CURRENT AFFAIRS

Detailed explanation-1: -History. Flipkart was founded in October 2007 by Sachin Bansal and Binny Bansal, alumni of the IIT, Delhi and former Amazon employees. 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.

Detailed explanation-2: -January, 2007 Binny Bansal and Sachin Bansal, who met in 2005 at IIT-Delhi, launch an internet business called Flipkart-an online bookstore that promised to deliver anywhere in India.

Detailed explanation-3: -Flipkart was founded in October 2007 by Sachin Bansal and Binny Bansal. It is one of India’s leading E-commerce marketplaces and is headquartered in Bengaluru. The company initially started as an online bookstore. Later, it also started selling other items such as movies and mobile phones.

Detailed explanation-4: -Flipkart. In October 2007, Bansal and his co-founder, Binny Bansal, started an online bookstore, Flipkart, with an initial capital of ₹4, 00, 000 (4 Lakh Rupees or US$5, 600). They first started operating out of an apartment in Koramangala, in Bangalore, India.

Detailed explanation-5: -K. Vaitheeswaran, widely hailed as the ‘father of e-commerce in India’, co-founded India’s first e-commerce company Fabmart.com (later rebranded Indiaplaza.com) in 1999. In 2001, he co-founded the Fabmall supermarket chain which was subsequently acquired by the Aditya Birla Group and re-branded ‘More’.