2007 by setting up three canters across India without funding. Six months ago, they reached number one status. They are also four times bigger than their nearest competitor. The company started off small; today they have grown ten times over the last one year and aim to touch the mark by March 2013. Flipkart progressive journey
- 8. 2010: WeRead, a social book discovery tool. 2011: Mime360, a digital content platform company. 2011: Chakpak . 2012: Letsbuy.com . 2014: Acquired Myntra.com 2015: Flipkart acquires a mobile marketing start-up Appiterate as to strengthen its mobile platform. Aquisition
- 9. Because of cut throughout competition flipkart faces losses many times . Due to International competitor such as amazon.com , ebay.com, alibaba.com flipkart has to change its strategy according to the competition . Delivery in a rural areas . Logistics & supply chain. Payments Large value in India is cash based. Market size/clv margins. Challenges Faced
- 10. Exclusive product launch strategy product like motorola and xiomi mobile sale. Acquisition strategy adopted to tackle a peer group. Expansion strategy . Adopting new technology . Membership cards and premium facilities. Extended range of academic books. Providing Sponsorships. Vernacular language option on websites. Better featured user interface. Cost cutting on packaging. Strategy adopted
- 11. Sachin bansal risk taking factor risk taking . Independence: the desire to work with a high degree of independence Passionaite: a tendency to experience one's work as exciting and enjoyable rather than tedious and drainingNeed to Achieve: the desire to achieve at a high level Future Focused. Inventory management system. His strategy of word of mouth marketing. Overal flipkart is really good but its facing tough competition with amazon,ebay and still it is sustained in market and it is doing really good with domestic market in India. Insight as an enterpreneur
- 12. The main core learning from Mr.Sachin Bansal IS HIS ACQUISITION STRATEGY. Leadership qualities. Begin at the Bottom: This is an elusive principle that is often mocked and ridiculed. More often than not, people get embarrassed when they become the office bearers of less elite and not-so esteemed designations. Invest in People: Understand and enrich each other. When is the right time to raise funds for your startup? How to become better leader and not a boss. When is the right time to raise a funds.how to handle failure in business. Key learning
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