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Harpreet
Bansal
CSI-3rd year
09119020
Raised 2 rounds of funding from Accel India and Tiger global management.
Revenue Generated:
Rupees(in crores)
Fiscal Year
2008-09
20
2009-10
75
2010-11
5000
By 2015(expected)
Currently has 11+ million titles of books and sells ~20 items per minute.
Other items include electronics, mobiles, Music, Games etc.
Ranks in top 30 websites in India-based on traffic rankings-8,000,000 visits
every month and own delivery network in 27 cities.
BIOGRAPHY:
They even went to same schools. But came to know each other at IIT-Delhi.
Graduated in 2005 and both started working in Amazon in 2006.Sachin and
Binny stayed at bangalore as roommates. They worked at Amazon till 2007
Working for Amazon for 2 years made them bored as they didnt learn new
things there. Thought of creating something on their own and for betterment
of society.
Started to create comparison shopping website, but found there was none.
Started selling books- no damages, no touch & feel, people can trust them
for 100/- or bit more, better margins etc.
They knew that the current FDI regulations do not permit any foreign
company to set up a majority owned Indian subsidiary to sell goods in India.
HISTORY
Only two rivals- IndiaMart and RediffBooks -they sold a wide variety of
products, but quality and logistics was not up to the mark.
Currently follows a mix of consignment and warehouse model.
Discoverability: They played well with the SEO thing. EgYahoo News
CoD
Inventory
Delivery standards
Getting the business model right was very difficult and the
model needs to be changed based on experience.
Passionate: Both the entrepreneurs were not satisfied with their jobs and
tried to create something of their own inspite of high salaries offered.
Hard working: Operated the company from a 2BHK flat for 3 months.
Gave their personal mobile numbers on website to address to customers
queries.
Risk Taker: Left their jobs for starting their own venture. Faced losses
sometimes in order to provide better facility to customer.
Thinking Big: Amazon recently tried to buy Flipkart, but the offer was
refused by them.
Opportunity Seeker:When they saw that there are no e-commerce websites
in India and the potential is huge, they created their own.
Patience:After starting the company, they did not get even a single order for
months, still they did not lose hope.
RECENT AQUISITIONS:
things are not going your way. Perseverance and hard work is very important.
The core of any business is to earn money. You have not done your job well
until you find a stranger who is willing to open his/her wallet to give you
money for the services/products that you a offering. The next step after that
is to focus on scaling it up well."
Thank You..