Flipkart’s founders Sachin and Binny Bansal among India’s top billionaires

flipkart-bansalsCo-founders of Flipkart, Sachin Bansal and Binny Bansal are the newest entrants in the Forbes list of richest Indian billionaires. With a net worth of $1.3 billion the Bansals debuted at the 86th position in the list, according to Forbes. Binny Bansal is the youngest in the list at 32 years of age.

The Bansal Brothers’ Career journey:

2007: Alumni of Indian Institute of Technology, Delhi, Binny Bansal and Sachin Bansal founded Flipkart in October 2007. Initially, the e-tailer sold only books. Before starting the company the duo worked in Amazon.com.

2008: The portal went online and started selling books online. Now, Flipkart is India’s largest online bookstore selling more than five lakh books since its inception, according to media reports. Bansal said, “We sell a book a minute.”

2009: Flipkart raised funds worth $1 million from venture capital funds Accel India.

2010-2011: The e-tailer raised funds worth $10 million and $20 million from Tiger Global in the year 2010 and 2011 respectively.

2011: Flipkart launched pre-paid wallet to store money online. This feature allows shoppers to shop online and store money on the site and use it to purchase items without using their credit or debit cards for transactions.
It was an initiative to make online payments easier and more secure for customers.

2012: The portal raised around $150 million which was its fourth round of funding from MIH which is a part of Naspers Group and ICONIQ Capital.

2012: The company launched Flyte, an online digital music store. Flyte was a one-stop shop for all kinds of music in all languages. Music was available at a price ranging from Rs 6 to Rs 15 per song on the platform.

2013: The company raised around $200 million on July 2013 from its existing investors which includes Tiger Global, Naspers, Accel Partners and ICONIQ capital.

2013: Flipkart launched seller marketplace which is essentially a virtual mall where shoppers get access to all the brands at one place. Reports say that customers even got to compare sellers and get the best prices for various products.

2013: Flipkart shuts Flyte– This move raised a lot of questions to which Flipkart said that the company shut Flyte because it was running at a loss and when music was available for free, people didn’t want to pay for it.

2013: Launched PayZippy, an online payment solution for its Indian merchants. With PayZippy, online and mobile payments became easy and handy without entering card details, name or billing address every time.

2013: Flipkart raised $360 million from its existing investors.

2013: Flipkart launched an Android app for its customers which offered them with an ability to browse and purchase products from their smartphones. It allowed them to navigate through different products and departments from books, entertainment, accessories and more.

2014: Flipkart hits $1 billion in annual Gross Merchandise Value (GMV). The company reportedly reached this goal which was supposed to be achieved by 2015.

2014: In its strategic investment, Flipkart shuts PayZippy and invests in Ngpay.

2014: Flipkart acquires Myntra in an estimated $300 million deal. This deal was marked as its biggest consolidation in the e-commerce space.

2014: Big Billion Sale– Flipkart started Big Billion sale for its customers where mobile phones and tablets were sold at its lowest prices available. Although there were some glitches reported with the website, the company managed to sell products worth Rs 650 crore in 10 hours.

2014: Flipkart raised a total of $1.91 billion funding form its investors.

2015: The company claimed 150% sale growth on August 10. The company said that it has sold 150 million products till date.

2015: Flipkart launched Ping on August 15, which lets people chat with their friends using the app. It even lets people share photos, wishlists and products in the cart with friends.

2015: E-commerce major Flipkart’s co-founders Sachin Bansal and Binny Bansal, along with some others investors, invested $3,50,000 in real estate start-up ‘Plabro Networks’.

2015: On September 22, Flipkart appoints Dan Rawson ​from​ Amazon, Ravi Byakod from Google and Anand Lakshminarayanan ​from Microsoft.

2015: Binny Bansal and Sachin Bansal made it to the Forbes list of top Indian billionaires.

The company has set the target to reach a GVM of $8 billion, add 100,000 sellers on its platform and sell 25 million products per month by the end of 2015.The company is also said to have set a target of selling 1 billion goods in a year by the end of 2017. (Source: DNA)

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