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| name = Flipkart Private Limited | | name = Flipkart Private Limited | ||
| logo = Flipkart logo.svg | | logo = Flipkart logo.svg | ||
| logo_size = | | logo_size = 200px | ||
| image = Flipkart-main-office.jpg | | image = Flipkart-main-office.jpg | ||
| image_size = | | image_size = 250px | ||
| image_caption = [[Headquarters]] in [[ | | image_caption = [[Headquarters]] in [[Bangalore]], India | ||
| type = [[ | | type = [[Subsidiary]] | ||
| industry = [[E-commerce]] | | industry = [[E-commerce]] | ||
| founded = {{start date and years ago|df=y|2007|p=y}} | | founded = {{start date and years ago|df=y|2007|p=y}} | ||
| location = [[ | | location = {{ubl|[[Bangalore]], [[Karnataka]], India (operational HQ)|[[Singapore]] (legal domicile)}} | ||
[[Singapore]] (legal domicile) | | founder = {{ubl|[[Sachin Bansal]]|[[Binny Bansal]]}} | ||
| founder = [[Sachin Bansal]] | | owner = {{ubl|[[Walmart]] (72%)|[[Tencent]] (5.3%)|[[Tiger Global Management|Tiger Global]] (4.1%)|[[Binny Bansal]] (2.4%)|[[CPP Investment Board|CPPIB]] (2.2%)|[[SoftBank Group]] (1.4%)|[[Qatar Investment Authority|QIA]] (1.3%)|[[Microsoft]] (1.2%)|[[Accel (venture capital firm)|Accel]] (1.1%)|Others (9%)<ref>{{cite news |last1=Mishra |first1=Digbijay |title=Binny Bansal sold part stake in Flipkart in July funding round |url=https://economictimes.indiatimes.com/tech/startups/binny-bansal-sold-part-stake-in-flipkart-in-july-funding-round/articleshow/88040182.cms |access-date=21 June 2022 |work=The Economic Times}}</ref>}} | ||
| owner = {{ubl|[[Walmart]] (72%)|[[Tencent]] (5.3%)|[[Tiger Global Management|Tiger Global]] (4.1%)|[[Binny Bansal]] (2.4%)|[[CPP Investment Board|CPPIB]] (2.2%)|[[SoftBank Group]] (1.4%)|[[Qatar Investment Authority|QIA]] (1.3%)|[[Microsoft]] (1.2%)|[[Accel (venture capital firm)|Accel]] (1.1%)|Others (9%) | |||
| services = [[Online shopping]] | | services = [[Online shopping]] | ||
| key_people = Kalyan Krishnamurthi ([[CEO]])<ref>{{cite web|url=https://economictimes.indiatimes.com/small-biz/startups/former-tiger-global-executive-kalyan-krishnamurthy-to-be-flipkarts-new-ceo/articleshow/56424429.cms|title=Kalyan Krishnamurthy to be Flipkart's new CEO; Sachin Bansal to remain group chairman|work=[[The Economic Times]] |date=10 January 2017}}</ref> | | key_people = Kalyan Krishnamurthi ([[CEO]])<ref>{{cite web|url=https://economictimes.indiatimes.com/small-biz/startups/former-tiger-global-executive-kalyan-krishnamurthy-to-be-flipkarts-new-ceo/articleshow/56424429.cms|title=Kalyan Krishnamurthy to be Flipkart's new CEO; Sachin Bansal to remain group chairman|work=[[The Economic Times]] |date=10 January 2017}}</ref> | ||
| revenue = {{increase}} {{INRConvert|61836|c}} ( | | revenue = {{ubl|{{increase}} {{INRConvert|61836|c}} |(FY2022){{Citation needed|reason=the previously given citation was irrelevant and dated to 2019. So, well, a citation is needed.|date=July 2023}} | ||
| num_employees = 30,000 (2016)<ref>{{cite web|url=http://www.thehindubusinessline.com/companies/flipkart-to-sack-800-more-amidst-gloomy-biz-outlook/article9091342.ece|title=Flipkart to sack 800 more amidst gloomy biz outlook|work=The Hindu |date=9 September 2016}}</ref> | | num_employees = 30,000 (2016)<ref>{{cite web|url=http://www.thehindubusinessline.com/companies/flipkart-to-sack-800-more-amidst-gloomy-biz-outlook/article9091342.ece|title=Flipkart to sack 800 more amidst gloomy biz outlook|work=The Hindu |date=9 September 2016}}</ref> | ||
| area_served = India | | area_served = India | ||
| Line 26: | Line 25: | ||
* [[Cleartrip]] | * [[Cleartrip]] | ||
* [[Ekart]] | * [[Ekart]] | ||
* [[Flipkart Health+]] | * [[Flipkart Health+]] | ||
* Flipkart Wholesale | * Flipkart Wholesale | ||
| Line 34: | Line 32: | ||
* Yaantra | * Yaantra | ||
}} | }} | ||
| website = {{URL|http://www. | | website = {{URL|https://www.flipkart.com/}} | ||
}} | |||
| num_employees = 30,000 (2016)<ref>{{cite web|url=http://www.thehindubusinessline.com/companies/flipkart-to-sack-800-more-amidst-gloomy-biz-outlook/article9091342.ece|title=Flipkart to sack 800 more amidst gloomy biz outlook|work=The Hindu |date=9 September 2016}}</ref> | |||
| area_served = India | |||
}} | }} | ||
'''Flipkart Private Limited''' is an Indian [[e-commerce]] company, headquartered in [[ | '''Flipkart Private Limited''' is an Indian [[e-commerce]] company, headquartered in [[Bangalore]], and incorporated in [[Singapore]] as a [[private company limited by shares|private limited company]]. 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. | ||
The service competes primarily with [[Amazon.com|Amazon]] | The service competes primarily with [[Amazon.com|Amazon]] India and domestic rival [[Snapdeal]].<ref>{{Cite news |last=Halzack |first=Sarah |date=9 May 2018 |title=Walmart Is Right on Flipkart Despite Investor Qualms |language=en |work=Bloomberg |url=https://www.bloomberg.com/view/articles/2018-05-09/walmart-s-flipkart-deal-is-right-move-despite-investor-qualms |url-access=subscription |access-date=11 May 2018}}</ref><ref>{{Cite news|url=https://qz.com/704813/snapdeal-may-die-a-slow-and-painful-death-unless-it-gets-its-act-together/|title=Snapdeal may die a slow and painful death|last=Punit|first=Itika Sharma|work=Quartz|access-date=11 May 2018|language=en-US}}</ref> As of March 2017, Flipkart held a 39.5% market share in the Indian e-commerce industry.<ref>{{cite web |last=Sharma |first=Nishant |date=23 March 2018 |title=This Is Why Amazon Hasn't Beaten Flipkart In India Yet |url=https://www.bloombergquint.com/business/2018/03/23/this-is-why-amazon-hasnt-beaten-flipkart-in-india-yet#gs.KaQHHLs |access-date=23 March 2018 |work=Bloomberg Quint}}</ref> 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 phone]]s.<ref>{{Cite news|url=https://qz.com/1273463/heres-what-walmart-will-get-from-the-flipkart-deal/|title=Why Walmart bought Flipkart, according to Walmart|last=Tandon|first=Suneera|work=Quartz|access-date=13 May 2018|language=en-US}}</ref> | ||
== History == | |||
== | '''Start-up Phase''' | ||
Flipkart was founded in October 2007 in Mumbai by [[Sachin Bansal]] and [[Binny Bansal]], alumni of the [[Indian Institute of Technology Delhi|IIT, Delhi]] and former [[Amazon (company)|Amazon]] employees.<ref>{{cite news |last=Joseph Tejaswi |first=Mini |date=2 May 2013 |title=Flipkart goes for fashion branding |work=[[The Times of India]] |url=http://timesofindia.indiatimes.com/business/india-business/Flipkart-goes-for-fashion-branding/articleshow/19832631.cms |access-date=5 October 2013}}</ref><ref>{{Cite news |last1=Kurian |first1=Boby |last2=Sharma |first2=Samidha |date=4 May 2018 |title=Flipkart co-founder likely to quit after Walmart takeover |work=The Times of India |url=https://timesofindia.indiatimes.com/people/flipkart-co-founder-likely-to-quit-after-walmart-takeover/articleshow/64022101.cms}}</ref><ref>{{cite news|title=Now order your next mobile on Flipkart|url=http://www.livemint.com/2010/08/04170204/Now-order-your-next-mobile-on.html|access-date=19 August 2010|newspaper=[[Livemint]]|author=Geetika Rustagi|date=4 August 2010}}</ref> The company initially focused on online book sales with country-wide shipping. Flipkart slowly grew in prominence and was receiving 100 orders per day by 2008.<ref>{{Cite news |last1=J. |first1=Anand |last2=Pillai |first2=Shalina |date=30 May 2017 |title=Flipkart's first customer almost didn't get his book |work=The Times of India |url=https://timesofindia.indiatimes.com/companies/flipkarts-first-customer-almost-didnt-get-his-book/articleshow/59824976.cms |access-date=11 May 2018}}</ref> | |||
'''Growth, Mergers and Acquisitions''' | |||
In 2010, Flipkart acquired the Bangalore-based social book discovery service WeRead from [[Lulu.com]].<ref>{{Cite news|url=https://www.vccircle.com/flipkart-buys-social-book-discovery-tool-weread/|title=Flipkart Buys Social Book Discovery Tool WeRead|date=22 December 2010|work=VCCircle|access-date=10 May 2018|language=en-US}}</ref> | |||
In 2011, Flipkart acquired the [[digital distribution]] business Mime360.com<ref name="mime360">{{cite web |author=Nikhil Pahwa |date=11 October 2011 |title=Flipkart Acquires Mime360; To Launch Digital Distribution of Music, E-books, Games |url=http://www.medianama.com/2011/10/223-flipkart-mime360-digital-music-ebooks-games/ |access-date=14 October 2011 |work=MediaNama}}</ref> and the digital content library of the [[Bollywood]] portal Chakpak.<ref name="chakpak">{{cite web |last=Saxena |first=Anupam |date=25 November 2011 |title=Updated: Flipkart Acquires Bollywood Site Chakpak's Digital Catalogue; Inline With Digital Downloads? |url=https://www.medianama.com/2011/11/223-flipkart-acquires-bollywood-site-chakpak-inline-with-digital-downloads/ |access-date=11 February 2018 |work=MediaNama}}</ref> Following the acquisition, Flipkart launched their [[DRM-Free|DRM-free]] [[online music store]] Flyte in 2012. Due to competition from free streaming sites, Flyte was unsuccessful and shut down in June 2013.<ref name="digit">{{cite web|url=http://www.thinkdigit.com/Internet/Flipkart-to-launch-Flyte-Digital-Store-in_8839.html|title=Flipkart to launch 'Flyte Digital Store' in March|last=Lal|first=Abhinav|date=24 February 2012|work=[[Digit (magazine)|Digit]]|publisher=9.9 Media|location=India|access-date=27 February 2012}}</ref><ref>{{cite web|title=Exclusive: Flipkart to Shutdown Flyte MP3 Store; To Exit Digital Music Business|url=http://www.nextbigwhat.com/flyte-mp3-shutdown-297/|publisher=NextBigWhat|access-date=29 May 2013}}</ref><ref>{{cite web|title=Flyte MP3 Store Shutting Down|url=http://www.thinkdigit.com/forum/technology-news/174319-flyte-mp3-store-shutting-down.html|publisher=ThinkDigit|access-date=29 May 2013}}</ref><ref>{{cite web |last=Pahwa |first=Nikhil |date=29 May 2013 |title=Why Flipkart Shut Down Flyte Music |url=https://www.medianama.com/2013/05/223-why-flipkart-shut-flyte-music/ |access-date=29 May 2013 |publisher=MediaNama}}</ref> | In 2011, Flipkart acquired the [[digital distribution]] business Mime360.com<ref name="mime360">{{cite web |author=Nikhil Pahwa |date=11 October 2011 |title=Flipkart Acquires Mime360; To Launch Digital Distribution of Music, E-books, Games |url=http://www.medianama.com/2011/10/223-flipkart-mime360-digital-music-ebooks-games/ |access-date=14 October 2011 |work=MediaNama}}</ref> and the digital content library of the [[Bollywood]] portal Chakpak.<ref name="chakpak">{{cite web |last=Saxena |first=Anupam |date=25 November 2011 |title=Updated: Flipkart Acquires Bollywood Site Chakpak's Digital Catalogue; Inline With Digital Downloads? |url=https://www.medianama.com/2011/11/223-flipkart-acquires-bollywood-site-chakpak-inline-with-digital-downloads/ |access-date=11 February 2018 |work=MediaNama}}</ref> Following the acquisition, Flipkart launched their [[DRM-Free|DRM-free]] [[online music store]] Flyte in 2012. Due to competition from free streaming sites, Flyte was unsuccessful and shut down in June 2013.<ref name="digit">{{cite web|url=http://www.thinkdigit.com/Internet/Flipkart-to-launch-Flyte-Digital-Store-in_8839.html|title=Flipkart to launch 'Flyte Digital Store' in March|last=Lal|first=Abhinav|date=24 February 2012|work=[[Digit (magazine)|Digit]]|publisher=9.9 Media|location=India|access-date=27 February 2012}}</ref><ref>{{cite web|title=Exclusive: Flipkart to Shutdown Flyte MP3 Store; To Exit Digital Music Business|url=http://www.nextbigwhat.com/flyte-mp3-shutdown-297/|publisher=NextBigWhat|access-date=29 May 2013}}</ref><ref>{{cite web|title=Flyte MP3 Store Shutting Down|url=http://www.thinkdigit.com/forum/technology-news/174319-flyte-mp3-store-shutting-down.html|publisher=ThinkDigit|access-date=29 May 2013}}</ref><ref>{{cite web |last=Pahwa |first=Nikhil |date=29 May 2013 |title=Why Flipkart Shut Down Flyte Music |url=https://www.medianama.com/2013/05/223-why-flipkart-shut-flyte-music/ |access-date=29 May 2013 |publisher=MediaNama}}</ref> | ||
With its eyes on India's retail market, Flipkart acquired Letsbuy, an online electronics retailer,<ref name="letsbuy-acquired">{{cite web|url=http://www.business-standard.com/india/news/flipkart-buys-letsbuy-incash-equity-deal/464289//|title=Flipkart Buys Letsbuy in Cash-Equity Deal|date=11 May 2012|work=Business Standard|access-date=9 February 2012}}</ref> in 2012, and [[Myntra]], an online fashion retailer, for US$280 million in May 2014.<ref>{{cite web|url=http://indianexpress.com/article/business/companies/flipkart-myntra-announce-merger/|title=Big deal: Flipkart acquires online fashion retailer Myntra|work=The Indian Express|access-date=22 May 2014}}</ref> Myntra continues to operate alongside Flipkart as a standalone subsidiary focusing on separate market segments.<ref>{{Cite news|url=https://www.livemint.com/Companies/crgAFNgipSWuf9reSeNDLJ/Flipkart-fashion-business-catches-up-with-Myntra.html|title=Flipkart fashion business catches up with Myntra|last=Sen|first=Anirban|date=9 January 2018|work=Livemint|access-date=13 May 2018}}</ref> | With its eyes on India's retail market, Flipkart acquired Letsbuy, an online electronics retailer,<ref name="letsbuy-acquired">{{cite web|url=http://www.business-standard.com/india/news/flipkart-buys-letsbuy-incash-equity-deal/464289//|title=Flipkart Buys Letsbuy in Cash-Equity Deal|date=11 May 2012|work=Business Standard|access-date=9 February 2012}}</ref> in 2012, and [[Myntra]], an online fashion retailer, for US$280 million in May 2014.<ref>{{cite web|url=http://indianexpress.com/article/business/companies/flipkart-myntra-announce-merger/|title=Big deal: Flipkart acquires online fashion retailer Myntra|work=The Indian Express|date=22 May 2014 |access-date=22 May 2014}}</ref> Myntra continues to operate alongside Flipkart as a standalone subsidiary focusing on separate market segments.<ref>{{Cite news|url=https://www.livemint.com/Companies/crgAFNgipSWuf9reSeNDLJ/Flipkart-fashion-business-catches-up-with-Myntra.html|title=Flipkart fashion business catches up with Myntra|last=Sen|first=Anirban|date=9 January 2018|work=Livemint|access-date=13 May 2018}}</ref> | ||
In April 2015, Flipkart acquired Appiterate, a [[Delhi]]-based [[mobile marketing]] automation firm. Flipkart stated that it would use Appiterate's technology to enhance its mobile services.<ref>{{Cite news |date=30 April 2015 |title=Flipkart acquires mobile marketing firm Appiterate |work=The Economic Times |url=https://economictimes.indiatimes.com/small-biz/startups/flipkart-acquires-mobile-marketing-firm-appiterate/articleshow/47098282.cms |access-date=10 May 2018}}</ref> In December 2015, Flipkart purchased a minority stake in the digital mapping provider [[MapmyIndia]]<ref>{{Cite news |last=Dalal |first=Mihir |date=3 December 2015 |title=Flipkart buys stake in MapmyIndia to improve delivery operations |work=Mint |url=http://www.livemint.com/Companies/Sr9sLGBAhSVExLiSrNQvVO/Flipkart-buys-stake-in-MapmyIndia-to-improve-delivery-operat.html |access-date=10 May 2018}}</ref> and the [[Unified Payments Interface|UPI]] [[mobile payments]] startup [[PhonePe]].<ref>{{Cite news |date=26 July 2016 |title=Flipkart-owned Myntra acquires fashion and lifestyle site Jabong |language=en |work=[[Hindustan Times]] |url=http://www.hindustantimes.com/business-news/myntra-acquires-fashion-and-lifestyle-site-jabong/story-zI8iRHc8Xu40S5PHfLxr7N.html |access-date=10 May 2018}}</ref><ref name="mintphonepe">{{cite web |last=Chathurvedula |first=Sadhana |date=4 April 2016 |title=Flipkart acquires UPI-based payments start-up PhonePe |url=http://www.livemint.com/Companies/DbMTb2tDKuZoTfEa203XBL/Flipkart-acquires-UPIbased-payments-startup-PhonePe.html |work=Livemint}}</ref> In 2022, when PhonePe moved its entire base to India, Flipkart separated the ownership of PhonePe and shareholders in India and Singapore and the respective shareholders purchased shares of PhonePe's India entity directly. It was announced that a cash payout of approximately $700 Mn was to the former and current employees who were holding PhonePe's shares.<ref>{{Cite news |title=PhonePe separation official; online payments firm to be India-domiciled now |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/flipkart-completes-separation-from-phonepe/articleshow/96443770.cms |access-date=2023-01-05}}</ref><ref>{{Cite web |title=Flipkart rewards 25,000 past and present employees with a $700 million windfall |url=https://www.moneycontrol.com/news/business/startup/25000-past-and-present-flipkart-group-employees-likely-to-benefit-from-700-mn-cash-payout-9769611.html |access-date=2023-01-05 |website=Moneycontrol |language=en}}</ref> | |||
In 2016, Flipkart acquired the online fashion retailer [[Jabong.com]] from [[Rocket Internet]] for US$70 million and | |||
In January 2017, Flipkart made a US$2 million investment in [[TinyStep]], a parenting information startup.<ref>{{Cite web |last=Russell |first=Jon |date=18 January 2017 |title=Flipkart backs parenting network TinyStep with $2 million investment |url=https://techcrunch.com/2017/01/17/flipkart-baby-steps-tinystep-2-million/ |access-date=10 May 2018 |website=TechCrunch |language=en-US}}</ref> | |||
In | In April 2017, [[eBay]] announced that it would sell its Indian [[subsidiary]], eBay.in, to Flipkart and invest US$500 million in the company. While eBay suggested that the partnership would allow Flipkart to access eBay's network of international vendors, these plans never came to fruition.<ref name=":0" /><ref>{{Cite news |last=Del Rey |first=Jason |date=10 April 2017 |title=Why eBay's CEO sold eBay India and poured $500 million into the country's top Amazon rival |work=Recode |url=https://www.recode.net/2017/4/10/15246330/ebay-india-flipkart-investment-partnership-ceo-wenig-interview |access-date=10 May 2018}}</ref> In July 2017, Flipkart made an offer to acquire its main domestic competitor, [[Snapdeal]], for US$700 to 800 million. It was rejected by Snapdeal, which was seeking at least US$1 billion.<ref name="ETflipkartebay">{{cite web |last=SN |first=Vikas |date=10 April 2017 |title=Flipkart raises $1.4Bn from Tencent, eBay & Microsoft at $11.6Bn valuation, acquires eBay India |url=http://tech.economictimes.indiatimes.com/news/internet/flipkart-raises-1-4bn-from-tencent-ebay-microsoft-at-11-6bn-valuation-acquires-ebay-india/58107866 |access-date=20 April 2017 |website=The Economic Times}}</ref> | ||
In August 2018, American retail chain [[Walmart]] acquired a 77% controlling stake in Flipkart for [[United States dollar|US]]$16 billion, valuing Flipkart at around US$20 billion.<ref>{{Cite web |date=18 August 2018 |title=Walmart and Flipkart Announce Completion of Walmart Investment in Flipkart, India's Leading Marketplace eCommerce Platform |url=https://news.walmart.com/2018/08/18/walmart-and-flipkart-announce-completion-of-walmart-investment-in-flipkart-indias-leading-marketplace-ecommerce-platform |access-date=14 June 2019 |website=Walmart |language=en-US}}</ref> Flipkart is valued at $37.6 billion as of 2022.<ref>{{cite web |title=Flipkart may now seek $70 billion valuation for its US listing |url=https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms}}</ref> It is planning to go public through a listing in the United States of America in 2023.<ref>{{cite web |last=Bhalla |first=Kritti |date=2022-04-07 |title=Flipkart may now seek $70 billion valuation for its US listing |url=https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms |access-date=2022-12-24 |newspaper=Business Insider India}}</ref> | |||
Flipkart invested US$4 million in the customer engagement and rewards platform EasyRewardz on 19 November 2019.<ref>{{Cite news |title=Flipkart invests in EasyRewardz |url=https://timesofindia.indiatimes.com/business/india-business/flipkart-invests-in-easyrewardz/articleshow/72125708.cms |access-date=20 November 2019 |website=The Times of India|date=19 November 2019 }}</ref><ref>{{Cite web |last= |date=19 November 2019 |title=Flipkart invests in customer rewards platform EasyRewardz |url=https://tech.economictimes.indiatimes.com/news/internet/flipkart-invests-in-customer-rewards-platform-easyrewardz/72126353 |access-date=20 November 2019 |website=ETtech |language=en}}</ref> | |||
In 2020, Flipkart Wholesale launched a digital platform for [[Convenience store|''kiranas'']] and [[MSME]]s.<ref>{{Cite web |last=Jagannath |first=J |date=2 September 2020 |title=Flipkart Wholesale launches digital platform for kiranas, MSMEs |url=https://www.livemint.com/companies/news/flipkart-wholesale-launches-digital-platform-for-kirana-stores-msmes-11599035899128.html |access-date=7 January 2021 |website=Livemint |language=en}}</ref> In July 2020, Flipkart acquired a 27% stake in [[Arvind (company)|Arvind Fashions Limited]]'s newly formed subsidiary Arvind Youth Brands for US$35 million. Arvind Youth Brands owns the Flying Machine brand.<ref>{{Cite news |last1=Balram |first1=Smita |last2=Shrivastava |first2=Aditi |title=Flipkart to invest Rs 260 crore in Arvind Fashions' arm |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/flipkart-to-invest-rs-260-crore-in-arvind-fashions-arm/articleshow/76871712.cms |access-date=19 July 2020}}</ref> Flipkart also announced it will roll out Flipkart Quick, a hyperlocal 90-minute delivery service for product categories such as groceries, home accessories, mobile phones, stationery, and more.<ref>{{Cite web |last=Srivastava |first=Moulishree |date=2020-07-29 |title=Flipkart rolls out hyperlocal-delivery service to compete with Dunzo and Swiggy |url=https://kr-asia.com/flipkart-rolls-out-hyperlocal-delivery-service-to-compete-with-dunzo-and-swiggy |access-date=2022-08-16 |website=KrASIA |language=en}}</ref> | |||
In October 2020, Flipkart acquired a 7.8% stake in [[Aditya Birla Fashion and Retail]] for US$204 million.<ref>{{Cite web |last1=Buch |first1=Himadri |last2=Farooqui |first2=Maryam |date=23 October 2020 |title=How will Flipkart and Aditya Birla Fashion Retail deal benefit both entities? |url=https://www.moneycontrol.com/news/business/how-will-flipkart-and-aditya-birla-fashion-retail-deal-benefit-both-entities-6006581.html |access-date=24 October 2020 |website=Moneycontrol}}</ref><ref>{{Cite web |last=Singh |first=Manish |date=23 October 2020 |title=India's Flipkart buys $204 million stake in Aditya Birla Fashion and Retail |url=https://social.techcrunch.com/2020/10/22/flipkart-buys-over-200-million-stake-in-aditya-birla-fashion-and-retail/ |access-date=24 October 2020 |website=TechCrunch |language=en-US}}</ref> The following month, Flipkart acquired the intellectual property of gaming startup Mech Mocha for an undisclosed amount.<ref>{{Cite news |title=Flipkart acquires gaming startup Mech Mocha |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/flipkart-acquires-gaming-startup-mech-mocha/articleshow/79016495.cms?from=mdr |access-date=2022-08-16}}</ref> The acquisition formed part of Flipkart's plans to gain and retain users by offering casual games.<ref>{{Cite web |last=Tiwary |first=Avanish |date=2020-11-04 |title=Flipkart acquires gaming startup Mech Mocha to expand customer base |url=https://kr-asia.com/flipkart-acquires-gaming-startup-mech-mocha-to-expand-customer-base |access-date=2022-08-16 |website=KrASIA |language=en}}</ref> In November 2020, Flipkart acquired augmented reality company Scapic, which provides a suite of tools to create and publish augmented reality, virtual reality, and 3D content quickly and without coding.<ref>{{Cite web |last=Srivastava |first=Moulishree |date=2020-11-17 |title=Flipkart's acquisition of augmented reality startup Scapic aimed at enhancing customer experience |url=https://kr-asia.com/flipkarts-acquisition-of-augmented-reality-startup-scapic-aimed-at-enhancing-customer-experience |access-date=2022-08-16 |website=KrASIA |language=en}}</ref> | |||
Gujarati language was also added to their platform in 2021 which resulted in Flipkart being available in 8 local Indian languages that were Gujarati, Bengali, Odia, Hindi, Telugu, Kannada, Marathi and Tamil.<ref>{{Cite web |date=2021-04-09 |title=Flipkart adds Gujarati; app now available in eight Indian languages |url=https://www.businesstoday.in/technology/news/story/flipkart-adds-gujarati-app-now-available-in-eight-indian-languages-293072-2021-04-09 |access-date=2022-09-11 |website=Business Today |language=en}}</ref> | |||
In | In April 2021, Flipkart announced the acquisition of travel booking portal [[Cleartrip]].<ref>{{cite news |title=Flipkart acquires Cleartrip as part of its diversification drive |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/flipkart-acquires-cleartrip-as-part-of-its-diversification-drive/articleshow/82082840.cms |access-date=21 June 2022}}</ref>Flipkart also entered the hotel industry for Indian and global market. The Flipkart Hotels uses Cleartrip API.<ref>{{Cite web |last=Abrar |first=Peerzada |date=2022-09-07 |title=Flipkart launches Flipkart Hotels for domestic, international market |url=https://www.business-standard.com/article/companies/flipkart-launches-flipkart-hotels-for-domestic-international-market-122090701148_1.html |access-date=2023-02-08 |website=www.business-standard.com |language=en}}</ref> Flipkart acquired the Cleartrip's business in middle east by signing an agreement with [[Wego.com|Wego]] - an online market place for travel that operates in middle east and North Africa. This included sale of website Flyin.com.<ref>{{Cite web |last=Bureau |first=BL Mumbai |date=2022-02-21 |title=Wego to Acquire Cleartrip's Middle East Business from Flipkart |url=https://www.thehindubusinessline.com/companies/wego-to-acquire-cleartrips-middle-east-business-from-flipkart/article65070333.ece |access-date=2023-03-22 |website=www.thehindubusinessline.com |language=en}}</ref> | ||
In | In April 2022, Flipkart launched its first grocery fulfilment centre in [[Northeast India]], based in [[Guwahati]]. The centre was reportedly women-run to support the career progression of Flipkart's female employees.<ref>{{Cite web |last=Abrar |first=Peerzada |date=2022-04-08 |title=Flipkart launches its first grocery fulfilment centre in Northeast |url=https://www.business-standard.com/article/companies/flipkart-launches-its-first-grocery-fulfilment-centre-in-northeast-122040800904_1.html |access-date=2022-08-27 |website=Business Standard |language=en}}</ref> The same month, the company established the Flipkart Foundation to support entrepreneurship and skill development within underserved communities in India.<ref>{{Cite news |date=5 April 2022 |title=Flipkart Foundation to support entrepreneurship, skill development |work=The Economic Times |url=https://economictimes.indiatimes.com/small-biz/entrepreneurship/flipkart-foundation-to-support-entrepreneurship-skill-development/articleshow/90657438.cms |access-date=2022-08-27}}</ref> | ||
In | In 2022, Flipkart entered the [[Non-fungible token|Non-Fungible Tokens (NFTs)]] and [[Web3]] segment by letting the Indian purchasers of [[Nothing Phone 1|Nothing Phone (1)]] to get Nothing's NFT through the app called Nothing Community Dots. These NFTs use [[Polygon (blockchain)|Polygon blockchain]] to host it.<ref>{{Cite web |last=Ahaskar |first=Abhijit |date=2022-07-14 |title=Flipkart ventures into NFTs with Nothing's airdrop |url=https://www.livemint.com/companies/news/flipkart-ventures-into-nfts-with-nothing-s-airdrop-11657789692549.html |access-date=2022-10-01 |website=mint |language=en}}</ref> The NFT drop happened at FireDrops - which was done on Flipkart's NFT marketplace, supported by GuardianLink.<ref>{{Cite web |date=2022-07-15 |title=Flipkart To Support NFT Airdrop By Nothing Phone (1) To Select Buyers, Memechat Forays Into Metaverse |url=https://www.outlookindia.com/business/flipkart-to-support-nft-airdrop-by-nothing-phone-1-to-select-buyers-memechat-forays-into-metaverse-news-209314 |access-date=2022-10-19 |website=Outlook India |language=en}}</ref> In October 2022, Flipkart also created a shopping platform that was metaverse-based, called Flipverse. The platform allows people to explore products and shop in a more interactive way.<ref>{{Cite web |last=Livemint |date=2022-10-17 |title=Flipkart launches metaverse shopping platform: How to shop in Flipverse |url=https://www.livemint.com/technology/tech-news/flipkart-launches-metaverse-shopping-platform-how-to-shop-in-flipverse-11666023101743.html |access-date=2022-10-24 |website=mint |language=en}}</ref> The Flipverse has been created through a partnership with a Polygon-incubated firm called eDAO, and Flipverse hopes to provide a similar experience to actual mall like shopping where people would be able to create their own Avatars.<ref>{{Cite web |title=Flipkart to allow users to shop on metaverse with Flipverse |url=https://www.financialexpress.com/brandwagon/flipkart-to-allow-users-to-shop-on-metaverse-with-flipverse/2717726/ |access-date=2022-10-24 |website=Financialexpress |language=en}}</ref> | ||
The ecommerce also started a virtual storefront that is dedicated to academic needs of students named ‘Flipkart Student’s Club’.<ref>{{Cite web |last=Abrar |first=Peerzada |date=2022-05-30 |title=Flipkart starts initiative for academic, extracurricular needs of students |url=https://www.business-standard.com/article/companies/flipkart-student-club-company-s-initiative-for-academic-extracurricular-needs-of-students-122053000659_1.html |access-date=2023-03-23 |website=www.business-standard.com |language=en}}</ref>The ‘Flipkart Green’ venture was created in 2023 for customers who want to have a sustainable lifestyle by providing certified sustainable products.<ref>{{Cite web |date=2023-01-05 |title=‘Flipkart Green’ e-store for sustainable products launched |url=https://www.thehindubusinessline.com/companies/flipkart-green-e-store-for-sustainable-products-launched/article66341403.ece |access-date=2023-06-24 |website=www.thehindubusinessline.com |language=en}}</ref> | |||
'''Partnerships''' | |||
In February 2014, Flipkart partnered with [[Motorola Mobility]] to be the exclusive Indian retailer of its [[Moto G (1st generation)|Moto G]] smartphone.<ref>{{Cite news|url=http://indianexpress.com/article/technology/mobile-tabs/launch-flipkart-brings-motorolas-moto-g-to-india-prices-it-at-rs-12499/|title=Launch: Flipkart brings Motorola's 'Moto G' to India, prices it at Rs 12,499|date=5 February 2014|work=The Indian Express|access-date=11 May 2018|language=en-US}}</ref> Motorola also partnered with Flipkart on the [[Moto E (1st generation)|Moto E]], a phone targeted primarily towards emerging markets such as India. High demand for the phone following its midnight launch on 14 May caused the Flipkart website to crash.<ref name="flipcrash">{{cite news|title=Flipkart server crashes as Motorola Moto E goes on sale |url=http://businesstoday.intoday.in/story/flipkart-server-crashes-as-motorola-moto-e-goes-on-sale/1/206157.html |first=Nidhi |last=Singhal |date=14 May 2014|agency=Business Today|access-date=10 June 2014}}</ref> Flipkart subsequently held exclusive Indian launches for other smartphones, including the [[Xiaomi Mi3|Xiaomi Mi 3]] in July 2014 (whose initial release of 10,000 devices sold out in around 5 seconds),<ref>{{Cite news|url=https://economictimes.indiatimes.com/tech/hardware/xiaomis-mi3-sold-out-in-5-seconds-says-flipkart/articleshow/39250575.cms|title=Xiaomi's Mi3 sold out in 5 seconds, says Flipkart|last=Aulakh|first=Gulveen|date=30 July 2014|work=The Economic Times|access-date=11 May 2018}}</ref> and the [[Redmi 1S]] and [[Redmi Note]] in late 2014.<ref>{{cite web|title=40,000 Redmi 1S Smartphones Gone in 3.4 Seconds: Xiaomi|date=16 September 2014 |url=http://www.gadgets360.com/mobiles/news/40000-redmi-1s-smartphones-gone-in-34-seconds-xiaomi-592701|publisher=Gadgets360.com|access-date=18 February 2015}}</ref><ref>{{cite web|title=60,000 Redmi 1S Smartphones Go Out of Stock in 5.2 Seconds: Xiaomi|date=23 September 2014 |url=http://www.gadgets360.com/mobiles/news/60000-redmi-1s-smartphones-go-out-of-stock-in-52-seconds-xiaomi-596605|publisher=Gadgets360.com|access-date=18 February 2015}}</ref><ref>{{cite web|title=60,000 Redmi 1S Phones Go Out of Stock in 13.9 Seconds, Says Xiaomi|date=30 September 2014 |url=http://www.gadgets360.com/mobiles/news/60000-redmi-1s-phones-go-out-of-stock-in-139-seconds-says-xiaomi-600044|publisher=Gadgets360.com|access-date=18 February 2015}}</ref><ref>{{cite web|title=50,000 Redmi Note handsets sold out in 6 seconds|url=http://www.deccanchronicle.com/141202/technology-mobiles-and-tabs/article/get-ready-xiaomi-redmi-note-go-sale-today|work=Deccan Chronicle|access-date=18 February 2015}}</ref> | |||
On 6 October 2014, coinciding with the company's anniversary and the [[Diwali]] season,<ref>{{Cite web |last=Sharma |first=Nandini |date=6 October 2014 |title=Why Flipkart chose today for its Big Billion Day sale |url=https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/why-flipkart-chose-today-for-its-big-billion-day-sale/44485986 |access-date=29 June 2018 |website=The Economic Times |language=en}}</ref> Flipkart held a major sale that it promoted as "Big Billion Day". The event generated a surge of traffic, selling US$100 million worth of goods in 10 hours. The event received criticism via [[social media]] over technical issues experienced during the event and stock shortages.<ref>{{Cite news|url=https://www.gadgets360.com/internet/news/flipkart-big-billion-day-sale-riddled-with-problems-602498|title=Flipkart Big Billion Day Sale Riddled With Problems|work=NDTV Gadgets360.com|access-date=10 May 2018|language=en}}</ref><ref>{{Cite news |last=Sarkar |first=Debashis |date=6 October 2014 |title='Big Billion Day' sale gets Flipkart millions of unhappy customers |language=en-US |work=The Indian Express |url=http://indianexpress.com/article/technology/technology-others/bigbillionday-gets-flipkart-millions-of-unhappy-customers/ |access-date=10 May 2018}}</ref><ref>{{Cite news |last1=Julka |first1=Harsimran |last2=Shrivastava |first2=Aditi |date=7 October 2014 |title=Flipkart sells goods worth $100 million in 10 hours, backlash on social media |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/services/retail/flipkart-sells-goods-worth-100-million-in-10-hours-backlash-on-social-media/articleshow/44532261.cms |access-date=2022-08-16}}</ref><ref>{{Cite web |last=Saxena |first=Anupam |date=6 October 2014 |title=Flipkart hosts biggest-ever sale, website 'crashes' - Times of India |url=https://timesofindia.indiatimes.com/tech-news/flipkart-hosts-biggest-ever-sale-website-crashes/articleshow/44485872.cms |access-date=2022-08-16 |website=The Times of India |language=en}}</ref> | |||
In August 2019, Flipkart partnered with [[Authentic Brands Group|Authentic Brands]] to license and distribute [[Nautica (clothing company)|Nautica]] in India.<ref>{{cite web |last1=Shrivastava |first1=Aditi |date=29 August 2019 |title=Flipkart partners with Authentic Brands to license and distribute Nautica in India |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/flipkart-partners-with-authentic-brands-to-license-and-distribute-nautica-in-india/articleshow/70885668.cms |website=The Economic Times}}</ref> It was reported the same month that Flipkart entered talks to invest around US$40 million in last-mile delivery startup Shadowfax, which would be the company's third investment in the logistics sector after backing BlackBuck and QikPod.<ref>{{Cite web |last=Pradeep |first=Priya |date=2019-08-30 |title=Flipkart to invest USD 40 million in last-mile delivery startup Shadowfax |url=https://kr-asia.com/flipkart-to-invest-usd-40-million-in-last-mile-delivery-startup-shadowfax |access-date=2022-08-16 |website=KrASIA |language=en}}</ref> The deal was completed four months later as a US$60 million financing round.<ref>{{Cite web |last=Singh |first=Manish |date=5 December 2019 |title=Flipkart leads $60M investment in logistics startup Shadowfax |url=https://social.techcrunch.com/2019/12/05/shadowfax-flipkart/ |access-date=2022-08-16 |website=TechCrunch |language=en-US}}</ref> It also launched a reward system called Super coins which allowed customers to earn points on various Flipkart brands like Myntra, Cleartrip and Phonepe.<ref>{{Cite web |last=Livemint |date=2022-06-02 |title=Flipkart's SuperCoin customers hail from T2 and T3 regions in India |url=https://www.livemint.com/technology/flipkarts-supercoin-customers-hail-from-t2-and-t3-regions-in-india-11654160371015.html |access-date=2022-09-25 |website=mint |language=en}}</ref> | |||
Flipkart also partnered with Narayanpet District - also known by its brand name Aarunya in Telangana that is known for handlooms and handicrafts to build capacity of local women artisans and have their products available for purchase online.<ref>{{Cite news |last=Bureau |first=The Hindu |date=2022-05-09 |title=Flipkart to promote Narayanpet handlooms, handicrafts |language=en-IN |work=The Hindu |url=https://www.thehindu.com/news/cities/Hyderabad/flipkart-to-promote-narayanpet-handlooms-handicrafts/article65399289.ece |access-date=2022-11-13 |issn=0971-751X}}</ref> Similarly, the organization also partnered with Government of West Bengal's Micro, Small and Medium Enterprises and Textiles (MSME&T) Department to help local artisans, handcraft makers and weavers to get training and support to sell their products on the platforms via timebound incubation.<ref>{{Cite web |title=Flipkart signs MoU with West Bengal govt to train and support local artisans |url=https://www.financialexpress.com/industry/sme/flipkart-signs-mou-with-west-bengal-govt-to-train-and-support-local-artisans/2503023/ |access-date=2022-11-18 |website=Financialexpress |language=en}}</ref> The program known as Samarth was also started in Varanasi, training the artisans and handholding till they learn how to sell online.<ref>{{Cite web |date=2022-08-07 |title=Flipkart to handhold MSMEs, weavers, from Varanasi under Samarth programme for growth via e-commerce |url=https://www.financialexpress.com/industry/sme/msme-eodb-flipkart-to-handhold-msmes-weavers-from-varanasi-under-samarth-programme-for-growth-via-e-commerce/2621014/ |access-date=2023-06-24 |website=Financialexpress |language=en}}</ref> | |||
'''Big Billion Days''' | |||
Flipkart | In October 2015, Flipkart reprised the ''Big Billion Days'' event as a multi-day event exclusive to the Flipkart app. Flipkart bolstered its supply chain and introduced more fulfillment centers to meet customer demand.<ref>{{Cite news |title=Flipkart Big Billion Days Sale to Be App-Only, Start October 13 |language=en |work=Gadgets360.com |url=https://www.gadgets360.com/apps/news/flipkart-big-billion-days-sale-to-be-app-only-start-october-13-745975 |access-date=10 May 2018}}</ref> Flipkart achieved a [[gross merchandise volume]] of US$300 million during the event, with the largest volumes coming from fashion sales and the largest value coming from mobiles.<ref>{{Cite news |last=Thimmaya |first=PP |date=19 October 2015 |title=Flipkart 'Big Billion Days' sale does $300 million GMV in business |language=en-US |work=The Financial Express |url=https://www.financialexpress.com/industry/flipkarts-big-billion-days-sale-churns-out-300-million-gmv/153290/ |access-date=10 May 2018}}</ref> | ||
In | In 2017, Flipkart sold 1.3 million phones in 20 hours on 21 September during its ''Big Billion Days'' promotion, doubling the number sold on the first day of the same event in 2016.<ref>{{Cite news|last=Punit|first=Itika Sharma|title=In 20 hours, Flipkart sold a record-breaking 1.3 million smartphones|language=en-US|work=Quartz|url=https://qz.com/1084520/in-20-hours-of-its-big-billion-days-sale-flipkart-sold-a-record-breaking-1-3-million-smartphones/|access-date=11 May 2018}}</ref> Flipkart held a 51% share of all Indian smartphone shipments in 2017, overtaking Amazon India (33%).<ref>{{Cite news |last=Mishra |first=Digbijay |date=26 February 2018 |title=Flipkart 'beats' Amazon in m-sales |work=The Times of India |url=https://timesofindia.indiatimes.com/business/flipkart-beats-amazon-in-m-sales/articleshow/63073944.cms |access-date=11 May 2018}}</ref> | ||
'''Walmart Investment''' | |||
On 4 May 2018, it was reported that [[Walmart]] had won a bidding war with Amazon to acquire a majority stake in Flipkart for US$15 billion.<ref>{{Cite news|url=https://www.wsj.com/articles/walmart-bets-15-billion-on-an-e-commerce-passage-to-india-1525690804|title=Walmart Bets $15 Billion on an E-Commerce Passage to India|last1=Purnell|first1=Newley|date=7 May 2018|work=The Wall Street Journal|access-date=7 May 2018|last2=Bellman|first2=Eric|issn=0099-9660|last3=Abrams|first3=Corinne}}</ref><ref>{{Cite news|url=https://www.cnbc.com/2018/05/04/walmart-reportedly-triumphs-over-amazon-with-approval-of-15-billion-deal-for-majority-stake-in-flipkart.html|title=Walmart reportedly triumphs over Amazon with approval of $15 billion deal for majority stake in Flipkart|last=Browne|first=Ryan|date=4 May 2018|publisher=CNBC|access-date=7 May 2018}}</ref> On 9 May 2018, Walmart officially announced its intent to acquire a 77% controlling stake in Flipkart for US$16 billion.<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/walmart-can-invest-another-3-billion-in-flipkart-at-the-same-valuation/articleshow/64134529.cms|title=Walmart can invest another $3 billion in Flipkart at the same valuation|last1=Bansal|first1=Varsha|date=12 May 2018|work=The Economic Times|access-date=15 May 2018|last2=Chanchani|first2=Madhav}}</ref> Following the purchase, Flipkart co-founder Sachin Bansal left the company. The remaining management team reported to [[Marc Lore]], [[CEO]] of Walmart eCommerce US.<ref>{{Cite news |last=Sharma |first=Samidha |date=8 May 2018 |title=Sachin Bansal to sell entire 5.5% to Walmart as he exits Flipkart |work=The Times of India |url=https://timesofindia.indiatimes.com/people/sachin-bansal-to-sell-entire-5-5-to-walmart-as-he-exits-flipkart/articleshow/64073757.cms |access-date=9 July 2018}}</ref> Walmart president [[Doug McMillon]] cited plans to help Flipkart with its sourcing and supply chain, while tapping on its expertise to expand Walmart globally.<ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/walmart-acquires-flipkart-for-16-bn-worlds-largest-ecommerce-deal/articleshow/64095145.cms|title=Walmart acquires Flipkart for $16 bn, world's largest ecommerce deal|date=9 May 2018|work=The Economic Times|access-date=9 May 2018}}</ref> Indian traders protested against the deal, considering it a threat to domestic business.<ref>{{Cite news |date=9 May 2018 |title=Walmart wins battle for India's Flipkart |work=BBC News |url=https://www.bbc.com/news/business-44050180 |access-date=9 May 2018}}</ref><ref>{{Cite web |title=Indian traders protest $16 billion Walmart-Flipkart deal |url=https://www.trtworld.com/business/indian-traders-protest-16-billion-walmart-flipkart-deal-18606 |access-date=4 July 2018 |website=TRTWorld |language=en}}</ref> | |||
In | In a filing with the [[U.S. Securities and Exchange Commission|U. S. Securities and Exchange Commission]] on 11 May 2018, Walmart stated that a condition of the deal prescribed the possibility that Flipkart's current minority shareholders "may require Flipkart to effect an [[initial public offering]] following the fourth anniversary of the closing of the transactions at a valuation no less than that paid by Walmart".<ref>{{Cite news|url=https://www.livemint.com/Companies/LRQkvFz4nvoUmwDVZUryRP/Walmart-has-longterm-plans-for-Flipkart-an-IPO-isnt-one-o.html|title=Walmart has long-term plans for Flipkart, an IPO isn't one of them|last=Sen|first=Anirban|date=14 May 2018|work=Livemint|access-date=14 May 2018}}</ref><ref>{{Cite web |last=Loizos |first=Connie |date=14 May 2018 |title=Walmart's deal to buy Flipkart came with an interesting caveat |url=https://techcrunch.com/2018/05/13/walmarts-deal-to-buy-flipkart-came-with-an-interesting-caveat/ |access-date=14 May 2018 |website=TechCrunch |language=en-US}}</ref> | ||
Following the announcement of Walmart's deal, [[eBay]] announced that it would sell its stake in Flipkart back to the company for approximately US$1.1 billion and relaunch its own Indian operations. The company stated that "there is the huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India's diverse, domestic market."<ref name=":0">{{cite news|url=https://economictimes.indiatimes.com/industry/services/retail/ebay-to-sell-stake-in-flipkart-for-about-1-1-billion-to-relaunch-ebay-india/articleshow/64100144.cms|title=eBay to sell stake in Flipkart for about $1.1 billion, to relaunch eBay India|date=10 May 2018|work=The Economic Times}}</ref> [[SoftBank Group|Softbank Group]] also sold its entire 20% stake to Walmart without disclosing terms of the sale.<ref>{{Cite news|url=https://www.cnbc.com/2018/05/22/softbank-is-selling-its-entire-flipkart-stake-to-walmart.html|title=SoftBank is selling its entire Flipkart stake to Walmart|date=22 May 2018|work=CNBC|access-date=23 May 2018}}</ref> Walmart's acquisition of 77% stake in Flipkart was completed on 18 August 2018. Walmart also provided US$2 billion in equity funding to the company.<ref>{{cite news|url=https://timesofindia.indiatimes.com/business/india-business/walmart-completes-deal-to-acquire-77-stake-in-flipkart-to-invest-2-billion/articleshow/65454382.cms|title=Walmart completes deal to acquire 77% stake in Flipkart, to invest $2 billion|work=The Times of India|date=18 August 2018 |access-date=18 August 2018}}</ref><ref>{{Cite news|url=https://www.livemint.com/Companies/qOBduC3OBVpKTv9CpCYayH/Walmart-completes-16billion-buyout-of-Flipkart.html|title=Walmart completes deal to buy Flipkart for $16 billion|last=Sen|first=Anirban|date=18 August 2018|work=Livemint|access-date=12 November 2018}}</ref> | |||
On 13 November 2018, Flipkart CEO [[Binny Bansal]] resigned after facing an allegation of "serious personal misconduct". Walmart stated that "while the investigation did not find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency, related to how Binny responded to the situation."<ref>{{Cite news|url=https://www.cnn.com/2018/11/13/tech/flipkart-binny-bansal-resigns/index.html|title=Setback for Walmart: Flipkart CEO resigns after misconduct investigation|first=Rishi|last=Iyengar|work=CNN|access-date=21 November 2018}}</ref><ref>{{Cite web |last=Nair |first=Sulekha |date=14 November 2018 |title=Binny Bansal resigns from Flipkart on charges of 'personal misconduct': A case of opportunism on Walmart's part? |url=https://www.firstpost.com/business/binny-bansal-resigns-from-flipkart-on-charges-of-personal-misconduct-a-case-of-opportunism-on-walmarts-part-5544211.html |access-date=21 November 2018 |website=Firstpost}}</ref> | |||
'''Other ventures''' | |||
Flipkart | In July 2021, Flipkart launched its [[social commerce]] marketplace called Shopsy, which allowed individuals and small businesses to direct sell and resell products to customers via social media channels.<ref name=":1">{{Cite web|last=Nandy|first=Madhurima|date=2021-07-01|title=Flipkart launches Shopsy app for small entrepreneurs|url=https://www.livemint.com/industry/retail/flipkart-launches-shopsy-app-for-small-entrepreneurs-11625130218987.html|access-date=2022-02-20|website=mint|language=en}}</ref> In December 2021, Shopsy entered the grocery delivery segment in 700 cities across India.<ref>{{Cite news|title=Flipkart's Shopsy enters grocery business to take on DealShare, Meesho|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/startups/flipkarts-shopsy-enters-grocery-business-to-take-on-dealshare-meesho/articleshow/88276425.cms|access-date=2022-02-17}}</ref><ref name=":2">{{Cite news|last=Abrar|first=Peerzada|date=2021-12-14|title=Flipkart's Shopsy eyes largest grocer tag, rolls out services in 700 cities|work=Business Standard India|url=https://www.business-standard.com/article/companies/flipkart-s-shopsy-eyes-largest-grocer-tag-launches-stores-in-700-cities-121121400621_1.html|access-date=2022-02-20}}</ref> Shopsy passed more than 100 million users in the month of September in 2022 with more than 60% of users coming to tier 2 and other cities.<ref>{{Cite web |last=Singh |first=Nikesh |date=2023-01-23 |title=Flipkart's Shopsy sees six-fold customer growth on its website in 2022 |url=https://www.business-standard.com/article/companies/flipkart-s-social-commerce-arm-shopsy-sees-six-fold-customer-growth-in-2022-123012301310_1.html |access-date=2023-02-08 |website=www.business-standard.com |language=en}}</ref> | ||
== Business structure == | == Business structure == | ||
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| 75.1%<ref>{{cite news |date=13 December 2021 |title=Flipkart Health completes acquisition of 75.1% stake in Sastasundar Marketplace |language=en |work=IndiaInfoline |url=https://www.indiainfoline.com/article/news-top-story/flipkart-health-completes-acquisition-of-75-1-stake-in-sastasundar-marketplace-121121300007_1.html |access-date=21 June 2022}}</ref> | | 75.1%<ref>{{cite news |date=13 December 2021 |title=Flipkart Health completes acquisition of 75.1% stake in Sastasundar Marketplace |language=en |work=IndiaInfoline |url=https://www.indiainfoline.com/article/news-top-story/flipkart-health-completes-acquisition-of-75-1-stake-in-sastasundar-marketplace-121121300007_1.html |access-date=21 June 2022}}</ref> | ||
|} | |} | ||
Flipkart has made 22 acquisitions and 24 investments, spending over US$395M for the acquisitions.{{Needs update|date=August 2022|reason=More acquisitions and investments have likely been made by Flipkart since these values were last updated.}} Flipkart has invested in multiple sectors such as e-commerce, consumer electronics, local services and more.{{Citation needed|date=September 2022}} In 2022, it also revised it's policies for sellers in an attempt to make it more seller-friendly. This included simplifying the rate card and reducing fee for return costs.<ref>{{Cite web |last=Livemint |date=2022-07-12 |title=Flipkart rolls out fresh policies to attract more sellers |url=https://www.livemint.com/companies/news/flipkart-rolls-out-fresh-policies-to-attract-more-sellers-11657619824376.html |access-date=2022-10-08 |website=mint |language=en}}</ref> | Flipkart has made 22 acquisitions and 24 investments, spending over US$395M for the acquisitions.{{Needs update|date=August 2022|reason=More acquisitions and investments have likely been made by Flipkart since these values were last updated.}} Flipkart has invested in multiple sectors such as e-commerce, consumer electronics, local services and more.{{Citation needed|date=September 2022}} In 2022, it also revised it's policies for sellers in an attempt to make it more seller-friendly. This included simplifying the rate card and reducing fee for return costs.<ref>{{Cite web |last=Livemint |date=2022-07-12 |title=Flipkart rolls out fresh policies to attract more sellers |url=https://www.livemint.com/companies/news/flipkart-rolls-out-fresh-policies-to-attract-more-sellers-11657619824376.html |access-date=2022-10-08 |website=mint |language=en}}</ref> In 2022, Flipkart reportedly hosted 1.1 Million sellers.<ref>{{Cite web |date=2022-09-15 |title=Flipkart: 220% growth in new seller count this year |url=https://www.financialexpress.com/industry/sme/msme-eodb-flipkart-220-growth-in-new-seller-count-this-year/2668061/ |access-date=2023-06-24 |website=Financialexpress |language=en}}</ref> | ||
== Funding == | == Funding and Revenue == | ||
The initial development budget of Flipkart was {{INRConvert|400|k}}.<ref name="et">{{cite news |author=Rai |first=Archana |date=30 June 2010 |title=Flipkart: Country's largest online bookstore |newspaper=The Economic Times |url=http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Flipkart-Countrys-largest-online-bookstore/articleshow/6108317.cms |access-date=19 August 2010}}</ref> It later raised funding from venture capital firms [[Accel Partners|Accel India]] (receiving US$1 million in funding in 2009)<ref>{{cite web|last=Sengupta |first=Snigdha |url=http://startupcentral.in/2011/10/flipkart-deal-is-accel-partners-eyeing-a-25x-partial-exit/ |title=Is Accel Eyeing a 25X Partial Exit From Flipkart? |publisher=Startupcentral.in |access-date=5 October 2013}}</ref><ref>{{cite news|title=Accel India Invests in Flipkart|url=http://www.pluggd.in/accel-india-invests-in-flipkart-297/|author=Sinha|work=pluggd.in|access-date=25 August 2011|archive-url=https://web.archive.org/web/20110819211842/http://www.pluggd.in/accel-india-invests-in-flipkart-297/|archive-date=19 August 2011|url-status=dead}}</ref> and [[Tiger Global]] (US$10 million in 2010 and US$20 million in June 2011).<ref>{{cite news |last=Gutka |first=Charmi |date=31 January 2012 |title=Flipkart Raises $150Mn From Accel Partners, Tiger Global |url=http://dealcurry.com/20120131-Flipkart-Raises-150Mn-From-Accel-Partners-Tiger-Global.htm |url-status=dead |access-date=5 May 2012 |archive-url=https://web.archive.org/web/20120413161312/http://www.dealcurry.com/20120131-Flipkart-Raises-150Mn-From-Accel-Partners-Tiger-Global.htm |archive-date=13 April 2012}}</ref><ref>{{cite news|title=A Tale of Two Book Fairs|url=http://www.financialexpress.com/news/a-tale-of-two-book-fairs/576523/3|access-date=19 August 2010|newspaper=[[The Financial Express (India)|The Financial Express]]|author=Sudipta Datta|author2=Suman Tarafdar|date=7 February 2010}}</ref><ref>{{cite news |date=18 March 2010 |title=Inlogistics: India's first private train cargo operator |newspaper=CNBC-TV18 |url=http://www.moneycontrol.com/news/business/inlogistics-indias-first-private-train-cargo-operator_447560.html |access-date=19 August 2010}}</ref> On 24 August 2012, Flipkart announced the completion of its 4th round of funding, netting a total of US$150 million from MIH (part of the [[Naspers]] Group) and [[ICONIQ Capital]]. The company announced on 10 July 2013 that it had raised an additional US$200 million from existing investors, including Tiger Global, Naspers, [[Accel Partners]] and Iconiq Capital.<ref>{{cite web |author=Jayadevan PK |title=Flipkart Raises Fresh $200 mn from Existing Investors Tiger global, Naspers & Others |url=http://www.nextbigwhat.com/flipkart-funding-from-tiger-naspers-accel-iconiq-297 |publisher=NextBigWhat}}</ref> | The initial development budget of Flipkart was {{INRConvert|400|k}}.<ref name="et">{{cite news |author=Rai |first=Archana |date=30 June 2010 |title=Flipkart: Country's largest online bookstore |newspaper=The Economic Times |url=http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Flipkart-Countrys-largest-online-bookstore/articleshow/6108317.cms |access-date=19 August 2010}}</ref> It later raised funding from venture capital firms [[Accel Partners|Accel India]] (receiving US$1 million in funding in 2009)<ref>{{cite web|last=Sengupta |first=Snigdha |url=http://startupcentral.in/2011/10/flipkart-deal-is-accel-partners-eyeing-a-25x-partial-exit/ |title=Is Accel Eyeing a 25X Partial Exit From Flipkart? |publisher=Startupcentral.in |access-date=5 October 2013}}</ref><ref>{{cite news|title=Accel India Invests in Flipkart|url=http://www.pluggd.in/accel-india-invests-in-flipkart-297/|author=Sinha|work=pluggd.in|access-date=25 August 2011|archive-url=https://web.archive.org/web/20110819211842/http://www.pluggd.in/accel-india-invests-in-flipkart-297/|archive-date=19 August 2011|url-status=dead}}</ref> and [[Tiger Global]] (US$10 million in 2010 and US$20 million in June 2011).<ref>{{cite news |last=Gutka |first=Charmi |date=31 January 2012 |title=Flipkart Raises $150Mn From Accel Partners, Tiger Global |url=http://dealcurry.com/20120131-Flipkart-Raises-150Mn-From-Accel-Partners-Tiger-Global.htm |url-status=dead |access-date=5 May 2012 |archive-url=https://web.archive.org/web/20120413161312/http://www.dealcurry.com/20120131-Flipkart-Raises-150Mn-From-Accel-Partners-Tiger-Global.htm |archive-date=13 April 2012}}</ref><ref>{{cite news|title=A Tale of Two Book Fairs|url=http://www.financialexpress.com/news/a-tale-of-two-book-fairs/576523/3|access-date=19 August 2010|newspaper=[[The Financial Express (India)|The Financial Express]]|author=Sudipta Datta|author2=Suman Tarafdar|date=7 February 2010}}</ref><ref>{{cite news |date=18 March 2010 |title=Inlogistics: India's first private train cargo operator |newspaper=CNBC-TV18 |url=http://www.moneycontrol.com/news/business/inlogistics-indias-first-private-train-cargo-operator_447560.html |access-date=19 August 2010}}</ref> On 24 August 2012, Flipkart announced the completion of its 4th round of funding, netting a total of US$150 million from MIH (part of the [[Naspers]] Group) and [[ICONIQ Capital]]. The company announced on 10 July 2013 that it had raised an additional US$200 million from existing investors, including Tiger Global, Naspers, [[Accel Partners]] and Iconiq Capital.<ref>{{cite web |author=Jayadevan PK |title=Flipkart Raises Fresh $200 mn from Existing Investors Tiger global, Naspers & Others |url=http://www.nextbigwhat.com/flipkart-funding-from-tiger-naspers-accel-iconiq-297 |publisher=NextBigWhat}}</ref> | ||
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On 20 December 2014, Flipkart announced its filing application with Singapore-based company regulator ACRA to become a public company. This announcement came after the company received US$700 million in long-term strategic investments from more than 50 Indian investors. The US$700 million in funding raised by Flipkart added new investors to the company's board, including Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates, and Qatar Investment Authority. Its existing investors DST Global, GIC, ICONIQ Capital and Tiger Global also participated in this financing round.<ref>[http://timesofindia.indiatimes.com/tech/tech-news/Flipkart-files-application-to-become-public-raises-700-million-dollars/articleshow/45584627.cms "Flipkart files an application to become public, raises 700 million dollars"]. ''The Times of India''. Retrieved 20 December 2014.</ref> {{as of|2015|May|}}, Flipkart had raised US$550 million in additional funding from its existing investors in a deal that raised its total valuation to US$15 billion.<ref>{{cite news |last=Ann Thoppil |first=Dhanya |date=19 May 2015 |title=Flipkart Valued at $15 Billion After Latest Funding |newspaper=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/flipkart-valued-at-15-billion-after-latest-funding-1432021294}}</ref> | On 20 December 2014, Flipkart announced its filing application with Singapore-based company regulator ACRA to become a public company. This announcement came after the company received US$700 million in long-term strategic investments from more than 50 Indian investors. The US$700 million in funding raised by Flipkart added new investors to the company's board, including Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates, and Qatar Investment Authority. Its existing investors DST Global, GIC, ICONIQ Capital and Tiger Global also participated in this financing round.<ref>[http://timesofindia.indiatimes.com/tech/tech-news/Flipkart-files-application-to-become-public-raises-700-million-dollars/articleshow/45584627.cms "Flipkart files an application to become public, raises 700 million dollars"]. ''The Times of India''. Retrieved 20 December 2014.</ref> {{as of|2015|May|}}, Flipkart had raised US$550 million in additional funding from its existing investors in a deal that raised its total valuation to US$15 billion.<ref>{{cite news |last=Ann Thoppil |first=Dhanya |date=19 May 2015 |title=Flipkart Valued at $15 Billion After Latest Funding |newspaper=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/flipkart-valued-at-15-billion-after-latest-funding-1432021294}}</ref> | ||
By August 2015, after raising another US$700 million, Flipkart had raised a total of US$3 billion over 12 rounds of funding from 16 major investors.<ref>{{Cite web|title = August roundup: top 5 Indian startups and their investments|url = https://www.hottopics.ht/stories/funding/top-5-indian-startups-august/|website = Hot Topics|access-date = 2 November 2015}}</ref> In April 2017, Flipkart underwent another round of funding, receiving US$1.4 billion in funding from investors including [[eBay]], [[Microsoft]], and [[Tencent]].<ref>{{Cite web|url=https://techcrunch.com/2017/04/10/flipkart-1-4-billion/|title=Flipkart raises $1.4 billion from eBay, Microsoft and Tencent at an $11.6 billion valuation|last=Russell|first=Jon|website=TechCrunch|access-date=10 April 2017}}</ref> On 10 August 2017, [[SoftBank Vision Fund]] invested another US$2.5 billion in Flipkart.<ref>{{Cite news |last=Bidkar |first=Chinmay |date=10 August 2017 |title=SoftBank Vision Fund Invests a Record $2.5 Billion in Flipkart |work=TechStory |url=http://techstory.in/softbank-invests-flipkart-2017/ |access-date=10 August 2017}}</ref> | By August 2015, after raising another US$700 million, Flipkart had raised a total of US$3 billion over 12 rounds of funding from 16 major investors.<ref>{{Cite web|title = August roundup: top 5 Indian startups and their investments|url = https://www.hottopics.ht/stories/funding/top-5-indian-startups-august/|website = Hot Topics|access-date = 2 November 2015}}</ref> In April 2017, Flipkart underwent another round of funding, receiving US$1.4 billion in funding from investors including [[eBay]], [[Microsoft]], and [[Tencent]].<ref>{{Cite web|url=https://techcrunch.com/2017/04/10/flipkart-1-4-billion/|title=Flipkart raises $1.4 billion from eBay, Microsoft and Tencent at an $11.6 billion valuation|last=Russell|first=Jon|website=TechCrunch|date=10 April 2017 |access-date=10 April 2017}}</ref> On 10 August 2017, [[SoftBank Vision Fund]] invested another US$2.5 billion in Flipkart.<ref>{{Cite news |last=Bidkar |first=Chinmay |date=10 August 2017 |title=SoftBank Vision Fund Invests a Record $2.5 Billion in Flipkart |work=TechStory |url=http://techstory.in/softbank-invests-flipkart-2017/ |access-date=10 August 2017}}</ref> | ||
On 19 September 2018, Flipkart Marketplace Singapore injected ₹3,463 crore into Flipkart Internet. The transaction was done in two tranches, according to regulatory filings.<ref>{{Cite web|url=https://inc42.com/buzz/ahead-of-festive-season-flipkart-strengthens-marketplace-arm-with-457-7-mn-fund-infusion/|title=Ahead Of Festive Season Sale, Flipkart Infuses Marketplace Arm With $457.7 Mn|last=Khatri|first=Bhumika|date=19 September 2018|website=Inc42 Media}}</ref> | On 19 September 2018, Flipkart Marketplace Singapore injected ₹3,463 crore into Flipkart Internet. The transaction was done in two tranches, according to regulatory filings.<ref>{{Cite web|url=https://inc42.com/buzz/ahead-of-festive-season-flipkart-strengthens-marketplace-arm-with-457-7-mn-fund-infusion/|title=Ahead Of Festive Season Sale, Flipkart Infuses Marketplace Arm With $457.7 Mn|last=Khatri|first=Bhumika|date=19 September 2018|website=Inc42 Media}}</ref> | ||
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In 2022, the organization started Flipkart Ventures and created a venture fund of $100 Million to be invested in other 6 start-ups selected for Flipkart Leap Ahead, an accelerator program. Each start up will be given an equity investment of up to $500,000.<ref>{{Cite web |last=Abrar |first=Peerzada |date=2022-08-18 |title=Flipkart $100 mn venture fund invests in 6 startups, will mentor them |url=https://www.business-standard.com/article/companies/flipkart-100-mn-venture-fund-invests-in-6-startups-will-mentor-them-122081800389_1.html |access-date=2022-09-04 |website=www.business-standard.com |language=en}}</ref> Once the first cohort of Flipkart Leap was completed, the program was split in two distinct programs known as Flipkart Leap Ahead (FLA) and Flipkart Leap Innovation Network (FLIN).<ref>{{Cite web |last=Abrar |first=Peerzada |date=2022-01-17 |title=Flipkart launches Leap Ahead and Leap Innovation Network startup programmes |url=https://www.business-standard.com/article/companies/flipkart-launches-leap-ahead-and-leap-innovation-network-startup-programmes-122011700860_1.html |access-date=2022-09-25 |website=www.business-standard.com |language=en}}</ref> | In 2022, the organization started Flipkart Ventures and created a venture fund of $100 Million to be invested in other 6 start-ups selected for Flipkart Leap Ahead, an accelerator program. Each start up will be given an equity investment of up to $500,000.<ref>{{Cite web |last=Abrar |first=Peerzada |date=2022-08-18 |title=Flipkart $100 mn venture fund invests in 6 startups, will mentor them |url=https://www.business-standard.com/article/companies/flipkart-100-mn-venture-fund-invests-in-6-startups-will-mentor-them-122081800389_1.html |access-date=2022-09-04 |website=www.business-standard.com |language=en}}</ref> Once the first cohort of Flipkart Leap was completed, the program was split in two distinct programs known as Flipkart Leap Ahead (FLA) and Flipkart Leap Innovation Network (FLIN).<ref>{{Cite web |last=Abrar |first=Peerzada |date=2022-01-17 |title=Flipkart launches Leap Ahead and Leap Innovation Network startup programmes |url=https://www.business-standard.com/article/companies/flipkart-launches-leap-ahead-and-leap-innovation-network-startup-programmes-122011700860_1.html |access-date=2022-09-25 |website=www.business-standard.com |language=en}}</ref> | ||
The total revenue in 2022 was that of ₹43,357 crore was reported for the past fiscal year of 2020-2021. This was 25% more than its revenue in the fiscal year of 2020. The losses were reported to have reduced by 23% to ₹2,445 Crore with total expenses of ₹45,801.<ref>{{Cite web |last=Abrar |first=Peerzada |date=2022-01-04 |title=Flipkart's revenue up 25% to Rs 43K cr, Amazon clocks 49% rise at Rs 16K cr |url=https://www.business-standard.com/article/companies/flipkart-clocks-25-growth-in-fy21-revenue-at-rs-43-357-cr-losses-drop-23-122010401221_1.html |access-date=2022-09-11 |website=www.business-standard.com |language=en}}</ref> | |||
== Regulatory action and lawsuits == | == Regulatory action and lawsuits == | ||
In November 2012, the Indian [[Enforcement Directorate]] began investigating Flipkart for alleged violations of the [[foreign direct investment]] regulations of the [[Foreign Exchange Management Act, 1999|Foreign Exchange Management Act of 1999]].<ref>{{cite news |author= |date=28 November 2012 |title=Enforcement Directorate to probe Flipkart. |work=The Times of India |url=http://timesofindia.indiatimes.com/business/india-business/Enforcement-Directorate-to-probe-Flipkart-Walmart-for-violation-of-FDI-norms/articleshow/17397206.cms}}</ref><ref>{{cite news |date=28 November 2012 |title=Flipkart under ED scanner |work=The Hindu |location=Chennai, India |url=http://www.thehindu.com/business/flipkart-under-ed-scanner/article4143824.ece }}</ref> On 30 November 2012, Flipkart's offices were raided by the Enforcement Directorate. Documents and computer hard drives were seized by the agency.<ref>{{Cite web |date=11 December 2012 |title=Flipkart office was raided by Enforcement Directorate on Nov 30th? [Updated] |url=http://www.nextbigwhat.com/flipkart-office-raided-by-enforcement-directorate-297/ |access-date=28 February 2016 |website=NextBigWhat}}</ref> In August 2014, the Enforcement Directorate claimed that it had found Flipkart to be in violation of the Foreign Exchange Management Act.<ref>{{Cite web |last=Srivastava |first=Shruti |date=20 August 2014 |title=Flipkart case: ED finds FEMA violation, Rs 1,400 cr fine likely |url=http://indianexpress.com/article/business/companies/flipkart-case-ed-finds-fema-violation-r1400-cr-fine-likely/ |access-date=28 February 2016 |website=The Indian Express}}</ref> The [[Delhi High Court]] declared that several e-commerce firms, including Flipkart, had violated foreign investment regulations.<ref>{{Cite web |last=Jain |first=Varun |date=24 September 2015 |title=Ecommerce companies like Flipkart, Amazon violated FDI Norms: Delhi High Court |url=https://economictimes.indiatimes.com/industry/services/retail/ecommerce-companies-like-flipkart-amazon-violated-fdi-norms-delhi-high-court/articleshow/49085576.cms |access-date=28 February 2016 |website=The Economic Times}}</ref> | In November 2012, the Indian [[Enforcement Directorate]] began investigating Flipkart for alleged violations of the [[foreign direct investment]] regulations of the [[Foreign Exchange Management Act, 1999|Foreign Exchange Management Act of 1999]].<ref>{{cite news |author= |date=28 November 2012 |title=Enforcement Directorate to probe Flipkart. |work=The Times of India |url=http://timesofindia.indiatimes.com/business/india-business/Enforcement-Directorate-to-probe-Flipkart-Walmart-for-violation-of-FDI-norms/articleshow/17397206.cms}}</ref><ref>{{cite news |date=28 November 2012 |title=Flipkart under ED scanner |work=The Hindu |location=Chennai, India |url=http://www.thehindu.com/business/flipkart-under-ed-scanner/article4143824.ece }}</ref> On 30 November 2012, Flipkart's offices were raided by the Enforcement Directorate. Documents and computer hard drives were seized by the agency.<ref>{{Cite web |date=11 December 2012 |title=Flipkart office was raided by Enforcement Directorate on Nov 30th? [Updated] |url=http://www.nextbigwhat.com/flipkart-office-raided-by-enforcement-directorate-297/ |access-date=28 February 2016 |website=NextBigWhat}}</ref> In August 2014, the Enforcement Directorate claimed that it had found Flipkart to be in violation of the Foreign Exchange Management Act.<ref>{{Cite web |last=Srivastava |first=Shruti |date=20 August 2014 |title=Flipkart case: ED finds FEMA violation, Rs 1,400 cr fine likely |url=http://indianexpress.com/article/business/companies/flipkart-case-ed-finds-fema-violation-r1400-cr-fine-likely/ |access-date=28 February 2016 |website=The Indian Express}}</ref> The [[Delhi High Court]] declared that several e-commerce firms, including Flipkart, had violated foreign investment regulations.<ref>{{Cite web |last=Jain |first=Varun |date=24 September 2015 |title=Ecommerce companies like Flipkart, Amazon violated FDI Norms: Delhi High Court |url=https://economictimes.indiatimes.com/industry/services/retail/ecommerce-companies-like-flipkart-amazon-violated-fdi-norms-delhi-high-court/articleshow/49085576.cms |access-date=28 February 2016 |website=The Economic Times}}</ref> | ||
In January 2016, a public interest litigation hearing took place over Flipkart's alleged contravention of foreign investment norms. The court asked the [[Reserve Bank of India]] to provide the latest circular on foreign investment policy.<ref>{{Cite web |last=Mittal |first=Priyanka |title=Delhi high court asks RBI to submit latest circular on FDI policy |url=http://www.livemint.com/Industry/EyjqDAyTHOcFakRehWZT2H/Delhi-high-court-asks-RBI-to-submit-latest-circular-on-FDI-p.html |access-date=28 February 2016 |website=Livemint}}</ref> The same month, the Department of Industrial Policy and Promotion (DIPP) clarified that it did not recognise the marketplace model of online retail.<ref>{{Cite web | url = http://www.ibtimes.co.in/marketplace-model-online-retailers-not-under-indias-fdi-policy-dipp-662195 | title = Marketplace model of online retailers not under India's FDI policy: DIPP | website = International Business Times | access-date = 28 February 2016 }}</ref> In February 2016, Health Minister [[J P Nadda]] announced that the Maharashtra FDA had taken action against Flipkart, among others, for selling drugs without a valid license.<ref>{{Cite web |title=Action against Snapdeal, Amazon.com, Flipkart for selling medicines without licence |url=http://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/action-against-snapdeal-amazon-flipkart-for-selling-medicines-without-licence/51155359 |access-date=28 February 2016 |website=The Economic Times |department=}}</ref> | In January 2016, a public interest litigation hearing took place over Flipkart's alleged contravention of foreign investment norms. The court asked the [[Reserve Bank of India]] to provide the latest circular on foreign investment policy.<ref>{{Cite web |last=Mittal |first=Priyanka |title=Delhi high court asks RBI to submit latest circular on FDI policy |url=http://www.livemint.com/Industry/EyjqDAyTHOcFakRehWZT2H/Delhi-high-court-asks-RBI-to-submit-latest-circular-on-FDI-p.html |access-date=28 February 2016 |website=Livemint|date=26 January 2016 }}</ref> The same month, the Department of Industrial Policy and Promotion (DIPP) clarified that it did not recognise the marketplace model of online retail.<ref>{{Cite web | url = http://www.ibtimes.co.in/marketplace-model-online-retailers-not-under-indias-fdi-policy-dipp-662195 | title = Marketplace model of online retailers not under India's FDI policy: DIPP | website = International Business Times | date = 6 January 2016 | access-date = 28 February 2016 }}</ref> In February 2016, Health Minister [[J P Nadda]] announced that the Maharashtra FDA had taken action against Flipkart, among others, for selling drugs without a valid license.<ref>{{Cite web |title=Action against Snapdeal, Amazon.com, Flipkart for selling medicines without licence |url=http://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/action-against-snapdeal-amazon-flipkart-for-selling-medicines-without-licence/51155359 |access-date=28 February 2016 |website=The Economic Times |department=}}</ref> | ||
== Consumer Affairs == | == Consumer Affairs == | ||
A group of scammers was arrested by the police in Lucknow in 2022 who used the platform to scam the customers. The scam included replacing the online ordered Apple products with bricks to cheat customers and company.<ref>{{Cite web |title=iPhone scam: Lucknow Police arrests fraudsters for duping Flipkart; here are the details |url=https://www.timesnownews.com/technology-science/iphone-scam-lucknow-police-arrests-fradusters-for-duping-flipkart-here-are-the-details-article-94636020 |access-date=2022-10-29 |website=TimesNow |language=en}}</ref> Such scams have also been reported in the past where soaps were delivered instead of iphones on Flipkart<ref>{{Cite web |last=Desk |first=Trending |title=Video: Man Orders Apple iPhone 12 Worth Rs 53000 From Flipkart, Receives Nirma Soap Instead {{!}} Watch |url=https://www.india.com/viral/video-man-orders-apple-iphone-12-worth-rs-53000-from-flipkart-receives-nirma-soap-instead-watch-5049321/ |access-date=2022-10-29 |website=www.india.com |language=en}}</ref> and also on Amazon.<ref>{{Cite web |last=Ratnam |first=Deepti |date=2021-10-29 |title=Amazon user gets vim soap instead of iPhone 12 |url=https://www.bgr.in/news/bizarre-amazon-customer-orders-iphone-12-worth-rs-70900-but-gets-vim-soap-and-rs-5-coin-instead-1018276/ |access-date=2022-10-29 |website=BGR India |language=en-US}}</ref><ref>{{Cite web |last=Livemint |date=2021-10-25 |title=Man receives soap, coin instead of iPhone 12. Know details |url=https://www.livemint.com/technology/man-receives-soap-coin-instead-of-iphone-12-know-details-11635145910159.html |access-date=2022-10-29 |website=mint |language=en}}</ref> | A group of scammers was arrested by the police in Lucknow in 2022 who used the platform to scam the customers. The scam included replacing the online ordered Apple products with bricks to cheat customers and company.<ref>{{Cite web |title=iPhone scam: Lucknow Police arrests fraudsters for duping Flipkart; here are the details |url=https://www.timesnownews.com/technology-science/iphone-scam-lucknow-police-arrests-fradusters-for-duping-flipkart-here-are-the-details-article-94636020 |access-date=2022-10-29 |website=TimesNow |date=4 October 2022 |language=en}}</ref> Such scams have also been reported in the past where soaps were delivered instead of [[IPhone|iphones]] on Flipkart<ref>{{Cite web |last=Desk |first=Trending |title=Video: Man Orders Apple iPhone 12 Worth Rs 53000 From Flipkart, Receives Nirma Soap Instead {{!}} Watch |url=https://www.india.com/viral/video-man-orders-apple-iphone-12-worth-rs-53000-from-flipkart-receives-nirma-soap-instead-watch-5049321/ |access-date=2022-10-29 |website=www.india.com |language=en}}</ref> and also on Amazon.<ref>{{Cite web |last=Ratnam |first=Deepti |date=2021-10-29 |title=Amazon user gets vim soap instead of iPhone 12 |url=https://www.bgr.in/news/bizarre-amazon-customer-orders-iphone-12-worth-rs-70900-but-gets-vim-soap-and-rs-5-coin-instead-1018276/ |access-date=2022-10-29 |website=BGR India |language=en-US}}</ref><ref>{{Cite web |last=Livemint |date=2021-10-25 |title=Man receives soap, coin instead of iPhone 12. Know details |url=https://www.livemint.com/technology/man-receives-soap-coin-instead-of-iphone-12-know-details-11635145910159.html |access-date=2022-10-29 |website=mint |language=en}}</ref> | ||
== House brands == | == House brands == | ||
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== External links == | == External links == | ||
* {{official}} | * {{official}} | ||