In 2007, Bansal buddies Sachin (29) and Binny (28) dug into their personal savings and put together Rs 4 lakh to start an online bookstore, which they called flipkart.com. They knew it was not a new idea and if they were not going to have a big differentiator, the venture carried a high risk of joining the ranks with failed dot.com start-ups that promised so much but delivered so little. Today the buzz is that the four year old company, a deep discount online market place for books and digital accessories, is close to selling a portion of its equity to a leading US-based private equity player that has valued the company at $1 billion (Rs 4,500 crore) or one-eighth of micro-blogging site twitter.com that has been valued at $8 billion (Rs 36,000 crore). Billion dollar valuations of Internet start-ups in India are no more empty theories but a reality. The Bansals, both graduates from IIT Delhi, but not related, realised early on that the quality of service was a key differentiator - a lesson they had learnt during their stint as engineers with global e-commerce giant, Amazon.com. Read Full : Just flippin' fabulous! - Hindustan Times
Monday, 1 August 2011
Just flippin' fabulous! - Hindustan Times
In 2007, Bansal buddies Sachin (29) and Binny (28) dug into their personal savings and put together Rs 4 lakh to start an online bookstore, which they called flipkart.com. They knew it was not a new idea and if they were not going to have a big differentiator, the venture carried a high risk of joining the ranks with failed dot.com start-ups that promised so much but delivered so little. Today the buzz is that the four year old company, a deep discount online market place for books and digital accessories, is close to selling a portion of its equity to a leading US-based private equity player that has valued the company at $1 billion (Rs 4,500 crore) or one-eighth of micro-blogging site twitter.com that has been valued at $8 billion (Rs 36,000 crore). Billion dollar valuations of Internet start-ups in India are no more empty theories but a reality. The Bansals, both graduates from IIT Delhi, but not related, realised early on that the quality of service was a key differentiator - a lesson they had learnt during their stint as engineers with global e-commerce giant, Amazon.com. Read Full : Just flippin' fabulous! - Hindustan Times