Sachin Bansal and Binny Bansal are an Indian Software engineer and Internet entrepreneurs known as the co-founder, chairman and CEO of Flipkart, India's largest e-commerce platform.
They both were born and brought up in Chandigarh; they graduated from Indian Institute of Technology Delhi in 2003 with a degree in software engineering. Sachin Bansal initially wanted to be a professional gamer. In 2006 Sachin Bansal joined Amazon.com as a senior software engineer and Binny Bansal also employed in Amazon after getting rejected from Google twice. Before joining Amazon, Binny worked with Sarnoff Corporation for 1.5 years, where he built up a path sensor gadget for…show more content… It raised an incredible $1.9 billion of every three tranches, including a $1-billion Series G round in July—the world's biggest e-commerce deal that year. The financial specialist list—Tiger Global, T Rowe Price, DST Global, and GIC, among others—could disgrace numerous Silicon Valley new businesses.
In May 2014, Flipkart acquired online fashion retailer Myntra for $300 million, denoting the greatest combination in Indian e-commerce history. At the time, Flipkart was esteemed at $2 billion. By December that year, Flipkart's valuation had taken off to $11 billion.
Flush with reserves, it looked to twofold its gross merchandise value (GMV)— add up to estimation of merchandise sold through a commercial center—from $4 billion in February 2015 to $8 billion by December 2015. In September that year, Flipkart raised its objective for March 2016 to a goal-oriented $10 billion.
SOCIAL/CULTURE…show more content… Flipkart brought almost $4 billion up in 2017 from investors, including SoftBank and Tencent, at a valuation of $11.6 billion, down from a peak of $15.2 billion.
Flush with funds, Flipkart is currently concentrating on reducing losses by presenting private names that yield higher edges while additionally attempting to motivate customers to purchase all the more regularly from it by introducing categories such as groceries. The organization is also working on its own loyalty program, which will compete with Amazon's Prime that has so far been a runaway achievement in India. The biggest challenge that Sachin Bansal is chipping away at right now is to get internet shopping work even in the smallest of towns and villages.