Big Billion Startup: The Untold Flipkart Story

by Mihir Dalal

  9. Saritha Rai. 2015. ‘India’s E-Commerce Poised To Mint First Two Billionaires: Flipkart’s Sachin And Binny Bansal’, Forbes, 30 March, available at https://www.forbes.com/sites/saritharai/2015/03/30/indias-ecommerce-poised-to-mint-first-two-billionaires-flipkarts-sachin-bansal-binny-bansal/#2d69e69f42e2

  10. Mihir Dalal and Shrutika Verma. 2016. ‘Flipkart’s Godfather in New York’, Livemint, 29 July, available at https://www.livemint.com/Companies/QD9B2wsY5WMMfYuLYi6jEM/Flipkarts-godfather-in-New-York.html

  19 CHAOS AND CONFUSION

  1. Sayan Chakraborty. 2015. ‘Myntra expects gross sales of $1 billion by March 2016’, Livemint, 14 May, available at https://www.livemint.com/Companies/tFSlv1vhpYpv9PGQAQzX0O/Myntra-eyes-gross-sales-of-1-billion-by-March-2016.html

  2. Ibid.

  3. Based on statements made in interviews to the author.

  4. Jodi Kantor and David Streitfeld. 2015. ‘Inside Amazon: Wrestling Big Ideas in a Bruising Workplace’, New York Times, 15 August, available at https://www.nytimes.com/2015/08/16/technology/inside-amazon-wrestling-big-ideas-in-a-bruising-workplace.html

  5. Amazon. Available at https://ir.aboutamazon.com/static-files/d6263104-b6fa-401a-aa29-3b66ec713f76

  6. Brad Stone. 2013. The Everything Store. Little, Brown and Company

  7. Tech jargon for wild experimentation that sometimes leads to highly profitable discoveries, but more often doesn’t yield a viable business idea.

  8. Vikas S. N. 2015. ‘Flipkart acquires mobile advertising firm AdIQuity amid major advertising push’, Economic Times, 6 March, available at https://tech.economictimes.indiatimes.com/news/internet/flipkart-adiquity-advertising/46474074?redirect=1

  9. Data supplied by Tracxn

  10. Based on statements made in an interview to the author.

  11. Biswarup Gooptu. 2015. ‘Snapdeal on course to topple Flipkart from top, says CEO Kunal Bahl’, Economic Times, 31 August, available at https://tech.economictimes.indiatimes.com/news/internet/snapdeal-on-course-to-topple-flipkart-from-top-says-ceo-kunal-bahl/48738224

  12. Jayadevan P. K. and Pankaj Mishra. 2015. ‘Flipkart’s Mukesh Bansal knocks Snapdeal with $10 billion quip’, Economic Times, 2 September, available at https://brandequity.economictimes.indiatimes.com/news/business-of-brands/flipkart-s-mukesh-bansal-knocks-snapdeal-with-10-billion-quip/48767875

  13. Mihir Dalal. 2016. ‘The Rise and Rise of Amazon’, Livemint, 20 May, available at https://www.livemint.com/Companies/zs1JqXLNTv7ML2xeE9joRL/The-rise-and-rise-of-Amazon.html

  14. Radhika P. Nair. 2015. ‘Flipkart to pamper employees for smooth ‘Big Billion’ sales’, YourStory, 13 October, available at https://yourstory.com/2015/10/flipkart-pampering-employees-for-big-billion-sales

  20 AFTER BANSAL, BANSAL

  1. Reconstructed from statements made in interviews to the author.

  2. Ibid.

  3. Manu P. Toms. 2016. ‘Flipkart names Sachin Bansal executive chairman, Binny Bansal CEO’, VCCircle, 11 January, available at https://www.techcircle.in/2016/01/11/flipkart-names-sachin-bansal-executive-chairman-binny-bansal-ceo

  4. Shrutika Verma and Mihir Dalal. 2016. ‘Flipkart flips CEO post, Binny Bansal replaces Sachin Bansal’, Livemint, 12 January, available at https://www.livemint.com/Companies/j8ebSI6fTpKEO4wp2nrfCJ/Flipkarts-Binny-Bansal-replaces-Sachin-Bansal-as-new-CEO.html

  5. Vikas S. N. and Aditi Shrivastava, 2016. ‘Amazon CFO Brian Olsavsky reiterate that India is one of Amazon’s biggest investment areas’, Economic Times, 29 January, available at https://economictimes.indiatimes.com/industry/services/retail/amazon-cfo-brian-olsavsky-reiterate-that-india-is-one-of-amazons-biggest-investment-areas/articleshow/50772697.cms

  6. Mihir Dalal. 2016. ‘Myntra blinks, will relaunch desktop site on 1 June’, Livemint, 4 May, available at https://www.livemint.com/Companies/gGCm6sa8fCHRUGwVQC67SL/Myntra-blinks-to-relaunch-desktop-site-on-1-June.html

  7. Shrutika Verma and Mihir Dalal. 2016. ‘Flipkart CEO Binny Bansal brings back old hands in turnaround efforts’, Livemint, 20 June, available at https://www.livemint.com/Companies/C0XdvsTAu6R6fZ5krS3bZK/Flipkart-CEO-Binny-Bansal-brings-back-old-hands-in-turnaroun.html

  8. Flipkart. 2016. ‘Nitin Seth To Join Flipkart As Chief People Officer’, 17 February, available at https://stories.flipkart.com/nitin-seth-flipkart-cpo/

  9. Saritha Rai. 2016. ‘Dotcom deadpool returns as India’s start-up boom turns to bust’, Bloomberg, 25 August, available at https://www.livemint.com/Companies/iJbrRvXUzF6lpyTxMyrJXO/Dotcom-deadpool-is-back-as-Indias-startup-boom-turns-to-bu.html

  10. Mihir Dalal. 2016. ‘The Rise and Rise of Amazon’, Livemint, 20 May, available at https://www.livemint.com/Companies/zs1JqXLNTv7ML2xeE9joRL/The-rise-and-rise-of-Amazon.html

  11. Sayan Chakraborty and Mihir Dalal. 2016. ‘Flipkart valuation marked down by Morgan Stanley fund to $9.39 billion’, Livemint, 28 May, available at https://www.livemint.com/Companies/3ZRMwOZqipkZyYUOeBeL4N/Morgan-Stanley-fund-cuts-Flipkart-valuation-again-to-939-b.html

  12. Shrutika Verma and Mihir Dalal. 2016. ‘Flipkart defers joining dates of IIM graduates by 6 months’, Livemint, 25 May, available at https://www.livemint.com/Companies/lCEhM8TUrbBUpUyhxIm01L/Flipkart-defers-joining-dates-of-IIM-grads-by-6-months.html

  13. Mihir Dalal. 2016. ‘Binny Bansal charts a fresh course for Flipkart’, Livemint, 24 May, available at https://www.livemint.com/Companies/GrYplHVrP5hlOqZdSqNVzH/Binny-Bansal-charts-a-fresh-course-for-Flipkart.html

  14. Time. 2016. ‘Binny Bansal and Sachin Bansal’, available at https://time.com/4300001/binny-bansal-and-sachin-bansal-2016-time-100/

  21 THE TIGER CUB RETURNS

  1. Shrutika Verma and Mihir Dalal. 2016. ‘Flipkart defers joining dates of IIM graduates by 6 months’, Livemint, 25 May, available at https://www.livemint.com/Companies/lCEhM8TUrbBUpUyhxIm01L/Flipkart-defers-joining-dates-of-IIM-grads-by-6-months.html

  2. Based on statements made in interviews to the author.

  3. Shilpa Phadnis. 2016. ‘Amazon CEO Jeff Bezos inducts India MD into core team’, Times of India, 26 April, available at https://timesofindia.indiatimes.com/tech-news/Amazon-CEO-Jeff-Bezos-inducts-India-MD-Amit-Agarwal-into-core-team/articleshow/51985963.cms

  4. Uttara Choudhury. 2016. ‘Amazon to invest $3 bn more in India, Jeff Bezos tells PM Modi’, Firstpost, 8 June, available at https://www.firstpost.com/business/amazon-to-invest-3-bn-more-in-india-jeff-bezos-tells-pm-modi-2822524.html

  5. Based on statements made in interviews to the author.

  6. Mihir Dalal and Anirban Sen. 2017. ‘Why Flipkart Has Turned To Kalyan Krishnamurthy’, Livemint, 10 January, available at https://www.livemint.com/Companies/7i4dqvxfz16nfBfboE9f1K/Why-Flipkart-has-turned-to-Kalyan-Krishnamurthy.html

  7. Based on statements made in interviews to the author.

  8. Mihir Dalal. 2017. ‘How smartphone sales revived Flipkart’s fortunes’, Livemint, 22 September, available at https://www.livemint.com/Companies/AgpQ0QQSCWBW3v3oTnFcLL/How-smartphones-changed-Flipkarts-fortunes.html

  9. Shrutika Verma. 2016. ‘How Flipkart plucked Jabong from under Snapdeal’s nose’, Livemint, 27 July, available at https://www.livemint.com/Companies/iicvIYFijqp9VRAx0ON46I/Flipkarts-Myntra-acquires-Jabong.html

  10. Based on statements made in interviews to the author.

  11. Mihir Dalal and Shrutika Verma. 2016. ‘Has Flipkart lost No 1 slot to Amazon?’, Livemint, 23 August, available at https://www.livemint.com/Companies/c6vY9ta120G7cwewrCg6bI/Has-Flipkart-lost-No-1-slot-to-Amazon.html

  12. Mihir Dalal and Shrutika Verma. 2016. ‘Amazon outsells Flipkart for second straight month’, Livemint, 12 Septmeber, available at https://www.livemint.com/Companies/BoAqx1908xWAXWRhKU0FwL/Amazon-outsells-Flipkart-for-second-straight-month.html

  13. Aditi Shrivastava, Mugdha Variyar and Payal Ganguly. ‘Flipkart claims to have made one-day record of Rs 1,400 Cr in sales’, The Economic Times, 5 October, available at https://tech.economictimes.indiatimes.com/news/internet/flipkart-claims-to-have-made-one-day-record-of-rs-1400-c
r-in-sales/54687693

  14. Anirban Sen and Mihir Dalal. 2016. ‘Flipkart outsells Amazon during festive sale’, Livemint, 8 October, available at https://www.livemint.com/Companies/fWmdwrhLeDBcDQcw50aUbO/Flipkart-outsells-Amazon-during-festive-sale.html

  15. Anirban Sen and Mihir Dalal. 2016. ‘Amazon has done in 3 years what rivals didn’t in 10: Amit Agarwal’, Livemint, 10 October, available at https://www.livemint.com/Companies/I4wWqFZjVofti2rRRa4sKK/Amazon-has-done-in-3-years-what-rivals-didnt-in-10-Amit-Ag.html

  16. Mihir Dalal and Anirban Sen. 2016. ‘Diwali sales prove Flipkart can hold its own against Amazon: Binny Bansal’, Livemint, 2 November, available at https://www.livemint.com/Companies/sRln64YFWz9J3L4t6xeZnI/Diwali-sales-prove-Flipkart-can-hold-its-against-Amazon-Bin.html

  22 KALYAN RAJ

  1. Based on statements made in interviews to the author.

  2. Shrutika Verma and Mihir Dalal. 2016. ‘Alibaba in talks to buy Flipkart stake’, Livemint, 4 February, available at https://www.livemint.com/Home-Page/qcQWDTZFoir7LpaGZZbnGP/Alibaba-looks-to-buy-stake-in-Flipkart.html

  3. Mihir Dalal and Shrutika Verma. 2016. ‘Have Flipkart, Snapdeal hit a valuation wall?’, Livemint, 14 April, available at https://www.livemint.com/Companies/TmJdiG503Lhn7AfzEJI8YM/Have-Flipkart-Snapdeal-hit-a-valuation-wall.html

  4. Walter Loeb. 2013. ‘Walmart: What Happened in India?’ Forbes, 16 October, available at https://www.forbes.com/sites/walterloeb/2013/10/16/walmart-what-happened-in-india/#350ae09c7d1c

  5. Leslie Picker and Rachel Abrams. 2016. ‘Walmart Rewrites Its E-Commerce Strategy With $3.3 Billion Deal for Jet.com’, New York Times, 8 August, available at https://www.nytimes.com/2016/08/09/business/dealbook/walmart-jet-com.html?searchResultPosition=5

  6. Based on statements made in interviews to the author.

  Reuters. 2016. ‘Wal-Mart in talks to buy stake in Indian online retailer Flipkart: sources’, 28 September, available at https://www.reuters.com/article/us-flipkart-walmart-stake-idUSKCN11Y1JO

  7. Mihir Dalal and Shrutika Verma. 2016. ‘Flipkart’s Godfather in New York’, Livemint, 29 July, available at https://www.livemint.com/Companies/QD9B2wsY5WMMfYuLYi6jEM/Flipkarts-godfather-in-New-York.html

  8. Based on statements made in interviews to the author.

  9. IIT Bombay. 2016. ‘Fireside Chat – Sachin Bansal & Rahul Yadav @ E-Summit 2016’, Youtube, available at https://www.youtube.com/watch?v=ZZR_mSOP5Mg

  10. Sadhana Chathurvedula. 2016. ‘Indian start-ups call for a level playing field against global peers’, Livemint, 8 December, available at https://www.livemint.com/Companies/q05WS9DW8pxTpHBnIJ5o7N/Indian-startups-call-for-a-level-playing-field-against-glob.html

  11. George Packer. 2013. ‘Change The World’, New Yorker, 20 May, available at https://www.newyorker.com/magazine/2013/05/27/change-the-world

  12. Madhura Karnik. 2016. ‘Narendra Modi just banned Rs500 and Rs1000 notes to fight corruption and terrorism’, Quartz, 8 November, available at https://qz.com/india/830774/rupee-notes-in-india-narendra-modi-just-banned-rs500-and-rs1000-notes-to-fight-corruption-and-terrorism/

  13. Hindu. 2003. ‘Jawaharlal Nehru (1889 - 1964): Architect of India’s modern temples’, available at https://www.thehindu.com/thehindu/mp/2003/07/07/stories/2003070700880200.htm

  14. Pratap Bhanu Mehta. 2019. ‘We might enter an “RSS meets Jio” ideological world’, Indian Express, 1 May, available at https://indianexpress.com/article/opinion/columns/the-new-techno-nationalism-technology-elections-5703564/

  15. Anirban Sen and Shrutika Verma. 2017. ‘Flipkart replaces Binny Bansal with Kalyan Krishnamurthy as CEO’, Livemint, 10 January, available at https://www.livemint.com/Companies/DyAMlbXXJ08b3m6zVYvEON/Flipkart-replaces-Binny-Bansal-with-Kalyan-Krishnamurthy-as.html

  16. Mihir Dalal and Anirban Sen. 2017. ‘How Flipkart got back in the game’, Livemint, 23 February, available at https://www.livemint.com/Companies/UYyYvB3UCV73lP26Uh10CP/How-Flipkart-got-back-in-the-game.html

  17. Based on statements made in interviews to the author.

  18. A down round is a capital infusion into a private company in which it sells its shares at a lower price than any of its previous financing rounds.

  19. Mihir Dalal and Anirban Sen. 2017. ‘Flipkart raises $1.4 billion from eBay, Microsoft, Tencent, acquires eBay India’, Livemint, 11 April, available at https://www.livemint.com/Companies/RjjyJUShEtiZ2DjgzUBczM/Flipkart-to-buy-eBay-India-as-part-of-14-billion-fundrais.html

  23 THE SON

  1. Shrutika Verma. 2016. ‘GMV is so 2015: Snapdeal CEO Kunal Bahl’, Livemint, 8 July, available at https://www.livemint.com/Companies/Is7DaiQTryifFa8OPNpVeJ/GMV-is-so-2015-says-Snapdeal-CEO-Kunal-Bahl.html

  2. Tracxn data

  3. Shrutika Verma and Mihir Dalal. 2017. ‘Snapdeal acquisition to benefit Tiger Global more than Flipkart’, Livemint, 21 April, available at https://www.livemint.com/Companies/j90l1s80uF5WjxpOtQBahP/Snapdeal-acquisition-to-benefit-Tiger-Global-more-than-Flipk.html

  4. Shrutika Verma and Mihir Dalal. 2017. ‘Snapdeal’s co-founders hint firm’s fate not in their hands ‘, Livemint, 10 April, available at https://www.livemint.com/Companies/thfpvAkDTUPb5oSmquLYRN/Snapdeal-founders-move-to-calm-employees-amid-rumours-of-Fli.html

  5. Mihir Dalal and Shrutika Verma. 2017. ‘Snapdeal misses out on funding as SoftBank feuds with Kalaari, Nexus‘ Livemint, 31 March, available at https://www.livemint.com/Companies/o5auXKZnB9updwQk45sqTI/Snapdeal-misses-out-on-funding-as-SoftBank-feuds-with-Kalaar.html

  6. Based on statements made in interviews to the author.

  7. Mihir Dalal and Anirban Sen. 2017. ‘Snapdeal-Flipkart deal falls apart in win for founders Kunal Bahl, Rohit Bansal’, Livemint, 1 August, available at https://www.livemint.com/Companies/CAQ1JvAmT7uNDCpOLLKXfM/Snapdeal-wont-sell-to-Flipkart-to-run-on-its-own.html

  8. Mihir Dalal and Anirban Sen. ‘Flipkart’s big billion day, courtesy SoftBank’, Livemint, 11 August, available at https://www.livemint.com/Companies/7Ws4blkEFk1RVg7m8Y6q6J/SoftBank-fund-invests-in-Flipkart-after-Snapdeal-takeover-co.html

  9. Anirban Sen and Mihir Dalal. 2017. ‘Snapdeal calling off sale may benefit Flipkart the most’, Livemint, 2 August, available at https://www.livemint.com/Companies/6aRyQLUTwhlEjOsrpbZ5PM/Snapdeals-decision-to-go-solo-may-benefit-Flipkart-the-most.html

  10. Robert Hof. 2011. ‘Tech Startup Secrets of Bill Campbell, Coach of Silicon Valley’, Forbes, 27 July, available at https://www.forbes.com/sites/roberthof/2011/07/27/startups-secrets-of-bill-campbell-the-coach-of-silicon-valley/#5184295b6931

  11. Based on statements made in interviews to the author.

  12. Mihir Dalal and Anirban Sen. 2017. ‘Flipkart launches “made for India” budget brand Billion’, Livemint, 31 July, available at https://www.livemint.com/Companies/qpeSAKzWaGvBmVbAEF5zAP/Flipkart-launches-made-for-India-budget-brand-Billion.html

  24 A JOURNEY TO BENTONVILLE

  1. Hamish McDonald. 2010. Ambani & Sons. Lotus.

  2. Yuvraj Malik. 2018. ‘Flipkart FY17 loss widens 68% to Rs8,771 crore, revenue up 29%’, Livemint, 3 February, available at https://www.livemint.com/Companies/GlgtSXUpAdTYw3wsnGBZFP/Flipkart-FY17-loss-widens-68-to-Rs8771-crore-revenue-up-2.html

  3. Anirban Sen. 2018. ‘Amazon, Flipkart power new user base growth in e-commerce in India’, Livemint, 20 December, available at https://www.livemint.com/Companies/lurjUhGPebAdExiucyJeAN/Amazon-Prime-Flipkart-Plus-lead-ecommerce-user-base-growth.html

  4. Walmart. 2017. Annual Report. Available at https://s2.q4cdn.com/056532643/files/doc_financials/2017/Annual/WMT_2017_AR-(1).pdf

  5. Brian O’Keefe. 2015. ‘The Man Who’s Reinventing Walmart’, Fortune, 4 June, available at https://fortune.com/2015/06/04/walmart-ceo-doug-mcmillon/

  6. Bloomberg. 2014. ‘Greg Penner Emerges as Heir to Wal-Mart’s Chairmanship’, 9 June, available at https://www.esmmagazine.com/retail/greg-penner-emerges-as-heir-to-wal-mart-s-chairmanship-5133

  7. Rasul Bailay. 2018. ‘How Greg Penner went all guns blazing for Flipkart’, Economic Times,
10 May, available at economictimes.indiatimes.com/articleshow/64104098.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

  8. Shrutika Verma and Mihir Dalal. 2018. ‘Flipkart dialled Amazon after Walmart revived deal talks’, Livemint, 6 April, available at https://www.livemint.com/Companies/76rtJCuWWfZvyUmcCcoPhL/Flipkart-dialled-Amazon-after-Walmart-revived-deal-talks.html

  9. Anirban Sen and Mihir Dalal. 2018. ‘Flipkart Walmart deal would be good for e-commerce: Amazon India head’, Livemint, 23 April, available at https://www.livemint.com/Companies/Y2dY7W35z2MRMA4UEgCvWP/Flipkart-Walmart-deal-would-be-good-for-ecommerce-Amazon-I.html

  10. Sunny Sen. 2018. ‘Is Binny Bansal saying bye to Flipkart in the Walmart sellout?’, FactorDaily, 26 April, available at https://factordaily.com/walmart-flipkart-deal-binny-bansal-exit/

  11. Mihir Dalal and Shrutika Verma. 2018. ‘The behind-the-scenes story of Sachin Bansal’s exit from Flipkart’, Livemint, 18 May, available at https://www.livemint.com/Companies/9743fblAncsi4dbfOxCxRM/The-story-of-Sachin-Bansals-exit-from-Flipkart.html

  12. Shrutika Verma, Mihir Dalal and Anirban Sen. 2018. ‘Walmart buys Flipkart for $16 billion, shifts battle with Amazon to India’, Livemint, 9 May, available at https://www.livemint.com/Companies/PltclXOj0whPWMGUFWqs9O/Walmart-buys-controlling-stake-in-Flipkart-for-16-billion.html

  13. Mihir Dalal and Shrutika Verma. 2018. ‘Sachin Bansal: From outsized Flipkart presence to outcast’, Livemint, 12 May, available at https://www.livemint.com/Companies/7TpoCOdT6RSoRlVVeZyptJ/Sachin-Bansals-changing-fortunes-From-outsized-Flipkart-pr.html

  14. Mihir Dalal and Shrutika Verma. 2018. ‘Sachin Bansal: From outsized Flipkart presence to outcast’, Livemint, 12 May, available at https://www.livemint.com/Companies/7TpoCOdT6RSoRlVVeZyptJ/Sachin-Bansals-changing-fortunes-From-outsized-Flipkart-pr.html