Binny Bansal, who co-founded Flipkart alongside Sachin Bansal again in 2007, is reportedly planning a brand new startup within the burgeoning e-commerce area in India. In keeping with a report by Cash Management, Bansal not too long ago bought his remaining stake within the Walmart-owned Flipkart and now he’s trying to launch his personal startup. The report, citing insider sources, additionally stated that Binny Bansal’s upcoming startup will deal with e-commerce and that Bansal won’t search to lift exterior funds. He’s reportedly planning to infuse his personal capital in his upcoming e-commerce startup.
Bansal obtained about $1-$1.5 billion from his shareholding in Flipkart. Binny, together with Sachin Bansal, exited Flipkart after promoting it to Walmart in 2018 for round $16 billion. Binny has backed round 60 startups, like Acko, Ather Vitality, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu and others. Final yr, Binny Bansal bought his stake price $264 million (greater than Rs 2,000 crore) within the homegrown e-commerce platform to Chinese language Web large Tencent.
Sachin and Binny Bansal, who obtained their B.Tech diploma in pc science & engineering from IIT-D in 2005, constructed one of many largest e-commerce marketplaces in India. Sachin led Flipkart as its CEO from its inception in 2007 until 2015 and took over because the Government Chairman in 2016. He’s at the moment main and mentoring the startup and web ecosystem in India and is an angel investor in a number of expertise startups.
Binny served because the CEO of Flipkart until January 2016 earlier than being promoted as its Chief Government Officer. He exited Flipkart in November 2018, and have become a prolific angel investor. Final month, retail large Walmart paid $1.4 billion to amass VC type Tiger International’s remaining shares in Flipkart. In keeping with a report in Wall Road Journal, Walmart has paid the cash to spice up Flipkart’s stake.
Walmart bought Tiger International’s remaining holding in Flipkart to additional cement its management of the Indian e-commerce large. Tiger International made an general acquire of $3.5 billion on an funding of $1.2 billion. Flipkart was earlier valued at $37.6 billion in a 2021 funding spherical. Walmart had 72 % share in Flipkart as reported final.