Walmart which is the worlds largest retailer giant is all
set to acquire a controlling stake of the Flipkart. Founded by Sachin Bansal
and Binny Bansal in the year 2007, Flipkart was an online bookstore which later
went from strength to strength and expanded it's business all across the
country. Over the years, Flipkart's journey has been nothing short of a
roller coaster ride. The company acquired whopping acquisitions and had record
breaking investments. On the other hand, it also faced the wrath of failed
experiments and devaluations.
Flipkart launched the Cash on Delivery option in 2009 which
gave a pan Indian boost for it's consumers to buy their products. The company's
first acquisition was the online book reading and recommendation platform
weRead.com. In November 2011, it acquired Chakpak.com, an online Bollywood
entertainment portal that offers daily news and photos. In February 2012,
Flipkart acquired the popular online electronics retailer LetsBuys.com at an
estimated $25 Million deal. This was the biggest turning point and propelled
the company to great lengths. In April 2013, it shifted from the conventional
inventory led model to the brand new Market place model.
The company launched the Android application in September
2013 to cater to the users of the smart phone market. It later went on to to
acquire the famous fashion and lifestyle portal Myntra.com for $300 Million. In
January 2016, Sachin Bansal took over as the Chief Executive Officer and Binny
Bansal as the company's executive Chairman. The duo were also named as the 100
most influential people in the world by the Times Magazine in April 2016. In
the year 2017, Kalyan Krishna Murthy was appointed as the CEO of the company.
Vision Fund invested $1.5 Billion in August 2017 and became one of it's largest
shareholders which will be replaced now by Walmart.
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