Flipkart's Bansal aims at India online retailing
TAKAFUMI HOTTA, Nikkei staff writer
MUMBAI, India -- If you asked people in India to name an entrepreneur who has recently found success, many would choose Sachin Bansal, CEO of online retailer Flipkart. In just six years, the 32-year-old Bansal has created a customer base of 10 million people and become a leading player in the industry.
Bansal studied computer science at the Indian Institute of Technology -- widely considered to be India's best -- and took a job at Amazon.com's India unit. A year later, he founded Flipkart with a friend. The company adopted a cash-on-delivery payment method to get around problems with the country's financial infrastructure. The move helped Flipkart become a leader in India's vibrant online retail market.
The industry is still developing, said Bansal, adding that Flipkart would continue to invest in its own growth. The company raised $360 million in 2013 and must now show it can make good use of its cash. In late December, Flipkart began offering next-day deliveries in major cities. All eyes are now focused on how the company will respond as the competition heats up.