Sachin Bansal is the former founder of Flipkart, India’s largest e-commerce company. In this article, we will delve into the story of how these two young entrepreneurs started a business that will change the way Indians do business online.
Sachin Bansal was born on August 5, 1981 in Chandigarh. He went to one of the most prestigious engineering colleges in India and graduated in Computer Engineering from Indian Institute of Technology (IIT) Delhi in 2003.
IIT graduates have a bright future, but here one case applies. Sachin got a job at Techspan and later in 2006 joined Amazon.com as a software engineer. In 2005 in Iit-Delhi, Sorrow Banchal and Binny Bansal meets them both who became the work of Amazon.
Born in Chandigarh on August 5, 1981, Sachin Bansal attended the Indian Institute of Technology Delhi and graduated with a degree in Computer Engineering in 2005.
Sachin Bansal started his career after graduating from Computer Engineering at the Indian Institute of Technology, Delhi, he joined Amazon as a Senior Software Engineer, after graduating from Computer Engineering in 2007, Bansal left Amazon to start a company with his classmate. its online market. Binny Bansal then launched their online book selling website FlipKart.
When they get a lot of orders, they decide to hire couriers or work with delivery companies to deliver what they need, to save time. Both of them decided to get their positions and Sachin Bansal was appointed as the CEO of Flipkart.
In 2016, he became its CEO. In 2018, Bansal signed an agreement with Walmart for a 77% stake in Walmart’s acquisition of Flipkart for $16 billion.
Flipkart has been a huge Indian e-commerce success. With a $16 billion acquisition by Walmart, this brand has become one of a kind. So, Flipkart is there to give tough competition to Amazon. Earlier, Sachin met Binny Bansal in 2005. Both are students from the same IITD campus. In 2007, they started a startup called Flipkart. This brand was introduced to change the e-commerce industry forever.
However, the first day was not easy for Sachin and Binny. Despite all the odds, Sachin and Binny managed to launch the products and managed to close the first year with 20 successful shipments. The year 2008 will be marked by the growth of Flipkart. That year, the company opened its first office in Bangalore. With many customers showing interest in the services Flipkart offers, Sachin decided it was time to launch 24X7 customer support to cope with the growing customer base. That year, the company saw more than 3,400 successful shipments.
Finally, in 2009, after 18 months of effort, they managed to convince a small investment company to agree to $1 million. In the following months, they managed to increase the number of users at a rapid pace thanks to the new “Cash on Delivery” payment option and their excellent customer service.
This attracted the attention of an insurance company in New York, which decided to bail out $10 million. Bolstered by new assets, Flipkart can add new product categories, lower prices, and expand its shipping capabilities. This resulted in their business doubling every few months, and investors continued to pour in hundreds of millions of dollars to further accelerate their growth.
Under Sachin, Flipkart can compete with Amazon. However, in 2014, the brand team introduced Big Billion Day, it was a masterstroke as an event that greatly increased the popularity of the company. Following the acquisition of online fashion retailer Myntra, the company raised $1.9 billion over three separate rounds of funding.
Flipkart could also become the first Indian company to register a wholesale valuation of $1.9 billion. Big Billion Day was introduced to attract customers across the country. The best part of the deal is the bonus provided by the company. People can buy products at a discount of more than 80%!
Because of this deal, Sachin got a huge share and became a billionaire. In 2017, India Times included Sachin Bansal and his co-founder Binny Bansal in the list of India’s 50 most powerful people. As The Economic Times announced that Sachin Bansal is the businessman of the year and in 2016 as Time Magazine included Bansal and his partner in the hundred most influential people in the world list.
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