In 2010, Flipkart acquired the Bangalore-based social book discovery service WeRead from. Flipkart slowly grew in prominence and was receiving 100 orders per day by 2008. The company initially focused on online book sales with country-wide shipping. History įlipkart was founded in October 2007 by Sachin Bansal and Binny Bansal, alumni of the IIT, Delhi and former Amazon employees. It is planning to go public through a listing in the United States of America in 2023. Flipkart is valued at $37.6 billion as of 2022. In August 2018, American retail chain Walmart acquired a 77% controlling stake in Flipkart for US$16 billion, valuing Flipkart at around US$20 billion.
Flipkart has a dominant position in the apparel segment, bolstered by its acquisition of Myntra, and was described as being "neck and neck" with Amazon in the sale of electronics and mobile phones. As of March 2017, Flipkart held a 39.5% market share of India's e-commerce industry. The service competes primarily with Amazon's Indian subsidiary and domestic rival Snapdeal. The company initially focused on online book sales before expanding into other product categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products. Flipkart Private Limited is an Indian e-commerce company, headquartered in Bengaluru, and incorporated in Singapore as a private limited company.
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