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Amazon was founded on July 5, 1994, by Jeff Bezos in Bellevue, Washington. [6] The company originally started as an online marketplace for books but gradually expanded its offerings to include a wide range of product categories. This diversification led to it being referred to as "The Everything Store". [7]
Flipkart was founded in October 2007 in Bangalore [11] by Sachin Bansal and Binny Bansal, alumni of the IIT, Delhi and former Amazon employees. [12] [13] [14] The company was started from a two-bedroom apartment in Kormangala, Bengaluru. The initial investment was provided by their families, which was INR 2 Lakh from each family.
Microsoft announced that it is going to join ONDC to introduce social commerce in India and will also launch a shopping app for buyers to help them in price discovery. From August 2022 to January 2024, PhonePe will invest $15 million for developing ecommerce platform on the network. Amazon is exploring how to integrate with the network.