In the dynamic landscape of Indian startups, few narratives stand as compelling as that of the Flipkart Mafia. A term given to startups founded by former employees of Flipkart (known as Flipsters).
Stemming from the roots of e-commerce giant Flipkart, the Flipkart Mafia has emerged as a powerhouse of innovation, disruption, and entrepreneurial spirit.
We have identified 44 start-ups who are part of the Flipkart Mafia, based on the public announcements. As we delve into the year 2024, let’s unravel the story behind the numbers, sectors, and human capital that define these fascinating start-ups.
Collective Valuation
In a testament to the entrepreneurial prowess nurtured within Flipkart’s corridors, the collective valuation of the Flipkart Mafia has surged to a staggering $24.6 billion.
Led by unicorns like PhonePe, Groww, Slice, Udaan, Spinny, and Cult.fit, this group of startups exemplifies the enduring legacy of Flipkart’s founders Sachin and Binny Bansal.
Number of Start-ups Launched
The traction of the Flipkart Mafia dates back to 2019, a pivotal year following Flipkart’s acquisition by Walmart.
As part of the acquisition, Flipkart initiated ESOP buybacks totaling $500 million, laying the foundation for a wave of entrepreneurial ventures spearheaded by its former employees.
Since then, the Flipkart Mafia has proliferated, giving birth to a diverse array of startups across sectors ranging from e-commerce to fintech, media & entertainment, HR tech, and beyond.
Spread Across Sectors
A closer look at the Flipkart Mafia reveals a fascinating spread across various sectors.
E-commerce takes center stage, with 15 e-commerce startups emanating from Flipkart’s e-commerce legacy.
The influence of the Flipkart Mafia extends beyond one sector, venturing notably into fintech, media & entertainment, HR tech, and other burgeoning sectors.
This diversification underscores the adaptability and vision of Flipkart alumni as they navigate through evolving market dynamics.
Employee Count
Beyond financial metrics, the Flipkart Mafia’s impact resonates profoundly in the realm of job creation.
With over 32,000 jobs generated in India, the Flipkart Mafia emerges as a formidable engine of employment generation.
Notably, just 10 mafia companies account for a significant chunk of these jobs, emphasizing the concentrated yet far-reaching influence of key players like PhonePe, Spinny, Curefoods, Udaan, and others.
Founders’ Alma Mater
Delving into the educational backgrounds of Flipkart Mafia founders unveils an intriguing pattern.
A remarkable 46% of founders trace their roots to prestigious institutions like the Indian Institutes of Technology (IITs). IIT Delhi emerges as a prominent alma mater, coincidentally shared with Flipkart’s co-founders Sachin and Binny Bansal.
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