Flipkart Success Story: Sachin bansal and Binny bansal’s journey
Sachin Bansal and Binny Bansal Made flipkart success story!
Flipkart as the name itself gives you the clear picture of the online marketing has revolutionized the e-commerce. This piece of software was founded by two intelligent IITians named Sachin Bansal and Binny Bansal in the year 2007. We all must have used this wonderful online megastore and now let us know more about their founders and their journey to the success of flipkart. So continue reading to unveil some wonderful facts about these founders.
In February ’16, Flipkart estimated its total value to be $15.2 billion. However, Morgan marked down at the stake of the company to a $109.37/share which was an all time low at the fund-raiser.
For all the readers who believe in the online world via web sites must know about the founders of the online megastore in India, the flipkart.Sachin and Binny Bansal in the year 2007 developed this impeccable web site for online Shopping.
- They both have graduated from Indian Institute of Technology, Delhi and earlier worked for amazon.com too.
- Their journey began with an initial investment of Rs. Four lakh, two from each to start the company that has now become successful to generates more than Rs. 1.5 Crore a day.
- The two of them believed in the power of hard work and determination and thus came out with flying colors. Both of the partners are from Chandigarh, capital of Punjab, a state in India.
- They are not related in any way but it was an amazing coincidence that they became the core and successful partners for this amazing work.
- It may surprise one but according to them they were at the same school but were still unknown with each other till they became the part of IIT.
- They graduated in the year 2005 and were engaged in different jobs but they were destined to work together and so they met again in the year 2006 when they together joined Amazon.
The idea of flipkart
The invention of flipkart is not accidental and it is not preplanned. It is just a result of the bad quality service provided by the other competitors in the market that inspired to do something better. They make up their mind to provide better service to people than their contemporaries with respect to the market and they aimed high to focus on customer service. With these intentions and immense perseverance, they goes on the top positions in the market in terms of e-commerce.
Growth trajectory of Flipkart and Their accomplishments
This online megastore started its way in the year 2007 and within six months reached at the topmost position. It grew over ten times over the past years and has said to be have touched more than Rs 100 crore mark by March 2011. The success story of Flipkart goes on and on.
They named as top 25 start-ups of 2009 and nominated for the Ernst and Young award for the best entrepreneur 2010 and have won many awards for their commendable work they did and are doing.
Lessons start-ups could learn from Bansal
Tap funds when they’re readily available
The statement “Funds are absolutely essential for a start-up” isn’t foreign to any entrepreneur. Bansal also advises the budding entrepreneurs to raise funds for their business when they’re readily available rather than when they are necessary because that situation isn’t a very desirable one.
This advice was based on a decision taken in 2012 when the company was going through a ‘down round’ of funding phase. He claims that this point is a make or break point for a start-up.
2. Focus when things are going good
Bansal follows the mantra ‘Customer is the king’.
He also advices the budding entrepreneurs to focus on things when the business is good and not when things are going awry. From his standpoint, quality of business and capital issues faced by the business are the two things every entrepreneur should focus on. He also advices that improvement is a gradual process which should take place even when things are going good.
3. The major focus areas
He believes that focus points for a start-up company should be the market conditions and building team strength. Business plan undergo numerous changes so a constant focus on the market opportunities and tapping them in time is crucial.
4. Boundaries are necessary
It may occur to a creative entrepreneur that boundaries are not necessary. But, having certain constraints and don’ts can actually save a start-up from making mistakes.
5. Take criticism with a pinch of salt
Flipkart has faced numerous issues on Big Billion day2014, because it servers shut down and refused to operate properly. However the company came out of that situation and took certain steps to improve in the future.
Also, feedback and criticism garnered from passionate people in the same field is always a good thing as it gives you a chance become better in the future.
6. Always look out for the greater picture
It sounds repetitive but it is tough to adopt in a business model and at certain points, you’re bound to encounter failure. However, at those points, focus on the positives and the big picture (the sole reason why you started the company) and strive to become better.
7. Keep tabs of your competitors
Keeping tabs of your competitors is necessary as it could teach you about a lot of things you might be doing wrong in your venture. Bansal shops on every other e-commerce site and sends mails to his team regarding areas they could actually improve upon. This is entrepreneurship at its best!
8. Your personal and professional life are different
The life of an entrepreneur can be tough. In the professional space, he has to deal with investors, meetings, decisions and criticism. But once of that space, Bansal is the perfect family man. He has a doting six-year old son and he loves spending time with his son. Separating personal and professional life can have positive effects on your health as well.
Bansal has successfully earned the title of a successful entrepreneurship and deserves every bit of it. If his lessons are kept in mind, every entrepreneur will receive massive help from a man who almost shut down a billion dollar company.