Flipkart Flipkart Flipkart Pvt Ltd. is an Indian electronic commerce company based in Bengaluru, India. Founded by Sachin Bansal and Binny Bansal in 2007, the company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products. The service competes primarily with Amazon's Indian subsidiary, and the domestic rival Snapdeal. , Flipkart held a 39.5% market share of India's e-commerce industry. Flipkart is significantly dominant in the sale of apparel (a position that was bolstered by its acquisitions of Myntra and Jabong.com), and was described as being "neck and neck" with Amazon in
Flipkart to making purchases online. Flipkart projects its sales to reach by year 2014. On average, Flipkart sells nearly 10 products per minute and is aiming at generating a revenue of by 2015. On November 2012, the Enforcement Directorate began investigating Flipkart for alleged violations of foreign direct investment regulations of the Foreign Exchange Management Act, 1999. Flipkart reported a loss of for the FY 2012–13. In July 2013, Flipkart raised $160 million from private equity investors. In October 2013, it was reported that Flipkart had raised an additional US$160 million from new investors Dragoneer Investment Group, Morgan Stanley Wealth Management,