Flipkart is the second largest online marketplace in India, with 167 million visits per month. It owns the Myntra marketplace, and Walmart owns the company.
Flipkart was founded in 2007 by two Indian entrepreneurs and former Amazon employees Sachin Bansal and Binny Bansal. Like Amazon, the company initially focused on selling books and later expanded to sell a wide range of goods.
In 2014, Flipkart acquired the marketplace Myntra. Then in 2017, eBay partnered with Flipkart, licensing the eBay brand and investing $500 million in the company. In 2018, Walmart acquired Flipkart for $15 billion as a result of its fight with Amazon, and eBay ended its partnership with Flipkart shortly thereafter.
Flipkart developed a number of home brands, including MarQ for large appliances and SmartBuy for a wide range of electronics, tools and home goods. These are currently being sold by third-party companies, including RetailNet, TBL Online and OmniTechRetail. Because of Walmart's ownership, Flipkart is subject to the same foreign investment rules as Amazon and cannot retail on its own.
While Walmart is increasingly gaining market share for online sales in the U.S., only in India are Amazon and Walmart, through Flipkart, really competing with each other.
As with Amazon, only Indian individuals and companies can sell goods on Flipkart. Manufacturers and brands from outside India will have to sell wholesale to local Indian companies.
read more here*
Flipkart was founded in 2007 by two Indian entrepreneurs and former Amazon employees Sachin Bansal and Binny Bansal. Like Amazon, the company initially focused on selling books and later expanded to sell a wide range of goods.
In 2014, Flipkart acquired the marketplace Myntra. Then in 2017, eBay partnered with Flipkart, licensing the eBay brand and investing $500 million in the company. In 2018, Walmart acquired Flipkart for $15 billion as a result of its fight with Amazon, and eBay ended its partnership with Flipkart shortly thereafter.
Flipkart developed a number of home brands, including MarQ for large appliances and SmartBuy for a wide range of electronics, tools and home goods. These are currently being sold by third-party companies, including RetailNet, TBL Online and OmniTechRetail. Because of Walmart's ownership, Flipkart is subject to the same foreign investment rules as Amazon and cannot retail on its own.
While Walmart is increasingly gaining market share for online sales in the U.S., only in India are Amazon and Walmart, through Flipkart, really competing with each other.
As with Amazon, only Indian individuals and companies can sell goods on Flipkart. Manufacturers and brands from outside India will have to sell wholesale to local Indian companies.
read more here*