Big Billion Startup: The Untold Flipkart Story

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Big Billion Startup: The Untold Flipkart Story Page 35

by Mihir Dalal


  EPILOGUE

  1. Anirban Sen and Mihir Dalal. 2018. ‘Flipkart-Walmart deal crosses key CCI hurdle’, Livemint, 8 August, available at https://www.livemint.com/Companies/h63fBTnFc7HE8WBaufifAN/FlipkartWalmart-deal-gets-CCI-approval.html

  2. Anirban Sen and Mihir Dalal. 2018. ‘Binny Bansal resigns from Flipkart over charges of personal misconduct’, Livemint, 14 November, available at https://www.livemint.com/Companies/FaAYjt9xkHNObVOiNAWfkN/Binny-Bansal-resigns-as-CEO-of-Flipkart-group.html

  3. Samidha Sharma and Madhav Chanchani. 2018. ‘Binny Bansal was informed of probe by Walmart lawyers on Monday’, Economic Times, 15 November, available at https://tech.economictimes.indiatimes.com/news/internet/binny-bansal-was-informed-of-probe-by-walmart-lawyers-on-monday/66628361

  4. Anirban Sen and Mihir Dalal. 2018. ‘Binny Bansal resigns from Flipkart over charges of personal misconduct’, Livemint, 14 November, available at https://www.livemint.com/Companies/FaAYjt9xkHNObVOiNAWfkN/Binny-Bansal-resigns-as-CEO-of-Flipkart-group.html

  5. Reuters. 2018. ‘Flipkart’s Binny Bansal denies allegations of personal misconduct’, 13 November, available at https://www.livemint.com/Companies/j1YnAeiKqUdIEgZ68M0jRM/Flipkarts-Binny-Bansal-denies-allegations-of-personal-misco.html

  6. Saritha Rai and Matthew Boyle. 2018. ‘How Walmart decided to oust Binny Bansal, an icon of the tech industry’, Bloomberg, 15 November, available at https://www.hindustantimes.com/business-news/how-walmart-decided-to-oust-an-icon-of-india-s-tech-industry/story-oC6UlvCt9WxknrGgGE3tjJ.html

  7. Vivienne Walt. 2015. ‘Amazon Invades India’, Fortune, 28 December, available at https://fortune.com/longform/amazon-india-jeff-bezos/

  8. LinkedIn. Lee Fixel. Available at https://www.linkedin.com/in/leefixel/

  9. Sankalp Phartiyal. 2018. ‘Walmart may launch Flipkart IPO in as early as 4 years’, Reuters, 12 May, available at https://www.livemint.com/Companies/LPNtdifRIolqoeKu6WWc3N/Walmart-may-launch-Flipkart-IPO-in-as-early-as-4-years.html

  10. Saritha Rai. 2018. ‘Walmart got a $10 billion PhonePe surprise after buying Flipkart’, Bloomberg, 10 July, available at https://www.livemint.com/companies/news/walmart-got-a-10-billion-phonepe-surprise-after-buying-flipkart-1562726957843.html

  11. LinkedIn. Sachin Bansal, available at https://www.linkedin.com/in/sachinbansal/

  INDEX

  A9 ref1, ref2, ref3; project as Google Killer ref1

  Accel ref1, ref2, ref3, ref4, ref5; funding from ref1

  Accel Partners ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  accounting process, new ref1

  AdIquity ref1

  Adnani, Michael ref1, ref2

  advertising business ref1, ref2, ref3, ref4; shutting down of ref1

  advertising: campaigns ref1; expenses ref1; first campaign ref1; revenues ref1, ref2, ref3; team for mobile apps ref1

  ‘affordability construct’ ref1

  Agarwal, Amit, as ‘Jeff Bot’ ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12

  Agarwal, Anil ref1

  Agarwal, Ankit ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14; exit of ref1

  Agarwals ref1

  Age of Empires ref1, ref2

  Aggarwal, Bhavish ref1

  Agrawal, Ashish ref1, ref2, ref3

  Ali, Sujayath ref1, ref2

  Alibaba ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; valuation of ref1

  Alkeon Capital ref1

  Amarnath, N. S. (Amar) ref1

  Amazon ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; advancing ref1; in Bangalore ref1, ref2; for buying Flipkart ref1; ‘capital-dumping’ ref1; and China venture ref1, ref2, ref3; corporate culture in ref1; customer happiness in ref1; ‘The Emperor Has No Clothes’ award ref1; Great Indian Festival ref1; investigative story on work culture ref1; launch in India ref1, ref2, ref3; launching Junglee ref1; ‘leadership principles’ in ref1; Mission to Mars sale ref1; motto: Get Big Fast ref1; overtaking Snapdeal ref1; playbook ref1, ref2; Prime membership service ref1; recompense to O2 ref1; replacing Flipkart on books ref1; warehouses of ref1; work culture in ref1

  Amazon.com ref1, ref2

  Amazon India ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  Amazon Web Services (AWS) ref1

  Ambani, Dhirubhai ref1, ref2

  American internet companies ref1, ref2, ref3

  annual shopping event, see Big Billion Day

  Apple ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8

  app-only platform ref1, ref2, ref3, ref4, ref5, ref6, ref7, see also smartphones

  Aramex ref1

  artificial intelligence ref1, ref2

  Asda ref1

  auction ref1, ref2

  Ayyappan, R. ref1

  BAC Acquisitions Private Limited ref1

  Bahl, Kunal ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10

  Baidu ref1, ref2

  Bain ref1

  Bajaj, Amanpreet ref1

  Bajaj, Avnish ref1

  Balachandran, Mahendran ref1

  Balakrishnan, M. ref1, ref2

  Bangalore ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; Electronic City ref1; Koramangala ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14; Nehru on ref1, ref2; NGV (National Games Village) ref1, ref2, ref3, ref4, ref5; office at Outer Ring Road ref1; as tech centre ref1

  ‘Bangalored’ ref1, ref2

  Banias ref1

  Bansal, B. K. ref1

  Bansal, Binny ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16, ref17, ref18, ref19, ref20, ref21, ref22, ref23; at Amazon ref1; approach of ref1; as CEO ref1; as Chief Operating Officer ref1; complaint of sexual harassment ref1; computers and ref1; as Group CEO ref1; for leaving Flipkart ref1; marrying Trisha ref1; oversee operations ref1; resignation of ref1; and Sachin ref1; taking over as COO ref1; at xto10x Technologies ref1

  Bansal, Mukesh ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; exit of ref1

  Bansal, Rohit ref1, ref2, ref3, ref4

  Bansal, Sachin ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16, ref17; in Amazon ref1, ref2; billion-dollar fund raise of ref1; Business sense and ref1; candidature of ref1, ref2; as Chief Executive Officer ref1, ref2; clearing IIT-JEE ref1; for contractual guarantees ref1; courting Bezos ref1; for deal with Amazon ref1; departure of ref1; as Entrepreneur of Year 2013 ref1; as Executive Chairman ref1; file-sharing software by ref1; at Flipkart ref1; on Flipkart shutdown ref1; for as Group CEO ref1, ref2; and Kalyan ref1, ref2, ref3, ref4, ref5; LinkedIn profile of ref1; for making $100 billion company ref1; manipulation of Google and ref1; marriage with Priya ref1, ref2; missions of ref1, ref2, ref3; and Mukesh ref1, ref2, ref3, ref4, ref5; research internship and ref1; speech by ref1; stepping down as CEO ref1, ref2; for superior voting rights ref1; tech skills of ref1; tweet by ref1; and video games ref1

  Bansals (Binny Bansal and Sachin Bansal) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16; common among ref1; and selling out Flipkart ref1; sharing personal phone numbers ref1

  Barlow, John Perry ref1

  Bazee ref1, ref2, ref3

  Bentonville ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8

  Bernard Shaw, George ref1

  Bezos, Jeff ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  Bhagat, Chetan ref1, ref2

  Bhagavad Gita ref1

  Bharti Enterprises ref1

  Bhartiya Janata Party (BJP) ref1

  Bhutani, Ajay ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8

  Big Bazaar ref1,
ref2

  Big Billion Day sale ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11; ‘billion hits’ ref1; email to customers ref1

  BigBasket ref1, ref2

  BigBillionDay.com ref1

  Bikhchandani, Sanjeev ref1

  Biyani, Kishore ref1, ref2, ref3, ref4, ref5

  Blossoms bookstore ref1

  Bombay ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8

  book: buyers ref1; distributors ref1, ref2, ref3, ref4, ref5

  book-by-book delivery system ref1

  BookExpo America ref1

  books business ref1, ref2, ref3, ref4, ref5, ref6; low margins of ref1; online selling ref1; shelf-based process ref1

  Boston Consulting Group ref1, ref2, ref3

  Brand advertising ref1

  Brand, Stewart ref1

  buyout ref1, ref2, ref3; Lee, Sachin and ref1

  Café Coffee Day ref1

  ‘Can Flipkart Deliver?’ ref1, ref2, ref3

  Canaan ref1

  capital ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; infusion ref1, ref2, ref3; investment ref1

  capitalism ref1, ref2, ref3, ref4, ref5

  career choices ref1

  Carnegie conference ref1

  cash on delivery ref1, ref2, ref3

  cash payments ref1, ref2

  cash-flow issues ref1

  categories, new ref1, ref2, ref3, ref4

  Chakpak ref1, ref2, ref3, ref4, ref5, ref6; business model of ref1

  Chandigarh ref1, ref2, ref3, ref4, ref5

  Chandigarh Chutiya Association (CCA) ref1

  Chandra, Ajay ref1

  Chandra, Alok ref1

  Chandra, V. V. K. ref1

  Chari, Rahul ref1, ref2, ref3

  Chatterjee, Surojit ref1

  Chaupaati Bazaar ref1

  Chidambaram, P. ref1

  chief product officer ref1, ref2, ref3

  China ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12; internet sector ref1

  Chinese model ref1, ref2

  Chitkara, Ashok ref1

  Chowdhary, Anuj ref1, ref2, ref3, ref4

  coders ref1, ref2, ref3, ref4

  Competition Commission of India ref1

  contribution margins ref1

  ‘Core Team’ ref1, ref2, ref3, ref4

  corporate: culture ref1, ref2, ref3, ref4, ref5; values ref1

  costs reduction ref1

  creation myth-making ref1, ref2

  crisis ref1, ref2, ref3, ref4, ref5

  Crossword ref1, ref2

  [email protected] ref1

  CureFit ref1

  customer obsession ref1, ref2, ref3, ref4, ref5; principle of ref1; Thinking Big and Bias for Action ref1

  customer service ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, see also customer obsession

  customers ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; commitment to ref1; complaints ref1, ref2, ref3, ref4; email to ref1, ref2, ref3, ref4; service ref1; shopping data ref1; on social media ref1

  customization ref1

  cut costs ref1

  Cyber Monday ref1

  Dadlani, Vishal ref1

  Dalal, Sachin ref1, ref2, ref3

  Dalzell, Rick ref1

  Daruwalla, Keki N. ref1

  Daryaganj ref1

  Delhi ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13; office at ref1, ref2, ref3

  delivery workers ref1, ref2, ref3, ref4, ref5

  demands ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; drop in ref1; and supply ref1, ref2, ref3, ref4

  demonetization ref1

  depth-over-width approach ref1

  desktop site ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8; removal of discounts and incentives ref1; website ref1, ref2, ref3, ref4

  Dev, Kapil ref1

  Dham, Vinod ref1

  Dhand, Harsh ref1, ref2

  Dharmakumar, Rohin ref1, ref2, ref3

  Dhingra, Hitesh ref1

  discounts ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  Dorsey, Jack ref1

  dotcoms ref1

  Dragoneer Investment ref1

  DST Global ref1

  Dutta, Indranil ref1, ref2, ref3, ref4

  Dwivedi, Santosh ref1

  e4e Labs ref1

  eBay ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12

  e-commerce ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; businesses ref1, ref2, ref3, ref4, ref5, ref6, ref7; ecosystem ref1, ref2; firms ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11; market ref1, ref2, ref3, ref4, ref5, ref6, ref7; platforms ref1, ref2; shoppers of ref1; slowdown ref1, ref2; startup ref1, ref2, ref3, ref4, ref5; succes in ref1; as ‘very execution-heavy’ business ref1; website ref1, ref2

  Ekart ref1, ref2, ref3, ref4, ref5, ref6

  electronics category ref1

  emergency funds ref1, ref2

  employee stock ownership plans (ESOPs) ref1, ref2

  employee, appointment of first official ref1

  employees: Flipkart ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8; loss of senior ref1

  Enforcement Directorate inquiry ref1, ref2, ref3

  entrepreneurship ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  Equated Monthly Instalment (EMI) scheme ref1

  Erasmic Venture ref1, ref2, ref3, ref4; to invest in Flipkart ref1

  Everything Store, The ref1, ref2, ref3

  executives ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  expansion ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  FabMart ref1

  Facebook ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13

  Facebook’s FAN – the Facebook Audience Network ref1

  Fairchild Semiconductor ref1

  fashion business ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; sales ref1, ref2

  FDI Escapades ref1

  festival season sales ref1, see also Big Billion Day sale; flash sale; Moto G sale

  Filo, David ref1

  first employee ref1

  First Flight Couriers ref1

  first office ref1, ref2; outside Bangalore ref1

  first orders ref1, ref2

  Fixel, Lee ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; leaving of Tiger Global ref1

  flash sales ref1

  fledgling entrepreneurs ref1

  Flexible Payment Service (FPS) ref1, ref2, ref3

  Flipkart 3.0 ref1, ref2, ref3

  Flipkart ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; $1 billion in sale as record ref1; as ATM for books ref1; divisions in ref1; dominance ref1, ref2; launch of ref1; losses ref1, ref2; as name ref1; revenue of ref1; shutting desktop site ref1; to start with books ref1; website ref1, ref2, ref3, ref4

  Flipkart app ref1, ref2, ref3

  Flipkart Online Services Private Limited ref1

  Flipkart Think Tank ref1

  Flipkart.com ref1

  Flo ref1, ref2, ref3

  Flyte ref1, ref2

  Forbes story ref1, ref2, ref3

  foreign investment ref1, ref2, ref3

  founders/co-founders, Flipkart ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13

  Foxconn ref1

  fraudulent activities ref1, ref2, ref3

  Friedman, Thomas ref1, ref2

  funding ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; as $1 billion ref1

>   funding boom ref1, ref2

  fund-raising ref1, ref2, ref3, ref4

  Future Group ref1, ref2, ref3

  games ref1, ref2, ref3, ref4, ref5, ref6; Age of Empires and Quake ref1

  Ganesan, Shivakumar ref1, ref2

  Gangaram bookstore ref1

  Garg, Pankaj ref1

  Gates, Bill ref1, ref2

  General Atlantic ref1, ref2, ref3, ref4; invest in Flipkart ref1; pullout of ref1

  Genesis Burson-Marsteller ref1

  Get Big Fast ref1, ref2

  GIC ref1

  globalization ref1, ref2

  Goldman Sachs ref1, ref2

  Google ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  Google Killer ref1, ref2

  Gowda, Kempe ref1

  Goyal, Abhishek ref1, ref2, ref3, ref4

  Great Indian Internet Company ref1, ref2, ref3, ref4, ref5

  groceries, selling ref1

  gross merchandise value (GMV) ref1

  guerrilla warfare ref1, see war with Amazon; head-to-head contest

  Gupta, Ashish ref1, ref2, ref3

  Gupta, Pranay ref1, ref2

  Gupta, Shekhar ref1, ref2, ref3

  Gupta, Vaibhav (VG) ref1, ref2, ref3, ref4, ref5, ref6

  Gupta, Varun ref1

  Gupta, Vikas ref1, ref2, ref3

  Gurgaon ref1, ref2, ref3

  head-to-head contest ref1

  Healthkart ref1

  Helion Venture Partners ref1

  hierarchy ref1, ref2, ref3, ref4, ref5

  Hirachand, Walchand ref1

  hiring people ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15

  HolidayIQ ref1

  Homeshop ref1, ref2, ref3

  HTC ref1, ref2

  human ERP ref1, ref2, ref3

  Ibibo ref1, ref2

  Iconiq Capital ref1, ref2

  IDG Ventures ref1

  IIM-Bangalore ref1

  IIT Bombay ref1, ref2, ref3

  IIT Delhi ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15; graduates ref1, ref2, ref3; Jwalamukhi ref1, ref2, ref3, ref4, ref5; Shivalik hostel ref1, ref2, ref3

  IIT Delhi-mates ref1

  IIT Guwahati ref1

  IIT Kanpur ref1, ref2, ref3, ref4, ref5

  IIT Kharagpur ref1

  IIT-mates ref1, ref2, ref3

 

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