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How India became the world's third largest startup hub in 15 years Flipkart's journey is symbolic of the changing global perception of India's startup ecosystem over the past fifteen years. Here's why Sachin Bansal (left) and Binny Bansal, co-founders, at their Flipkart office in Bengaluru in 2009 Image: Bitten by the entrepreneurial bug, two IIT-graduates quit their jobs at Amazon to start an online retail business from an apartment in Bengaluru and an initial investment of ₹4 lakh. Two years later, in September 2009, the founders raised their first round of institutional funding of $1 million from US-based venture capital firm Accel. Within weeks, they opened offices in Delhi and Mumbai and hired over 150 people. This marked the beginning of the new-age startup’s meteoric growth and a critical turning point for the country’s budding startup ecosystem.
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