At least 140 tech startups can trace their roots to Flipkart

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Hello readers,

As a recent graduate, I sometimes think about the years of education it took to get to this point in my life. In doing so, I have realized that I was part of an extremely fortunate bunch of people. Not because I went to the best-performing schools (I didn’t), but because the environment that my mentors created helped me take risks safely and learn independently.

Today’s story takes a look at how ecommerce major Flipkart has done the same for its ex-workers – with tremendous success. The company has made an invaluable contribution to the startup landscape in India, with its former employees having founded at least 140 active tech startups.

This intertwining network of founders, friends, and funding has since been responsible for the likes of Udaan, a business-to-business trade platform, and PhonePe, the most downloaded fintech app in India.

Today, we look at:

• Flipkart’s extensive network of startup founders
• A funding boost for a Vietnam-based ecommerce startup that works with the likes of 3M and Heineken
• Other newsy highlights such as Indian startup CarDekho joining the unicorn club and Hong Kong-based Pickupp’s latest US$5 million fundraising round.

PREMIUM SUMMARY

The west had Paypal, India has Flipkart

Flipkart had humble beginnings as an ecommerce platform that sold books in 2007. But with a healthy work culture that fostered innovation and risk-taking, the company has since grown into a powerhouse. The US$16 billion it got in exchange for selling a 77% stake to Walmart is the biggest exit for an Indian tech company to date.

• Spreading roots: Tech in Asia’s research has found that ex-Flipkart employees have founded over 140 tech startups. Other media reports peg that number at over 200. Aside from this, funding for 49 startups has also been linked to either Flipkart itself or its current and former employees.
• A garden for talent: Vikas Bansal, former Flipkart employee and co-founder of Crejo.Fun, likens Flipkart to a garden where talent was seeded and groomed from scratch. Other former employees at the ecommerce firm, such as Vogo founder Anand Ayyadurai, even credit Flipkart for shaping their hiring criteria.
• Helping startups make it happen: The Amazon rival has since launched its own startup accelerator initiative, Flipkart Leap, where select startups will be given an equity-free grant of US$25,000 following a 16-week mentorship program.

Read more: Mapping the Flipkart mafia: India’s foremost startup gardener

STARTUP SPOTLIGHT

$670k boost for EI Industrial

The Vietnam-based ecommerce business-to-business marketplace focuses on industrial products such as electric tools, hand tools, and industrial chemicals. Its recent US$670,000 funding round was led by early-stage venture capital firm Cocoon Capital, with participation from Beenext.

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