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Big Billion Startup: The Untold Flipkart Story
The definitive account of India’s biggest startup that redefined e-commerce, entrepreneurship and the way we shop and live.
IIT graduates Sachin Bansal and Binny Bansal founded out of a Bangalore apartment what would become India’s biggest e-commerce startup. Established in October 2007, Flipkart began as an online bookstore and soon came to be known for its ‘customer obsession’. As the startup’s reputation grew, so did its value, with venture capitalists in India and abroad lining up to invest heavily in the company that stood for bold ambition, unabashed consumerism and the virtues of technology.
Investigative journalist Mihir Dalal recounts the astounding story of how the Bansals built Flipkart into a multi-billion-dollar powerhouse in the span of a few years and made internet entrepreneurship a desirable occupation. But it is also a story of big money, power and hubris, as both business and interpersonal complexities weakened the founders’ control over their creation and forced them to sell out to a retailer whose dominance they had once dreamt of emulating. Flipkart’s auction involved some of the corporate world’s biggest names, from Jeff Bezos, Satya Nadella, Sundar Pichai to Masayoshi Son and Doug McMillon, an ironic testimony to the strength of what the Bansals had forged.
Based on extraordinary research, extensive interviews and deep access to key characters in the Flipkart story, Big Billion Startup is the riveting and revealing account of how Sachin and Binny Bansal built and sold India’s largest internet company.
IIT graduates Sachin Bansal and Binny Bansal founded out of a Bangalore apartment what would become India’s biggest e-commerce startup. Established in October 2007, Flipkart began as an online bookstore and soon came to be known for its ‘customer obsession’. As the startup’s reputation grew, so did its value, with venture capitalists in India and abroad lining up to invest heavily in the company that stood for bold ambition, unabashed consumerism and the virtues of technology.
Investigative journalist Mihir Dalal recounts the astounding story of how the Bansals built Flipkart into a multi-billion-dollar powerhouse in the span of a few years and made internet entrepreneurship a desirable occupation. But it is also a story of big money, power and hubris, as both business and interpersonal complexities weakened the founders’ control over their creation and forced them to sell out to a retailer whose dominance they had once dreamt of emulating. Flipkart’s auction involved some of the corporate world’s biggest names, from Jeff Bezos, Satya Nadella, Sundar Pichai to Masayoshi Son and Doug McMillon, an ironic testimony to the strength of what the Bansals had forged.
Based on extraordinary research, extensive interviews and deep access to key characters in the Flipkart story, Big Billion Startup is the riveting and revealing account of how Sachin and Binny Bansal built and sold India’s largest internet company.
320 pages, Hardcover
Published October 6, 2019
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1494 people want to read
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Displaying 1 - 30 of 154 reviews
October 12, 2019
Flipkart is a name we associate with Indian entrepreneurship and ingenuity. I still remember buying books from Flipkart in the early days when it was launched (in fact I was quite disappointed as in the later years books fell off from Flipkart’s priority). This book has very good background and details on the building of Flipkart.
Sachin Bansal & Binny Bansal, both from IIT Delhi firm up their plans to start an e-commerce venture when they were at Amazon India. Amazon India at that time was a technology back office for special initiatives. The description of the initial days of Flipkart where Sachin & Binny start by selling books online makes for fascinating reading. They would source the books from bookstores initially after an order was received. Customer satisfaction was a strong philosophy which the founders promoted, and Flipkart made a reputation for itself based on that with very little marketing effort.
The next phase of expansion needed funding and Flipkart was fortunate to get funding from Accel India initially and later Tiger Global. Lee Fixel from Tiger Global continued to very closely involved for long since the early times, additionally providing professional support as required. Sales leapfrogged on the back of good customer service, product expansion and new ideas. Flipkart also found ways to get around the government regulations around marketplaces by creating a new entity for logistics. Initiatives like Big Billion days, exclusive product launches (starting with Motorola with Moto G becoming a best seller) lead the way to high growth. There were also the misses such as attempting to go solely mobile app and shut down the website (a silly step I thought myself at that time), music download and entering too many categories too quickly. I get the impression Flipkart’s founders would have benefitted with mature senior counsel in many instances.
The power struggles between Sachin and Kalyan Krishnamurthy (a Lee nominee) becomes a distraction as well. The complications in the working relationships leads to most of the early employees of Flipkart exiting. The success story culminates in abrupt exits for the founders (both billionaires) for different reasons after Walmart takes over a majority stake.
The author, Mihir mentions that he was not able to speak to senior Flipkart executives for the book. While that is a drawback of sorts, the amount of background he provides in the book is surprisingly very extensive.
A very good read to understand the making of Flipkart.
Thanks to the author and publisher for providing me a free copy of the book in order to provide a review.
Sachin Bansal & Binny Bansal, both from IIT Delhi firm up their plans to start an e-commerce venture when they were at Amazon India. Amazon India at that time was a technology back office for special initiatives. The description of the initial days of Flipkart where Sachin & Binny start by selling books online makes for fascinating reading. They would source the books from bookstores initially after an order was received. Customer satisfaction was a strong philosophy which the founders promoted, and Flipkart made a reputation for itself based on that with very little marketing effort.
The next phase of expansion needed funding and Flipkart was fortunate to get funding from Accel India initially and later Tiger Global. Lee Fixel from Tiger Global continued to very closely involved for long since the early times, additionally providing professional support as required. Sales leapfrogged on the back of good customer service, product expansion and new ideas. Flipkart also found ways to get around the government regulations around marketplaces by creating a new entity for logistics. Initiatives like Big Billion days, exclusive product launches (starting with Motorola with Moto G becoming a best seller) lead the way to high growth. There were also the misses such as attempting to go solely mobile app and shut down the website (a silly step I thought myself at that time), music download and entering too many categories too quickly. I get the impression Flipkart’s founders would have benefitted with mature senior counsel in many instances.
The power struggles between Sachin and Kalyan Krishnamurthy (a Lee nominee) becomes a distraction as well. The complications in the working relationships leads to most of the early employees of Flipkart exiting. The success story culminates in abrupt exits for the founders (both billionaires) for different reasons after Walmart takes over a majority stake.
The author, Mihir mentions that he was not able to speak to senior Flipkart executives for the book. While that is a drawback of sorts, the amount of background he provides in the book is surprisingly very extensive.
A very good read to understand the making of Flipkart.
Thanks to the author and publisher for providing me a free copy of the book in order to provide a review.
December 3, 2019
As someone who spent 4 years at Flipkart, I was very excited to read this book and curious about what narrative the author would weave. As such, my review is a little biased. I will however, stay away from commenting on any of the story itself
Overall, I agree with other reviewers that this book is well researched and you can see the effort into this. The book definitely brings back memories of the work and internal stories we lived. Where I think the book falls short is that it devolves into the boardroom and upper management politics and drama. Although important narratives to give an understanding about what all happened, I do believe that this distracts from the work and ethos that helped Flipkart have a truly game-changing impact on the startup scene and India in general.
The politics
Pros -
- Deeply researched
- Some good human stories and characterizations
- Writing style does not come off as too judgemental
Cons -
- Around the middle of the book, the author shifts focus completely to just the politics and upper management drama
- The writing style is definitely engaging but not completely gripping
Overall, I agree with other reviewers that this book is well researched and you can see the effort into this. The book definitely brings back memories of the work and internal stories we lived. Where I think the book falls short is that it devolves into the boardroom and upper management politics and drama. Although important narratives to give an understanding about what all happened, I do believe that this distracts from the work and ethos that helped Flipkart have a truly game-changing impact on the startup scene and India in general.
The politics
Pros -
- Deeply researched
- Some good human stories and characterizations
- Writing style does not come off as too judgemental
Cons -
- Around the middle of the book, the author shifts focus completely to just the politics and upper management drama
- The writing style is definitely engaging but not completely gripping
January 23, 2020
Initially inspiring but later became oddly dejecting.
The book got off to a great start. I enjoyed reading about Sachin Bansal, the fact that he was super into e-sports in college created instant bonhomie. The initial chapters where the author describes what it really means to go study at an IIT and later work in Bangalore were extremely accurate. They instilled trust in me that he knows what he is talking about.
But soon, the book devolved into describing all the corporate politics that went on behind the scenes. Reading about these power struggles within the company got extremely tiring. If this what goes on at companies, ew? Fund-raising was another significant part of the book and it was only moderately interesting.
Flipkart's identity crisis between a technology company or versus a company where technology was subservient to sales and the constant flitting around was fun to read about.
The book put certain things in context for me. I get now why Amazon has better prices for books compared to Flipkart. I have a better understanding of the context behind Snapdeal going app-only.
The book only mentioned the people at the helm. The CEOs. The VPs. The Head of Departments and understandably so. Still, I found it interesting how CEOs end up being the people we refer to companies by. I especially enjoyed the under-current of Flipkart taking bets on people who were hungry to prove themselves. Reminded me that not everybody enjoys immediate professional success and for some, it can come a lot later.
I also discovered new found respect for copy-cat startups after reading this book.
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The book was largely a pleasant read. It was nice learning something about the Indian startup scene. It also reminded me that history is being made right this moment that will be written about 15 years later. Where were you when it was happening?
The book got off to a great start. I enjoyed reading about Sachin Bansal, the fact that he was super into e-sports in college created instant bonhomie. The initial chapters where the author describes what it really means to go study at an IIT and later work in Bangalore were extremely accurate. They instilled trust in me that he knows what he is talking about.
But soon, the book devolved into describing all the corporate politics that went on behind the scenes. Reading about these power struggles within the company got extremely tiring. If this what goes on at companies, ew? Fund-raising was another significant part of the book and it was only moderately interesting.
Flipkart's identity crisis between a technology company or versus a company where technology was subservient to sales and the constant flitting around was fun to read about.
The book put certain things in context for me. I get now why Amazon has better prices for books compared to Flipkart. I have a better understanding of the context behind Snapdeal going app-only.
The book only mentioned the people at the helm. The CEOs. The VPs. The Head of Departments and understandably so. Still, I found it interesting how CEOs end up being the people we refer to companies by. I especially enjoyed the under-current of Flipkart taking bets on people who were hungry to prove themselves. Reminded me that not everybody enjoys immediate professional success and for some, it can come a lot later.
I also discovered new found respect for copy-cat startups after reading this book.
---
The book was largely a pleasant read. It was nice learning something about the Indian startup scene. It also reminded me that history is being made right this moment that will be written about 15 years later. Where were you when it was happening?
November 25, 2019
This book gives us a complete insight into how flipkart developed from a startup to the big company.
This book is well detailed and informative. The author left no stone unturned and gave his best in making this book interesting.
I liked the writing style of the author. It's crisp and interesting keeping the reader hooked throughout. The narration of the book is up to the point.
It's a slow-paced book and a heavy read. Take your own time to understand the idea and you'll love it.
The author also added some dialogues and tried making it light for the reader. There's drama in the book too. Just wait and read.
The ups and downs in the company, the setbacks, the praises, the success, the failures everything are aptly described by the author.
It's one of the best read that you should not skip.
This book is well detailed and informative. The author left no stone unturned and gave his best in making this book interesting.
I liked the writing style of the author. It's crisp and interesting keeping the reader hooked throughout. The narration of the book is up to the point.
It's a slow-paced book and a heavy read. Take your own time to understand the idea and you'll love it.
The author also added some dialogues and tried making it light for the reader. There's drama in the book too. Just wait and read.
The ups and downs in the company, the setbacks, the praises, the success, the failures everything are aptly described by the author.
It's one of the best read that you should not skip.
January 24, 2021
This book is a lucid account of Flipkart's journey from inception to sale, told through the perspectives of three protagonists: founder Sachin Bansal, CFO turned CEO Kalyan Krishnamurthy, and the deity-like investor Lee Fixel. An ensemble cast of other characters flesh out the story.
Each character has their own personality, ambition and narrative arc, and the combination could have made a book as chaotic as the startup. Here, Mihir Dalal employs a unique literary device: Hindi dialogue. Characters face off regularly with outbursts in Hindi. Mihir lets us know that much of this really happened. Hindi is the vernacular of the cast, the language of home, friends and unguarded moments. When it appears in the book, it is used to show characters venting as they jostle for space, finding their points of alignment, or stumbling on their way out of the narrative (and Flipkart).
The use of this device reduces conspicuously as the loose ends and characters are shaken out and the narrative develops a clear arc: the transformation of Sachin Bansal from an audacious, visionary founder to an almost zombie-like antagonist. It is a testament to Mihir's care with the character treatment that we are simultaneously able to feel both admiration and revulsion.
Each character has their own personality, ambition and narrative arc, and the combination could have made a book as chaotic as the startup. Here, Mihir Dalal employs a unique literary device: Hindi dialogue. Characters face off regularly with outbursts in Hindi. Mihir lets us know that much of this really happened. Hindi is the vernacular of the cast, the language of home, friends and unguarded moments. When it appears in the book, it is used to show characters venting as they jostle for space, finding their points of alignment, or stumbling on their way out of the narrative (and Flipkart).
The use of this device reduces conspicuously as the loose ends and characters are shaken out and the narrative develops a clear arc: the transformation of Sachin Bansal from an audacious, visionary founder to an almost zombie-like antagonist. It is a testament to Mihir's care with the character treatment that we are simultaneously able to feel both admiration and revulsion.
May 3, 2021
Interesting to read about something happening right under our noses, fascinating story
April 17, 2020
A detailed well-written and meticulously researched story about the Indian e-commerce startup ecosystem and Flipkart in particular from the humble beginnings in NGV, Koramangala to eventual sale to the giant of Bentonville - Walmart. Some of the stories covered in the book are well known through media coverage of the Flipkart.
The book covers the ups and downs of running the startup, the investor-founder relationships and the Flipkart mafia (Flipkart founders who went on to build other companies) well. An interesting account for anyone curious about the early days of the Indian startup ecosystem, the heady days of anyone from IIT with a bright idea getting funding to the unavoidable eventual bust.
The book covers the ups and downs of running the startup, the investor-founder relationships and the Flipkart mafia (Flipkart founders who went on to build other companies) well. An interesting account for anyone curious about the early days of the Indian startup ecosystem, the heady days of anyone from IIT with a bright idea getting funding to the unavoidable eventual bust.
March 19, 2021
Story of rivals, story of power, story of Bansals!
Astonishing!
Astonishing!
May 23, 2023
A wonderful tale of dream, passion and perseverance of two young men who just wanted to bring about a change. So inspiring. A must read for all!
July 3, 2022
Fantastic history on the rise of Flipkart and eCommerce in India. Never knew the struggles and drama that happened right under our nose, here in Bangalore.
May 16, 2022
I didn't really enjoy the writing style for this book. As for the story, it's pretty interesting. I enjoyed the part of transitions going at senior management and entry of Mr Krishnamurthy into Flipkart. The initial story of Flipkart reminded me of Google and Facebook where initial players were present with higher variety of items on site and better funding than Flipkart. However, Flipkart was able to vastly improve customer experience and created mini monopoly in sale of books (Amazon had not entered India till then). This customer obsession and few random events led to rise of Flipkart as we see it today.
April 11, 2020
Mihir Dalal has done a fantastic job. This is an outstanding piece of journalism. The book provides you with a very detailed and highly readable account of Flipkart's- an e-commerce startup based in India-road to success. From it's initial days, when it was just an idea floating around in the minds of two Amazon employees, to the present, when it is competing with the e-commerce giant, Amazon India(even winning in some scenarios).
The book focuses heavily on the business part of the journey. Flipkart's success can be attributed to these three incidents:-
1- )$10 million investment by Tiger Global in it's starting days(Without tiger global, the would be no Flipkart)
2-) Entry of Kalyan Krishnamurthy in the board
3-) The exclusive rights to sell Moto G and the Xiaomi phones
The one thing I didn't like about the book was that there was no tech discussed in the book. Mihir gave a detailed account of the business part but not of the tech part. Like what technology they used, how did they design the UI or how did the scale.
Nonetheless, a great read.
The book focuses heavily on the business part of the journey. Flipkart's success can be attributed to these three incidents:-
1- )$10 million investment by Tiger Global in it's starting days(Without tiger global, the would be no Flipkart)
2-) Entry of Kalyan Krishnamurthy in the board
3-) The exclusive rights to sell Moto G and the Xiaomi phones
The one thing I didn't like about the book was that there was no tech discussed in the book. Mihir gave a detailed account of the business part but not of the tech part. Like what technology they used, how did they design the UI or how did the scale.
Nonetheless, a great read.
June 2, 2021
Going into this book, I expected Mihir Dalal to sing songs of praise about how two IITians built India's most valuable start-up. This is a trope that I've become accustomed to which has in turn made me stop reading books on large companies.
I'm glad that The Big Billion Start-up was nothing like this. Dalal's writing is snappy and fast paced, which serves as the perfect style to talk about such a riveting story. I never knew how fascinating the story of Flipkart really is and I blazed through this really quickly.
There were a lot of things I picked up from this book. One was just how much a start-up is at the mercy of its investors. Be it Flipkart, Snapdeal or any other Indian start-up mentioned in this book their inevitable downfall comes in when investors override the founders and try to maximise growth in revenues while disregarding other metrics.
The easiest example to quote in this book is Lee Fixel.Although Lee Fixel in Flipkart did a lot to ensure it's rapid growth, he was the one who put in Kalyan Krishnamurthy as CFO of Flipkart early on which inevitably led to the Bansal-Bansal fallout.
This book also helped dispel my internal bias that Flipkart is just an Indian "Amazon" copycat. Although the mantra of customer obsession and thinking big are staples of Amazon culture, Flipkart did a lot to pave the way for e-commerce in India. Flexible returns, multiple payment options & COD are genuinely genius moves during a time where the entire market struggled to find the winning formula.
This book also really humanises the founders. Sachin & Binny Bansal are shown as real and flawed characters which really helps the reader to resonate with them.
Inevitably, it's the clash of egos in the upper management that leads to Sachin's ousting. Although I knew building a start-up and achieving a high valuation was near impossible, I never knew that companies could lack direction and genuinely struggle post that. In my opinion , the downfall of the Bansals was primarily due to the clash of their visions with Krishnamurthy as to if Flipkart was an internet company or just an online retailer.
All in all, great book and I'd definitely recommend to anyone interested in reading about Flipkart or if someone is looking to jump back into reading about big businesses.
I'm glad that The Big Billion Start-up was nothing like this. Dalal's writing is snappy and fast paced, which serves as the perfect style to talk about such a riveting story. I never knew how fascinating the story of Flipkart really is and I blazed through this really quickly.
There were a lot of things I picked up from this book. One was just how much a start-up is at the mercy of its investors. Be it Flipkart, Snapdeal or any other Indian start-up mentioned in this book their inevitable downfall comes in when investors override the founders and try to maximise growth in revenues while disregarding other metrics.
The easiest example to quote in this book is Lee Fixel.Although Lee Fixel in Flipkart did a lot to ensure it's rapid growth, he was the one who put in Kalyan Krishnamurthy as CFO of Flipkart early on which inevitably led to the Bansal-Bansal fallout.
This book also helped dispel my internal bias that Flipkart is just an Indian "Amazon" copycat. Although the mantra of customer obsession and thinking big are staples of Amazon culture, Flipkart did a lot to pave the way for e-commerce in India. Flexible returns, multiple payment options & COD are genuinely genius moves during a time where the entire market struggled to find the winning formula.
This book also really humanises the founders. Sachin & Binny Bansal are shown as real and flawed characters which really helps the reader to resonate with them.
Inevitably, it's the clash of egos in the upper management that leads to Sachin's ousting. Although I knew building a start-up and achieving a high valuation was near impossible, I never knew that companies could lack direction and genuinely struggle post that. In my opinion , the downfall of the Bansals was primarily due to the clash of their visions with Krishnamurthy as to if Flipkart was an internet company or just an online retailer.
All in all, great book and I'd definitely recommend to anyone interested in reading about Flipkart or if someone is looking to jump back into reading about big businesses.
This entire review has been hidden because of spoilers.
April 25, 2022
This is easily one of the best books on Indian startup culture and history. Big Billion Startup by Mihir Dalal drops you directly into the Jwalamukhi hostel of IIT Delhi where the story of Flipkart starts. The book chronicles the initial days of Sachin Bansal and Binny Bansal (they're not brothers) working in their independent technology firms in Bangalore and how then a group of friends came together in Koramangala to bring about a revolution in the Indian entrepreneurship story.
.
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In this brilliantly researched books, we get an insider view of the challenges faced by the company in its nascent stage and how battling all odds it reached where it is today. The best part of the book is that the role of other early members has never been diminished. It's not a biography of the Bansals. Every single person who joined and made this a success story has been given their due in the book. The book covers the story of the highs and lows equally and gives brilliant insights into the struggles and celebrations of the multi billion dollar company. Given its a recent book, we get a complete picture of the story.
.
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Written in a very lucid language, it reads like a thriller where one cares about the characters deeply. One feels the pain and dread of losing one's coveted position as well as the ambition ubiquitous in such competitive environments. Coming from a similar background, I could relate to the players much more than a few others would but it's definitely a story we all should read and learn from. Sachin Bansal, could be a hero for some, a villain for others. But what he created in Flipkart was a game changer. A book worth reading not just if you're into entrepreneurship but also if you want to know how to tell a story objectively. A brilliant case study.
.
.
In this brilliantly researched books, we get an insider view of the challenges faced by the company in its nascent stage and how battling all odds it reached where it is today. The best part of the book is that the role of other early members has never been diminished. It's not a biography of the Bansals. Every single person who joined and made this a success story has been given their due in the book. The book covers the story of the highs and lows equally and gives brilliant insights into the struggles and celebrations of the multi billion dollar company. Given its a recent book, we get a complete picture of the story.
.
.
Written in a very lucid language, it reads like a thriller where one cares about the characters deeply. One feels the pain and dread of losing one's coveted position as well as the ambition ubiquitous in such competitive environments. Coming from a similar background, I could relate to the players much more than a few others would but it's definitely a story we all should read and learn from. Sachin Bansal, could be a hero for some, a villain for others. But what he created in Flipkart was a game changer. A book worth reading not just if you're into entrepreneurship but also if you want to know how to tell a story objectively. A brilliant case study.
May 16, 2021
An amazingly articulated book giving a good run down on milestones , numbers and the events that make Flipkart the brand today we all know off . To my surprise , author has managed to wrote this without any help from the top management . Having spent a decade and half in Kormangala myself and knowing many who have made a career in Flipkart it’s a good read to know the inside story along with the struggles which an entrepreneur has to go to make a successful startup. The sad part as in many cases where the child becomes no longer your child when investors get to make the changes based on what’s best for the company . Would highly recommend this as a good read for understanding India’s e-commerce growth in the last one decade .
December 3, 2022
This should properly my favorite genre. I have always enjoyed reading about the business stories and this book was no exception to it. The author has captured the journey of flipkart right from its beginning when the Bansals were in IIT to its current state (entry of Walmart). It kept me hooked till the very end. Only in somewhere in the middle, I felt the book had redundant style of writing where most of the part was introduction of new employees of flipkart, which I felt could have been handled in some other manner. However, overall, the book was a quick and an interesting read.
June 11, 2024
A seemingly honest account of the great Indian company whose entrepreneurial journey was imprinted on the collective imagination of millions of Indians.
Sachin and binny Bansal, two guys of same caste, born in the same city(Chandigarh), graduated from the same college( IIT Delhi), both worked in the same company(amazon) eventually founded flipkart. No, it's not a mere coincidence. Gladwell's outliers theory is indeed universal. Whether it's silicon valley or Bengaluru, Agrawal community or rice paddy fields, it applies everywhere. Although they may have never acknowledged it, a part of their success is attributed to the Agrawal community, a community known for its tactic business skills and risk taking abilities. As a testament to it, many of the modern day successful entrepreneurs are Agarwals. They all inherited their entrepreneurial prowess from their ancestors.
Amazon came to India in 2004, not to set up its empire, but to set up a sort of a research center which was given the task of creating a financial payment system and building a rival of the newly created search engine, google. But the India office had all the traits of amazon and subsequently, of Jeff Bezos. It preached obsession for customers, working long hours and being always open to new ideas. Little did Jeff knew that he(and of course other companies) was sprouting the seeds for a startup revolution in India.
The bansals came to the IIT delhi in early 2000's, at the time when the Indian economy was booming, with dozens of MNCs making their way into India. Both of them were simple guys learning computer science. Like every other typical engineering aspirant, they prepared for the prestigious IITs entrance for 2 years(3 in case of sachin) and made their way into the IITs. They had exceptional business skills but it never came to force until the founding of flipkart. What made them different was the occurrence of events that led to the founding of flipkart and the time in which they were born. The early IIT batches of the noughties created a dozen of successful companies flipakrt, zomato, ola to name a few.
The bansals joined amazon in 2006. By the time they came , the projects of the india office were beginning to loose grounds. Amazon had preached them the philosophy of customer obsession and work culture. After completing work, they would stay up late and discuss about the prospect of e commerce in India. This is what happens when a bunch of smart guys come together in a competitive environment with a distinct innovative culture and let serendipity do the rest of work. They left the company together to form flipkart. Initially, they faced many hurdles, the skepticism and criticism of their colleagues and friends, rejection by all the VCs in India, the third co founder leaving after few days, criticism by other early e-commerce startup founders and what not. But the bansals kept moving on, fueled with hope, resilience, perseverance and the promising potential of e -commerce in India. They somehow managed to get initial funding after some time from accel partners albeit with much less valuation. It was only after a few years later when they were noticed by lee fixel who was searching for promising companies in India. Finally, Their efforts paid off, with flipkart getting bigger and bigger, reaching one milestone after another in a span few of years.
They discovered their own abilities through trial and error. sachin was exceptional in execution and binny in implementation. The former served as the CEO and the latter as COO. however, as the company got bigger, so did it needs. After a few years the bansals were no longer able to manage it. The revenues kept increasing but the losses poured up rapidly. The company's investor Tiger global bought kalyan krishnamurthy, to serve as the interim CFO to solve it's financial problems. But that guy had his own vested interests. The coming of kalyan started a new era of power struggle at flipkart that would last until it's sale to the walmart. Sachin tried his best to convince the board of his leadership. He implemented new strategies, changed the entire structure of the company, set big revenues targets but failed to excecute any of these tactics, which only made flipart worse off. He was highly regarded by Bezos and masayoshi son, among others as a visonary entreprenuer. On the other hand, Kalyan was a simple finance guy with no grand visions, but he knew how to lead the company towards profitability and also how to manage people, the two most important trait that sachin lacked. Eventually, kalyan prevailed, so much so that sachin was fired from his very own company after refusing to step down as CEO.
The wheel of capitalism has a lot of gears behind it. But the motor is attached to only one gear, wealth. Free market capitalisms spurs innovation, creates revolution, changes the world, transforms lives. But these gears won't rotate, unless the motor is turned on. No matter how visionary you are, how many ideas you have, at the end of the day, if you can't satisfy the basic requirement of capitalism, the wheel will stop rotating. This, to me is the biggest lesson from these book.
Sachin and binny Bansal, two guys of same caste, born in the same city(Chandigarh), graduated from the same college( IIT Delhi), both worked in the same company(amazon) eventually founded flipkart. No, it's not a mere coincidence. Gladwell's outliers theory is indeed universal. Whether it's silicon valley or Bengaluru, Agrawal community or rice paddy fields, it applies everywhere. Although they may have never acknowledged it, a part of their success is attributed to the Agrawal community, a community known for its tactic business skills and risk taking abilities. As a testament to it, many of the modern day successful entrepreneurs are Agarwals. They all inherited their entrepreneurial prowess from their ancestors.
Amazon came to India in 2004, not to set up its empire, but to set up a sort of a research center which was given the task of creating a financial payment system and building a rival of the newly created search engine, google. But the India office had all the traits of amazon and subsequently, of Jeff Bezos. It preached obsession for customers, working long hours and being always open to new ideas. Little did Jeff knew that he(and of course other companies) was sprouting the seeds for a startup revolution in India.
The bansals came to the IIT delhi in early 2000's, at the time when the Indian economy was booming, with dozens of MNCs making their way into India. Both of them were simple guys learning computer science. Like every other typical engineering aspirant, they prepared for the prestigious IITs entrance for 2 years(3 in case of sachin) and made their way into the IITs. They had exceptional business skills but it never came to force until the founding of flipkart. What made them different was the occurrence of events that led to the founding of flipkart and the time in which they were born. The early IIT batches of the noughties created a dozen of successful companies flipakrt, zomato, ola to name a few.
The bansals joined amazon in 2006. By the time they came , the projects of the india office were beginning to loose grounds. Amazon had preached them the philosophy of customer obsession and work culture. After completing work, they would stay up late and discuss about the prospect of e commerce in India. This is what happens when a bunch of smart guys come together in a competitive environment with a distinct innovative culture and let serendipity do the rest of work. They left the company together to form flipkart. Initially, they faced many hurdles, the skepticism and criticism of their colleagues and friends, rejection by all the VCs in India, the third co founder leaving after few days, criticism by other early e-commerce startup founders and what not. But the bansals kept moving on, fueled with hope, resilience, perseverance and the promising potential of e -commerce in India. They somehow managed to get initial funding after some time from accel partners albeit with much less valuation. It was only after a few years later when they were noticed by lee fixel who was searching for promising companies in India. Finally, Their efforts paid off, with flipkart getting bigger and bigger, reaching one milestone after another in a span few of years.
They discovered their own abilities through trial and error. sachin was exceptional in execution and binny in implementation. The former served as the CEO and the latter as COO. however, as the company got bigger, so did it needs. After a few years the bansals were no longer able to manage it. The revenues kept increasing but the losses poured up rapidly. The company's investor Tiger global bought kalyan krishnamurthy, to serve as the interim CFO to solve it's financial problems. But that guy had his own vested interests. The coming of kalyan started a new era of power struggle at flipkart that would last until it's sale to the walmart. Sachin tried his best to convince the board of his leadership. He implemented new strategies, changed the entire structure of the company, set big revenues targets but failed to excecute any of these tactics, which only made flipart worse off. He was highly regarded by Bezos and masayoshi son, among others as a visonary entreprenuer. On the other hand, Kalyan was a simple finance guy with no grand visions, but he knew how to lead the company towards profitability and also how to manage people, the two most important trait that sachin lacked. Eventually, kalyan prevailed, so much so that sachin was fired from his very own company after refusing to step down as CEO.
The wheel of capitalism has a lot of gears behind it. But the motor is attached to only one gear, wealth. Free market capitalisms spurs innovation, creates revolution, changes the world, transforms lives. But these gears won't rotate, unless the motor is turned on. No matter how visionary you are, how many ideas you have, at the end of the day, if you can't satisfy the basic requirement of capitalism, the wheel will stop rotating. This, to me is the biggest lesson from these book.
July 19, 2020
Well written not only about the founders but also about all the people who played key role in Flipkart
June 28, 2020
Liked the way author has told all sides of story and not from someone's point of view. It showed highs and lows of all the characters. The book told how volatile the life was at flipkart, people were fired just a few months after they had been praised for their performance and had been promoted.
I have read 'Alibaba' by Duncan Clark, it was more about Jack Ma than Alibaba, this book was about all the people running flipkart. The setbacks the company faced have been given equal importance to its achievements.
I will say this was above the two other books I have read about startups: 'Alibaba' and 'Saying no to Jugaad'.
I have read 'Alibaba' by Duncan Clark, it was more about Jack Ma than Alibaba, this book was about all the people running flipkart. The setbacks the company faced have been given equal importance to its achievements.
I will say this was above the two other books I have read about startups: 'Alibaba' and 'Saying no to Jugaad'.
December 2, 2022
An exciting tale of one of India's very own Internet Technology company.
Mihir Dalal narrates engagingly, and brings the characters in Flipkart's long & arduous business journey to life. What Flipkart has achieved is no mean feat, and the author's methodology in presenting this book is (funnily) very Indian - pace, drama, heroes, villains, money.
It is the kind of book that's great in the audio format - I listened to it on Audible.
Mihir Dalal narrates engagingly, and brings the characters in Flipkart's long & arduous business journey to life. What Flipkart has achieved is no mean feat, and the author's methodology in presenting this book is (funnily) very Indian - pace, drama, heroes, villains, money.
It is the kind of book that's great in the audio format - I listened to it on Audible.
November 1, 2019
Castles aren't built overnight. This is a popular saying which most of us know. What we may not know is how those castles were built. This is the theme of this extra ordinary book which is the first hand account of how the Bansals who hails from the powerful Baniya business community went to built one of the largest eCommerce companies in India, SORRY - World.
The book runs for 272 pages with 24 chapters. Each and every chapter is distinct in itself. Mihir Dalal who is an investigative journalist has brought in his expertise which reflects in each and every word that was used in this book which would take each and every reader on the upward journey of Bansals.
Many f us knew by now that Bansals who went to build various brands - be it Sachin, Binny, Mukesh weren't related with each other but their passion to build a brand ran deep into their veins which brought out some of the most successful start-ups in the recent times. Some of these even breached the status of Unicorn. These brands made India proud in the international arena as it turned the focus from the ever famous "Silicon Valley" to the Indian hub, particularly to Bengaluru. This is what has made even the biggies like Amazon and WalMart to set up their shops in India.
WalMart picking up a majority stake in Flipkart did not happen all of a sudden. Lot f sweat had gone into it since building Flipkart by Bansals was as good as Jeff Bezos himself who took had a humble beginning of selling books, initially. Not all the stuffs which gets copied or replicated becomes successful but Flipkart was an exception. Sachin and Binny who came from different background, was destined to meet in their college and their association continued even in Amazon. How and why they came out of such a big brand was a different story altogether.
Though I thought I knew most about the Flipkart story being one of the early patrons of the brand and have made few hundreds of transactions till date, when I read this book, I understood that what I knew about one of the most inspiring brands is not even 1%
I would surely recommend this book. If you are an aspiring entrepreneur, this is the book you need to pick because you don't need an inspiration from a foreigner when you have an equivalent source/story that was groomed in our Motherland!!
The book runs for 272 pages with 24 chapters. Each and every chapter is distinct in itself. Mihir Dalal who is an investigative journalist has brought in his expertise which reflects in each and every word that was used in this book which would take each and every reader on the upward journey of Bansals.
Many f us knew by now that Bansals who went to build various brands - be it Sachin, Binny, Mukesh weren't related with each other but their passion to build a brand ran deep into their veins which brought out some of the most successful start-ups in the recent times. Some of these even breached the status of Unicorn. These brands made India proud in the international arena as it turned the focus from the ever famous "Silicon Valley" to the Indian hub, particularly to Bengaluru. This is what has made even the biggies like Amazon and WalMart to set up their shops in India.
WalMart picking up a majority stake in Flipkart did not happen all of a sudden. Lot f sweat had gone into it since building Flipkart by Bansals was as good as Jeff Bezos himself who took had a humble beginning of selling books, initially. Not all the stuffs which gets copied or replicated becomes successful but Flipkart was an exception. Sachin and Binny who came from different background, was destined to meet in their college and their association continued even in Amazon. How and why they came out of such a big brand was a different story altogether.
Though I thought I knew most about the Flipkart story being one of the early patrons of the brand and have made few hundreds of transactions till date, when I read this book, I understood that what I knew about one of the most inspiring brands is not even 1%
I would surely recommend this book. If you are an aspiring entrepreneur, this is the book you need to pick because you don't need an inspiration from a foreigner when you have an equivalent source/story that was groomed in our Motherland!!
May 20, 2024
Most Indians are familiar with the broader strokes of the Flipkart narrative—a startup born from the dreams of two techies, the relentless battle against Amazon, regulatory hurdles, and the fairy-tale finale: a $16 billion acquisition by Walmart.
Mihir Dalal's "Big Billion Startup" delves deep into the setbacks, miraculous escapes from near-death, and the revolving door of characters who have graced (and left) the company since its inception in 2007. With rich details on the founders' personalities, the book offers invaluable lessons for aspiring entrepreneurs.
Among the many captivating anecdotes from the book, a few stand out:
Bangalore emerged as a tech hub during the early 2000s, attracting giants like Infosys and Amazon. Amazon's failed attempt to establish its India operations underscored the city's allure for budding entrepreneurs.
Sachin Bansal and Binny Bansal nearly welcomed a third co-founder, Varun Sharma, whose entry was thwarted by parental pressure.
In the early days, When the Bansals were out of options to find funding for their startup, Vishal Mehta, the founder of Infibeam, had offered less than 5% in exchange for all of Flipkart. Agreeing to even this, they had to deny the offer when he offered to pay a mere Rs. 15000 monthly salary to Bansals. If it were sold, we wouldn't have Flipkart as we know of today!
Anil Kumar, Binny's IIT batchmate and the founder of Redseer Consultancy, initially dismissed Flipkart's potential. However, more than 2 years later, when he’d introduce himself in a conversation, he would draw a familiar response of “Accha, toh aap Binny ke batch se ho?” - (I laughed at this full circle moment - Haha!)
Unlikely Hires, Integral Contributions: The unconventional hiring of individuals like Tapas Rudrapatna (an unlikely startup employee- who had tattoos all over his body, worked in a shack in Goa, played as a clown in Circus acts, etc.- Mihir did a great job in describing the characters of the story here) and Sujeet Kumar, whose diverse backgrounds belied their pivotal roles.
Lee Fixel, the executive from Tiger Global was once thought - reached out to the customer service center of Flipkart and requested that he wanted to speak to Bansals, but he was thought to be a prankster. Only after his 3-4 attempts did the Bansals decide to take it seriously. I think he is the main hero of the story - his funds, his trust in Bansals, and then later his faith in Kalyan Krishnamurthy (now CEO of Flipkart), his ousting Sachin Bansal (and thereby losing a friend forever). He was the real phantom of Flipkart's opera. Nearly every important decision needed his blessing
Founders' Ambition: Sachin Bansal's audacious goal of achieving $1 billion in sales within four years, despite meager initial revenues (a mere Rs 44 crores that year), epitomizes the founders' unwavering ambition and belief in Flipkart's potential. - “You can only achieve what you dream of.”
Office Politics and Restructuring: The internal power struggles and frequent hierarchical restructurings within Flipkart reflect the intense political dynamics characteristic of start-up environments.
Flipkart also pioneered cash-on-delivery at the right time since the online payment ecosystem in India was broken. To maintain high service standards, it decided to hold inventory and in 2011, introduced a returns policy. - Continuous Innovation is the key
Flipkart managed to avoid the trap since early on, the Bansals hired bright young people and empowered them. Those who performed were awarded promotions, hikes, and stock options. This culture of meritocracy turned Flipkart into a magnet for talent.
Sachin Bansal’s ask of $1 Bn from Amazon - Bansals had decided to ask for an outlandish valuation to which Amazon would never agree
During 2013, Flipkart became the monster in India’s tiny startup ecosystem with a valuation soaring at $1bn while the second one behind was Redbus at $135mn, only a tenth of Flipkart’s valuation.
Flipkart's successful execution of exclusive partnerships with phone brands like Motorola and Xiaomi.
Big Billion Day sales - The book captures the behind-the-scenes of what it took to pull off Big Billion Day Sales. The episodes of tough competition between Flipkart’s Big Billion Sales and Amazon's Great Indian Festival sales during 2016. ( As a matter of Flipkart emerged as a clear winner)
Flipkart 3.0 vision: Ditching the Desktop version of Myntra and going Mobile app only! — And they were also planning to let go of the desktop site of Flipkart.
Binny had immense trust on Sachin. While Sachin was making the decision to go mobile-only, burning key people with ego, letting people go, and also going against the company in the last 1 year, Binny trusted him and framed strategies to implement his plan.
The whole behind-the-scenes for Walmart’s acquisition of Flipkart, which involved bids from key market players like Alibaba, Walmart, Amazon, SoftBank, Google, Microsoft, etc. It was finally sold to Walmart for a 72% stake at a valuation of $21bn - One of the largest-ever acquisitions in India. Also, Sachin’s ousting from the entire deal was interesting to read (It sounded very similar to the end of the WeWork story)
In conclusion, "Big Billion Startup" offers a compelling insight into Flipkart's rise, triumphs, tribulations, and the indomitable spirit of its founders. Overall a very good and interesting read!
Mihir Dalal's "Big Billion Startup" delves deep into the setbacks, miraculous escapes from near-death, and the revolving door of characters who have graced (and left) the company since its inception in 2007. With rich details on the founders' personalities, the book offers invaluable lessons for aspiring entrepreneurs.
Among the many captivating anecdotes from the book, a few stand out:
Bangalore emerged as a tech hub during the early 2000s, attracting giants like Infosys and Amazon. Amazon's failed attempt to establish its India operations underscored the city's allure for budding entrepreneurs.
Sachin Bansal and Binny Bansal nearly welcomed a third co-founder, Varun Sharma, whose entry was thwarted by parental pressure.
In the early days, When the Bansals were out of options to find funding for their startup, Vishal Mehta, the founder of Infibeam, had offered less than 5% in exchange for all of Flipkart. Agreeing to even this, they had to deny the offer when he offered to pay a mere Rs. 15000 monthly salary to Bansals. If it were sold, we wouldn't have Flipkart as we know of today!
Anil Kumar, Binny's IIT batchmate and the founder of Redseer Consultancy, initially dismissed Flipkart's potential. However, more than 2 years later, when he’d introduce himself in a conversation, he would draw a familiar response of “Accha, toh aap Binny ke batch se ho?” - (I laughed at this full circle moment - Haha!)
Unlikely Hires, Integral Contributions: The unconventional hiring of individuals like Tapas Rudrapatna (an unlikely startup employee- who had tattoos all over his body, worked in a shack in Goa, played as a clown in Circus acts, etc.- Mihir did a great job in describing the characters of the story here) and Sujeet Kumar, whose diverse backgrounds belied their pivotal roles.
Lee Fixel, the executive from Tiger Global was once thought - reached out to the customer service center of Flipkart and requested that he wanted to speak to Bansals, but he was thought to be a prankster. Only after his 3-4 attempts did the Bansals decide to take it seriously. I think he is the main hero of the story - his funds, his trust in Bansals, and then later his faith in Kalyan Krishnamurthy (now CEO of Flipkart), his ousting Sachin Bansal (and thereby losing a friend forever). He was the real phantom of Flipkart's opera. Nearly every important decision needed his blessing
Founders' Ambition: Sachin Bansal's audacious goal of achieving $1 billion in sales within four years, despite meager initial revenues (a mere Rs 44 crores that year), epitomizes the founders' unwavering ambition and belief in Flipkart's potential. - “You can only achieve what you dream of.”
Office Politics and Restructuring: The internal power struggles and frequent hierarchical restructurings within Flipkart reflect the intense political dynamics characteristic of start-up environments.
Flipkart also pioneered cash-on-delivery at the right time since the online payment ecosystem in India was broken. To maintain high service standards, it decided to hold inventory and in 2011, introduced a returns policy. - Continuous Innovation is the key
Flipkart managed to avoid the trap since early on, the Bansals hired bright young people and empowered them. Those who performed were awarded promotions, hikes, and stock options. This culture of meritocracy turned Flipkart into a magnet for talent.
Sachin Bansal’s ask of $1 Bn from Amazon - Bansals had decided to ask for an outlandish valuation to which Amazon would never agree
During 2013, Flipkart became the monster in India’s tiny startup ecosystem with a valuation soaring at $1bn while the second one behind was Redbus at $135mn, only a tenth of Flipkart’s valuation.
Flipkart's successful execution of exclusive partnerships with phone brands like Motorola and Xiaomi.
Big Billion Day sales - The book captures the behind-the-scenes of what it took to pull off Big Billion Day Sales. The episodes of tough competition between Flipkart’s Big Billion Sales and Amazon's Great Indian Festival sales during 2016. ( As a matter of Flipkart emerged as a clear winner)
Flipkart 3.0 vision: Ditching the Desktop version of Myntra and going Mobile app only! — And they were also planning to let go of the desktop site of Flipkart.
Binny had immense trust on Sachin. While Sachin was making the decision to go mobile-only, burning key people with ego, letting people go, and also going against the company in the last 1 year, Binny trusted him and framed strategies to implement his plan.
The whole behind-the-scenes for Walmart’s acquisition of Flipkart, which involved bids from key market players like Alibaba, Walmart, Amazon, SoftBank, Google, Microsoft, etc. It was finally sold to Walmart for a 72% stake at a valuation of $21bn - One of the largest-ever acquisitions in India. Also, Sachin’s ousting from the entire deal was interesting to read (It sounded very similar to the end of the WeWork story)
In conclusion, "Big Billion Startup" offers a compelling insight into Flipkart's rise, triumphs, tribulations, and the indomitable spirit of its founders. Overall a very good and interesting read!
December 10, 2022
Amazing book to understand how entrepreneurship in the area of e-commerce was perceived in the pre-smartphone era. I was impressed with the stories behind angel investors especially the critical decisions taken by Lee Fixel (the only man who believed in Bansals’ vision). Last few lines post Sachin’s exit can make a reader very emotional.
April 2, 2022
Could have easily made this book into two parts!
Lot of drama; twists and turns; superbly depicts the Flipkart Saga.
Hope Sachin can fulfil his goal of building a top notch technology company with Navi.
Lot of drama; twists and turns; superbly depicts the Flipkart Saga.
Hope Sachin can fulfil his goal of building a top notch technology company with Navi.
October 26, 2022
5 stars for the story, 3.5 stars for the writing.
Suffice to say that there have been many lifetimes compressed into the relatively few years that Flipkart has been around.
Suffice to say that there have been many lifetimes compressed into the relatively few years that Flipkart has been around.
November 10, 2021
There are very few business books in the Indian context and much fewer on Indian businesses. This book, Big Billion Startup by Mihir Dalal is so fresh and a welcome one in that aspect. True to his title as an investigative journalist, Mihir has gone deep into various aspects that played out in the Flipkart story, right from the genesis to the exit of Bansals.
To a large extent, this book resembles a thriller, and the narrative is gripping. Mihir has done a great job in covering many of the important characters in the Flipkart journey – the Bansals, Lee Fixel of Tiger Global, Kalyan Krishnamoorthy and many others.
After reading the book, I realised the Flipkart story is almost the story of one Bansal, Sachin Bansal. Sachin’s dream to build the $ 100 billion startup, the war between him and Kalyan, his relationship with Tiger’s Lee at the start, then Softbank’s Son and finally Walmart’s Doug McMillon etc are something to remember for me.
What Infosys did in the 1990s, Flipkart did it in its own way in the early 2000s. I believe, a lot of bad press has happened for Sachin in this book, and to some extent, Kalyan is left unscathed. I see Sachin and Kalyan as poles apart but it’s hard to believe that the author was soft on Kalyan’s role and his behaviour.
I especially like the last few chapters in the run-up to the Flipkart sale to Walmart. Only Sachin kind of personality can approach Jeff Bezos directly (his arch-rival and the big man of his previous employer) and can ask him to buy Flipkart at the same time retain Flipkart as an independent entity. A true visionary he is!
Thanks to Mihir for writing this book and for the effort that went into researching to make it so detailed. A must-read for anyone building a startup and more so if they are from India.
To a large extent, this book resembles a thriller, and the narrative is gripping. Mihir has done a great job in covering many of the important characters in the Flipkart journey – the Bansals, Lee Fixel of Tiger Global, Kalyan Krishnamoorthy and many others.
After reading the book, I realised the Flipkart story is almost the story of one Bansal, Sachin Bansal. Sachin’s dream to build the $ 100 billion startup, the war between him and Kalyan, his relationship with Tiger’s Lee at the start, then Softbank’s Son and finally Walmart’s Doug McMillon etc are something to remember for me.
What Infosys did in the 1990s, Flipkart did it in its own way in the early 2000s. I believe, a lot of bad press has happened for Sachin in this book, and to some extent, Kalyan is left unscathed. I see Sachin and Kalyan as poles apart but it’s hard to believe that the author was soft on Kalyan’s role and his behaviour.
I especially like the last few chapters in the run-up to the Flipkart sale to Walmart. Only Sachin kind of personality can approach Jeff Bezos directly (his arch-rival and the big man of his previous employer) and can ask him to buy Flipkart at the same time retain Flipkart as an independent entity. A true visionary he is!
Thanks to Mihir for writing this book and for the effort that went into researching to make it so detailed. A must-read for anyone building a startup and more so if they are from India.
December 1, 2024
It is so rare to find a compelling book written by an Indian author on a Indian business that provides insights not available in public. Towards the end, I realised that it is Mihir's first ever book. And boy its a damn good one. From the moment I started reading it, I simply could not put it down.
I never really followed the Flipkart story when it a buzzing startup in the 2010. What piqued my interest in this book was learning about the toxicity at Navi(Sachins latest startup). After reading this book, I understand that Sachin has incorporated the Navi culture from his flipkart days
1. Sachin was very obsessed with tech at Flipkart. He wants to adopt the same at Navi
2. The macho style of working, fickle moods and the hot headedness when things do not click. What did work at Flipkart certainly wont work at Navi.
3. The poor interpersonal skills of Sachin. Not going along well with Kalyan. Flipkart was largely owned by outside funds. In his 2nd innings, Sachin has invested most of his wealth in Navi. So that he wont be at the mercy of others. Unlike Flipkart where he was kicked out as CEO even though he was the founder.
4. For the nerds, gaming freaks, that they can make it big even if they are reclusive and may not have the right interpersonal skills. The big picture belief to take on a giant like Amazon from a small place in Bangalore.
No doubt hard work plays its part, but the Bansal brothers being at the right place at the right time did help their cause of making Flipkart this big. Overall, this book reminds me of Cold Steel, another book that comes across as a riveting business book.
I never really followed the Flipkart story when it a buzzing startup in the 2010. What piqued my interest in this book was learning about the toxicity at Navi(Sachins latest startup). After reading this book, I understand that Sachin has incorporated the Navi culture from his flipkart days
1. Sachin was very obsessed with tech at Flipkart. He wants to adopt the same at Navi
2. The macho style of working, fickle moods and the hot headedness when things do not click. What did work at Flipkart certainly wont work at Navi.
3. The poor interpersonal skills of Sachin. Not going along well with Kalyan. Flipkart was largely owned by outside funds. In his 2nd innings, Sachin has invested most of his wealth in Navi. So that he wont be at the mercy of others. Unlike Flipkart where he was kicked out as CEO even though he was the founder.
4. For the nerds, gaming freaks, that they can make it big even if they are reclusive and may not have the right interpersonal skills. The big picture belief to take on a giant like Amazon from a small place in Bangalore.
No doubt hard work plays its part, but the Bansal brothers being at the right place at the right time did help their cause of making Flipkart this big. Overall, this book reminds me of Cold Steel, another book that comes across as a riveting business book.
March 28, 2021
This is one of the best books on the Indian startup ecosystem, which took India and the world by storm from 2010 till date. The book chronicles the journey of Flipkart from inception till its sale to Walmart. The book provides insider views, politics, turmoil, success, grit, innovation of the founders and various other leaders who contributed immensely to its success. This book also provides a glimpse into the startup ecosystem. Starting from the finance lords (venture capitals), other rivals (like Amazon, Snapdeal), large corporates and governmental policies.
The book is written in simple yet powerful language. The book claims to provide saucy details of the internal politics of the organisation - from an obscure book selling platform to becoming one the largest success stories in global startup ecosystem. It talks about how high profile executives were hired with a lot of fanfare and then fired unceremoniously. It also highlights the greed of founders and investors who has little regard for the employees/society and are interested only to create shareholder/personal wealth.
This is a must-read book for all startup founders, employees and corporate employees who wants to take the plunge in startups. The world of a startup seems very romantic - but it is a place with failures, hard work, greed, uncertainty and rare success. Very few startups want to solve real societal problems. They are interested in and designed for creating shareholder wealth.
The book is written in simple yet powerful language. The book claims to provide saucy details of the internal politics of the organisation - from an obscure book selling platform to becoming one the largest success stories in global startup ecosystem. It talks about how high profile executives were hired with a lot of fanfare and then fired unceremoniously. It also highlights the greed of founders and investors who has little regard for the employees/society and are interested only to create shareholder/personal wealth.
This is a must-read book for all startup founders, employees and corporate employees who wants to take the plunge in startups. The world of a startup seems very romantic - but it is a place with failures, hard work, greed, uncertainty and rare success. Very few startups want to solve real societal problems. They are interested in and designed for creating shareholder wealth.
July 13, 2025
The volatility in the retail sector (both e-commerce and traditional) led me from Kishore of Future to Sachin and Binny of Flipkart. These two giants of the retail industry played quite interesting roles over the past two decades. However, currently, the outcomes for both businesses aren't great: Future went bankrupt, and Flipkart was acquired by Walmart.
The "cash burn" war in India among Amazon, Flipkart (backed by Tiger Global), and Snapdeal (backed by SoftBank) was quite fascinating. Flipkart tried to copy Amazon by starting with books as its strategic product, then tried to adopt Alibaba's "marketplace" model to capture more market share in India. But the results of both strategies didn't go far. Books provided a good start but became a burden in the long run as foreign players gradually expanded copyright mechanisms in India. The "marketplace" model in India couldn't achieve outstanding success like Alibaba in China either (more research needed on why), but it fundamentally broadened perspectives.
The crazy boom after the success of startups in China led to equally crazy expectations for startups in India. But the results, unfortunately, weren't as promising as in China. This is also an interesting point to ponder further. Why have Chinese businesses risen so strongly, while India, with a similar population structure, hasn't yet? Institutional reasons? Cultural reasons? Human reasons? Probably many factors; more research is needed.
The "cash burn" war in India among Amazon, Flipkart (backed by Tiger Global), and Snapdeal (backed by SoftBank) was quite fascinating. Flipkart tried to copy Amazon by starting with books as its strategic product, then tried to adopt Alibaba's "marketplace" model to capture more market share in India. But the results of both strategies didn't go far. Books provided a good start but became a burden in the long run as foreign players gradually expanded copyright mechanisms in India. The "marketplace" model in India couldn't achieve outstanding success like Alibaba in China either (more research needed on why), but it fundamentally broadened perspectives.
The crazy boom after the success of startups in China led to equally crazy expectations for startups in India. But the results, unfortunately, weren't as promising as in China. This is also an interesting point to ponder further. Why have Chinese businesses risen so strongly, while India, with a similar population structure, hasn't yet? Institutional reasons? Cultural reasons? Human reasons? Probably many factors; more research is needed.
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