Flipkart co-founder Binny Bansal plans e-commerce startup: Report
Flipkart co-founder Binny Bansal is reportedly planning a new startup in the burgeoning e-commerce space in India.
IANS
Aug 18, 2023 11:16
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New Delhi, Aug 18 (IANS) Flipkart co-founder Binny Bansal is reportedly planning a new startup in the burgeoning e-commerce space in India.
According to Money Control, Bansal recently sold his remaining stake in Flipkart and is now looking to create an e-commerce startup.
The report said, citing sources, that Bansal will not seek to raise external funds and would rather infuse his own capital in the new e-commerce startup.
Bansal received about $1-$1.5 billion from his shareholding in Flipkart.
Binny, along with Sachin Bansal, exited Flipkart after selling it to
Walmart in 2018 for around $16 billion.
Binny has backed around 60 startups, like Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu and others.
Last year, Binny Bansal sold his stake worth $264 million (more than Rs 2,000 crore) in the homegrown e-commerce platform to Chinese Internet giant Tencent.
Sachin and Binny Bansal, who received their B.Tech degree in computer science & engineering from IIT-D in 2005, built one of the largest e-commerce marketplaces in India.
Sachin led Flipkart as its CEO from its inception in 2007 till 2015, and took over as the Executive Chairman in 2016.
He is currently leading and mentoring the startup and internet ecosystem in India and is an angel investor in several technology startups.
Binny served as the CEO of Flipkart till January 2016 before being promoted as its Chief Executive Officer. He exited Flipkart in November 2018, and became a prolific angel investor.
Last month, retail giant Walmart paid $1.4 billion to acquire VC form Tiger Global's remaining shares in Flipkart.
According to a report in Wall Street Journal, Walmart has paid the money to boost Flipkart's stake.
Walmart purchased Tiger Global's remaining holding in Flipkart to further cement its control of the Indian e-commerce giant.
Tiger Global made an overall gain of $3.5 billion on an investment of $1.2 billion.
Flipkart was earlier valued at $37.6 billion in a 2021 funding round. Walmart had 72 per cent share in Flipkart as reported last.
