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Indian billionaire <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>, is an internet entrepreneur who co-founded Flipkart along with Sachin Bansal in 2007 and stayed with the company until 2018 when Walmart bought it over. Here are a few <keyword id="8866696" type="UNKNOWN" weightage="20" keywordseo="interesting-facts-about-Binny-bansal">interesting facts about Binny Bansal</keyword> some of which will inspire you and the others may be a warning. From Chandigarh to IIT Delhi Binny Bansal hailed from Chandigarh, the common capital of Punjab and Haryana. Sachin bansal, his business partner too was from the same place. They met each other at IIT, Delhi as students of Computer Science Engineering before they set up Flipkart. The maker of unique car sensors After graduating from IIT-Delhi, Binny started his career with a research and development firm, Sarnoff Corporation, India where he designed car sensors that were programmed to give automatic beep sounds if the driver changed lanes without giving signal. Building a business and losing it all <a href="https://successstory.com/people/binny-bansal">Binny said he founded Flipkart after</a> Google rejected him twice, once in 2005 and then in 2006. Before starting Flipkart, Binny worked for Amazon for about nine months and in 2007, Binny and Sachin launched Flipkart, with a capital of ₹4 lakh, as a platform to sell books. Flipkart started in a small flat in Koramangala delivering books ordered online. It is said that Sachin dreamt of big ideas and Binny executed them. During the initial days, both of them took turns to deliver the consignments on a scooter. He served as a Chief Operating Officer until 2016 where he earned a reputation for being ‘The Operational Guy’, and ‘The Executioner’. He became the CEO in 2016 and then the Group CEO in 2017. The employees at Flipkart <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/binny-bansal-once-flipkarts-engine-now-the-kart-runs-without-him/articleshow/66629215.cms">described Binny as a calm and highly approachable person</a>. Though he ran a multi-million dollar firm so successfully, he was always willing to learn to improve himself. He participated in a <a href="https://www.livemint.com/Companies/VVgc0VII28w6w2aSQ4V0dP/Flipkarts-other-Bansal-comes-to-the-fore.html">personality training and leadership coaching in 2014</a>. From a small beginning, Binny Bansal, along with his friend Sachin Bansal, turned Flipkart into a massive online e-commerce venture that was bought over by Walmart in 2018 for a whopping $16 billion. Binny Bansal, the billionaire According to Forbes, Binny Bansal has a net worth of $ 1.3 billion. In 2017, <a href="http://www.skillstic.com/binny-bansal-biography/">India Today</a> ranked him in the 26th position along with Sachin Bansal among the 50 most powerful people. <a href="http://www.skillstic.com/binny-bansal-biography/">TIME named the two friends</a> among the 100 most influential people in 2016. The fall from grace Binny Bansal stepped down from his position as CEO of the company in November, 2018 following an internal review after an allegation of personal misconduct. Although the allegation was taken down, it was Binny Bansal’s lack of transparency in the matter that cost him his job. "While the investigation did not find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign," <a href="https://www.forbes.com/sites/meghabahree/2018/11/13/flipkart-ceo-binny-bansal-resigns-after-probe-into-personal-misconduct/#4a3e39f55ac3">Flipkart had</a> said in the statement then. SEE ALSO: <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a>

Interesting facts about Binny Bansal, the co-founder and former ceo of Flipkart to inspire you

Video-editing SaaS platform <keyword id="13657708" type="General" weightage="100" keywordseo="videoverse" source="Orion">VideoVerse</keyword> on Wednesday said it has secured $46.8 million in its Series B funding that it will utilise to strengthen its team, technology and global footprint. Previously known as Toch.ai, VideoVerse is building the next-generation video editing ecosystem addressing a broad range of use cases in the post-production process. The funding round was led by A91 Partners, Alpha Wave Global and <keyword id="6364080" type="General" weightage="50" keywordseo="binny-bansal" source="Orion">Binny Bansal</keyword>, former co-founder of Flipkart. "As we chart out the next phase of our growth journey, these funds will help us in our mission to innovate on behalf of consumer needs and industry demands," said Vinayak Shrivastav, CEO and co-founder, VideoVerse. In October last year, the startup raised Series A funding from <keyword id="3143238" type="General" weightage="50" keywordseo="moneta-ventures" source="Orion">Moneta Ventures</keyword>, Baring Private Equity India, Binny Bansal and Ventureast, among others. Since then, its revenue has grown multifold while building a strong US tech and sales team, as well as setting up a data science and machine learning team in Israel. "Video creation and consumption will continue to see explosive growth, whether it is the latest binge-worthy web series, corporate branding video, sports content or short social video," says <keyword id="2626607" type="General" weightage="50" keywordseo="gautam-mago" source="Orion">Gautam Mago</keyword>, General <keyword id="6399933" type="General" weightage="50" keywordseo="partner" source="Orion">Partner</keyword> at A91 Partners. "What we liked about VideoVerse was that it provided a clear quantifiable value proposition to its users -- reducing time to edit by 95 per cent, reducing manpower costs by less than half and driving higher engagement upto 2-3x," added <keyword id="13657709" type="General" weightage="50" keywordseo="kanishk-tyagi" source="Orion">Kanishk Tyagi</keyword>, an investor from Alpha Wave Global. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ceo-bonus-for-the-top-10-tech-giants-soared-400-amid-pandemic/articleshow/90949619.cms">CEO bonus for the top 10 tech giants soared 400% amid pandemic</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/netflix-has-lost-200000-subscribers-in-the-first-quarter-of-2022/articleshow/90950450.cms">Netflix share price tanks as the company records its first drop in users since 2011</a>

Video-editing platform VideoVerse raises $46.8 million, expands globally

<keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, the co-founder of Flipkart sold his 5.5% stake in the company and left it in May 2019 after the ecommerce giant of India was acquired by Wallmart, the world’s largest retailer. Here are a few interesting facts about Sachin Bansal, the mastermind behind Flipkart. <ul><li>Sachin Bansal founded Flipkart in 2007 along with his partner <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>. In the initial stages, the ecommerce firm sold books online gradually expanding its operations into other domains. Today Flipkart has become one of the top ecommerce businesses in India. </li><li>In April 2016, Sachin Bansal was named among the 100 most influential people in the world along with Binny Bansal by the Times Magazine. </li><li>In some strategic deals, Flipkart acquired some well performing ecommerce businesses like Myntra, Jabong and PhonePe. </li><li>Sachin Bansal would later recollect in his life when Flipkart operated from a rented office costing them Rs.8,000 per month. He said the company during the starting years did not have any power backup they had to suffer the extremities of climate without AC or even windows to the building they had rented out for their ecommerce operations. </li><li>Sachin Bansal was a remarkable gamer. He used to give dinner to those who defeated him in games. </li><li>When the Big Billion Day sales was on, Sachin Bansal delivered the products along with Binny and others in the company.</li><li>Sachin Bansal and Binny Bansal are only business partners and co-founders of Flipkart. They are never related to each other though their surnames might suggest if they could be brothers. </li><li>Sachin and Binny studied at the same school. They were born and brought up in <keyword id="6360078" type="LOCATION" weightage="20" keywordseo="chandigarh">Chandigarh</keyword>, Punjab. Despite sharing their school with each other, they were never friends during their school days. Both of them graduated from IIT Delhi and only there at the college they got to know each other. </li><li>Sachin Bansal worked for Amazon in 2006. Binny Bansal joined the company in 2007. Later they came together to create Flipkart in 2007.</li><li>Sachin Bansal has married Priya Bansal, who was a dentist by profession. They both have a son.</li><li>Sachin Bansal is a highly sociable personality and loves gaming to the core. Sachin’s addiction to gaming was so intense that he wanted to give up his engineering course to find a career in gaming. During his early life, Sachin Bansal was highly passionate about playing games like Age of Empires and <keyword id="1269448" type="PERSON" weightage="20" keywordseo="Quake-III-Arena">Quake III Arena</keyword>.</li><li>Sachin Bansal is a visionary and a seasoned entrepreneur, the skill which he mastered through hard work. In 2018 after 11 years of his tenure with Flipkart, the company was valued at $20.8 billion. During this career at Flipkart, Sachin Bansal had the position of Chief Executive Officer and Executive chairman. </li><li>Sachin exited Flipkart along with the Walmart deal in 2018. During his exit, he had 5.5% stake in the company, which he sold to Walmart. During that time, his net worth was more than $1 billion.</li><li>During his exit from Flipkart, Sachin Bansal said he would focus on some personal projects that were long pending. He also said he wished to give himself to gaming and to brush up his coding skills.</li></ul>Read Also about other Personalities - <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a>

Unknown facts about flipkart founder Sachin Bansal

<keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> who started their journey as high school friends succeeded in creating one of the leading online marketplaces popularly known as <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>. Rising above the rival companies and proving their winning talent in the ecommerce arena was never an ordinary feat for them. Here are some interesting facts about the founders of Snapdeal that you might not have known. A decisive move in their success path In one of the bravest moves they attempted in their life, they desisted accepting a merger deal with Flipkart and turned their focus on a large base of 400 million value-conscious shoppers in India. This tough decision decided their success later. They related well to the Indian market Kunal Bahl and Rohit Bansal realized that the ecommerce companies inspired by the western and US model had little relevance to the Indian buyers since a large segment of online shoppers in India always looked for products that suited their moderate earnings. This awareness helped them fine tune their business model and relate well to the Indian market scenario. They motivated their employees excellently Kunal and Rohit believed in creating a clear picture of the company’s goal among all the employees. To this end, they constantly motivated their workforce in several ways time and again. Kunal said, “In our company, if you wake up any of our team members at 3 A.M. at night from their sleep and ask them ‘what are the goals of Snapdeal?’ They wouldn’t even hesitate to answer you with our top three quantitative goals. This understanding cascades down from Rohit and me to everyone else in the company.” They own over 16% stake in the company Kunal Bansal and Rohit Bansal together own over 16% stake in the firm. Their journey in the online market place was strenuous in raising nearly $2 billion in funds for their capital. In fact the documents show that the share of Bansal who is the chief operating officer is lower than 2.44%. They control their company lesser than their peers While PayTm founder Vijay Sharma controls 20% of the payments and Flipkart co-founders Sachin Bansal and Binny Bansal own about 15% of their company together, Snapdeal co-founders app-ear to control their company less than their peers. They started Snapdeal as a daily deal website They started Snapdeal in 2010 only as a daily deal website focusing on deals and coupons for restaurants, travel, shopping, fitness and beauty products. Eventually it turned into an online store in September 2011. They created a town in their company’s name Their Indian base is strategically located in a village near Muzaffarnagar district of Uttar Pradesh. The village Shiv Namager was changed into Snapdeal. The founders of Snapdeal provided a long list of amenities for the village to improve the quality of their lives. They reached out to a broad customer base Snapdeal has over 20 million registered users and over 200 million products brought in by more than 5 lakh sellers. Snapdeal delivers its products in more than 5000 towns and cities in the country. Read Also about other Personalities - <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/unknown-facts-about-flipkart-founder-sachin-bansal/articleshow/70494717.cms">Flipkart founder Sachin Bansal</a>

Unknown facts of snapdeal founders Kunal Bahl & Rohit Bansal

<ul><li>Insurtech startup <keyword id="4943836" type="PERSON" weightage="20" keywordseo="Acko">Acko</keyword> has raised $65 million in a series C round. </li><li>Founded by Varun Dua in 2016, the startup has marquee investors like Amazon, Accel Partners, SAIF Partners among others. </li><li>This funding round takes Acko’s <keyword id="51393" type="PERSON" weightage="20" keywordseo="valuation">valuation</keyword> to a reported $300 million. </li></ul>Insurance technology startup Acko has <a href="https://www.vccircle.com/binny-bansal-others-invest-65-mn-in-digital-insurance-startup-acko/">raised</a> $65 million from <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>, former Flipkart co-founder, and Kabir Misra, former SoftBank Managing Partner. The series C funding round with a <a href="https://www.vccircle.com/binny-bansal-others-invest-65-mn-in-digital-insurance-startup-acko/">reported</a> valuation of $300 million also saw participation from Intact Insurance (Canada’s property and casualty insurer) and existing marquee investors like Amazon, Accel Partners, SAIF Partners and TechPro Ventures. Acko, was founded by Varun Dua in 2016, and has gone on to make its mark in the Indian insurtech industry. In the recent past, Acko has been signing partnerships one after the other venturing into different verticals within insurance. The insurtech startup tied up with <a href="https://www.thehindubusinessline.com/money-and-banking/acko-partners-goibibo-for-travel-insurance-foray/article26006200.ece">Goibibo</a> to offer travel insurance to the latter’s users. Acko also partnered with <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/acko-general-insurance-partners-with-driveu-to-provide-trip-cover-for-car-owners/articleshow/66118573.cms">DriveU</a> to offer trip cover to car owners who opt to hire drivers from the latter’s platform. Interestingly, the startup also formed a partnership with <a href="https://economictimes.indiatimes.com/small-biz/sme-sector/au-small-finance-bank-partners-with-insurtech-firm-acko-general-insurance/articleshow/68269212.cms">AU Small Finance Bank</a> in early March to bring about customised insurance deals for their users. India has seen a slow penetration of the insurance sector but things are changing now. According to <a href="https://economictimes.indiatimes.com/industry/banking/finance/insure/insurance-industry-to-touch-280-billion-by-fy20-assocham/articleshow/65740339.cms">reports,</a> the Indian insurance industry is set to grow to $280 million by 2019-20. India has also seen a surge in insurtech startups with the likes of Policybazaar also gaining unicorn status. See Also: <a href="https://www.businessinsider.in/indias-two-startup-icons-switch-to-the-other-side-as-venture-capitalists/articleshow/67420444.cms">India’s two startup icons switch to the other side — as venture capitalists</a> <a href="https://www.businessinsider.in/heres-why-binny-bansals-021-capital-placed-its-bets-on-the-two-year-old-legal-tech-startup-spotdraft/articleshow/68198106.cms">Why India’s Unicorn Founders Backed This Barely Two-Year-Old Legal Tech Startup</a> <a href="https://www.businessinsider.in/after-minting-1-billion-from-flipkart-sale-sachin-bansal-is-now-betting-big-on-ola/articleshow/67526383.cms">Watch Out Uber. Sachin Bansal Gets Ola Share After Selling Flipkart</a>

This Indian insurance startup may be worth $300 million in just over two years

<ul><li>Flipkart is planning an IPO in the US by 2022. </li><li>Co-founder <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> has also sold a part of his stake in the company for $76.4 million.</li><li>Reports have been doing the rounds about <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> planning an exit from its biggest investment, because of India’s new e-commerce rules making the market complicated.</li></ul>Within a year of Walmart acquiring Flipkart, the global giant might exit it as Indian e-commerce player plans to raise money in the US markets. Flipkart<a href="https://economictimes.indiatimes.com/markets/ipos/fpos/flipkart-charts-roadmap-for-us-listing-by-2022/articleshow/69920934.cms"> is reportedly </a>heading for Initial Public Offer (IPO) in 2022 in the US, and this might mark the exit of its largest investor, Walmart. According to the ET report, Flipkart CEO Kalyan Krishnamurthy has already told his senior management to get ready for an IPO, and also aim at achieving profitability. Cashing out But it doesn’t stop there. Flipkart co-founder Binny Bansal, who had exited from all operational roles in the company over allegations of personal misconduct, has also sold a part of his shares for $76.4 million, according to filings sourced by paper.vc. Now, Bansal has a residual share of 3.52% in the company, down from 3.85%. Paper.vc also reported that Bansal had cashed out $159 million during the sale of Flipkart. Walmart had then acquired 77% stake in Flipkart for $16 billion. Reports have long been doing the rounds about Walmart planning an exit from the Indian retail company. While Flipkart’s latest revenue reports are not in, the company reported a loss of ₹11.6 billion in March 2018. <a href="https://yourstory.com/2019/06/ecommerce-walmart-funding-flipkart">Walmart</a> was also considering to pump in $1.2 billion more to fund Flipkart’s operations. Earlier in February 2019, Morgan Stanley also warned Walmart about its plans for the India market – the Indian e-commerce market was becoming “more complicated.” This report from Morgan Stanley had come after India’s new e-commerce rules which introduced tighter guidelines. As per the new rules, global players like Amazon or the Walmart-Flipkart entity, are barred from selling products from vendors they have own a stake in. Meanwhile, an Indian player which would be exempt from these rules is – Mukesh Ambani owned Jio along with <a href="https://www.livemint.com/companies/news/reliance-retail-testing-grocery-app-before-launch-of-e-commerce-platform-1556042589629.html">Reliance Retail</a>. It is planning its e-commerce debut which could also threaten the market share of the current players. See Also: <a href="https://www.businessinsider.in/govt-panel-on-new-e-commerce-rules-for-amazon-walmart-flipkart-and-snapdeal/articleshow/69892213.cms">A new government panel is looking at making e-commerce easier in India-- but it may be too soon to cheer for Amazon and Walmart</a>

Flipkart’s IPO in the US could see Walmart exit, Binny Bansal has already begun cashing himself out

(Photo Source : <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword>) <ul><li>The CEO of <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s fashion brand Myntra, Ananth Narayanan, said that he is going to continue lead operations in the fashion unit. </li><li><keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> is currently in the process of restructuring Flipkart after the abrupt resignation of former CEO and co-founder <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>. </li><li>The e-commerce has already announced plans of rolling Myntra and Jabong into Flipkart, and now reports indicate that the two fashion entities may come under one umbrella. </li></ul>After the announcement of Binny Bansal’s <a href="https://www.businessinsider.in/flipkart-group-ceo-binny-bansal-steps-down-following-allegations-of-serious-personal-misconduct/articleshow/66608441.cms">resignation</a> from the Walmart-owned Flipkart Group, reports speculated that the Ananth Narayanan, the CEO of their fashion brand, Myntra, would likely resign. But it seems as though he’s here to say with <a href="https://in.reuters.com/article/myntra-ceo/flipkart-group-fashion-unit-chief-says-to-continue-in-role-idINKCN1NL0KJ">Reuters</a> reporting he is excited about Myntra going forward. According to a <a href="https://www.livemint.com/Companies/PgkNUOseOWncBjl30Ib9eO/Walmart-to-layoff-200-at-Jabong-today-merge-it-with-Myntra.html">report</a> by LiveMint, Walmart is planning on completely integrating Jabong into Myntra only days after announcing that the fashion brands would be rolled into Flipkart. Sources are afraid that this may lead to nearly 200 layoffs. What was the confusion? Binny Bansal’s abrupt resignation led Walmart to name Kalyan Krishnamurthy as the new CEO of the Flipkart Group. According to recent <a href="https://timesofindia.indiatimes.com/business/india-business/flipkart-in-a-flip-myntra-ceo-cfo-quit/articleshow/66644142.cms">media reports</a>, Narayanan did not share a ‘friendly’ rapport with Krishnamurthy. Even without any change in Narayanan’s position at the organisation, he would now be reporting to Krishnamurthy instead of Bansal which many speculated would cause friction. Till now, Myntra, while being a subsidiary of Flipkart, has operated more-or-less independently. Krishnamurthy maintains that, even with Jabong merging with Myntra, the fashion brand will continue to have the same level of autonomy. Bansal, who <a href="https://www.businessinsider.in/allegations-left-me-stunned-flipkarts-binny-bansal-resigns-denying-claims-of-personal-misconduct/articleshow/66619043.cms">denied</a> all the charges of ‘personal misconduct’ in his last letter to employees, is currently undergoing an independent investigation.

Walmart may have plans to merge fashion brands under Flipkart — But Myntra’s CEO isn’t going anywhere

(Photo Source : Wikimedia.org) <ul><li><keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>, co-founder of the Indian e-commerce retailer, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, resigned on Tuesday following allegations of personal misconduct. </li><li>That being said, Bansal has strongly denied allegations against him. </li><li>The alleged misconduct involved a sexual harassment complaint dating back a few years, said media reports.</li></ul>In his <a href="https://timesofindia.indiatimes.com/business/india-business/stunned-by-allegations-challenging-time-for-my-family-and-me-binny-bansal/articleshow/66607778.cms">parting letter</a> to Flipkart’s employees, Binny Bansal, strongly refuted all allegations of ‘misconduct’ which forced him to step down as the Chief Executive of the Flipkart Group. Neither Binny Bansal nor <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword>, which <a href="https://www.businessinsider.in/after-the-walmart-acquisition-heres-whats-in-store-from-flipkart/articleshow/64111313.cms">acquired</a> the Indian e-commerce retailer recently for $16 billion, stated the nature of the claim while announcing his abrupt resignation. But, according to a Reuters report, the alleged misconduct involved a <a href="https://www.livemint.com/Companies/R6p0OpEeDj0p9JWNl4JjsJ/Claim-against-Flipkarts-Binny-Bansal-was-of-sexual-assault.html">sexual harassment</a> complaint dating back a few years. Although, the investigation by the company into the matter did not corroborate the allegations, ‘It did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation’ said a<a href="https://stories.flipkart.com/flipkart-walmart-binny-bansal/"> joint statement </a>by Walmart-Flipkart. According to a Bloomberg <a href="https://www.ndtv.com/business/consensual-affair-found-probe-against-flipkarts-binny-bansal-report-1947020">report</a> which cited people familiar with the matter, the investigation found Bansal had a ‘consensual affair’ with the complainant. “These have been challenging times for my family and me. I am concerned that this may become a distraction for the company and the team. In light of these circumstances, I feel it is best to step away as chairman and group CEO,” Bansal reportedly <a href="https://timesofindia.indiatimes.com/business/india-business/stunned-by-allegations-challenging-time-for-my-family-and-me-binny-bansal/articleshow/66607778.cms">said</a> in his letter to Flipkart employees. That being said, Bansal also conveyed that he will continue to hold his shares in Flipkart. Tiger Global executive, Kalyan Krishnamurthy, will continue as the CEO of Flipkart, which operates as a separate entity within the Flipkart Group. Krishnamurthy will also oversee the group’s online fashion portals Myntra and Jabong. Flipkart, founded by Binny Bansal and <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> in 2007, has been one of the most sought after and watched startup success stories in India. Sachin Bansal also <a href="https://www.businessinsider.in/how-flipkart-went-from-being-an-online-bookseller-to-indias-biggest-e-commerce-story/articleshow/64100266.cms">parted ways</a> with Flipkart earlier this year when Walmart bought 77% stake in the company. SEE ALSO : <a href="https://www.businessinsider.in/flipkart-group-ceo-binny-bansal-steps-down-following-allegations-of-serious-personal-misconduct/articleshow/66608441.cms">Flipkart Group CEO Binny Bansal steps down following allegations of ‘serious personal misconduct’</a> <a href="https://www.businessinsider.in/amazon-flipkart-asked-to-pull-fake-beauty-products-from-websites-in-india-report/articleshow/66589577.cms">Amazon, Flipkart asked to pull fake beauty products from websites in India: Report</a> <a href="https://www.businessinsider.in/slideshows/miscellaneous/walmart-has-apparently-been-worried-about-amazon-for-more-than-15-years-here-are-all-of-the-changes-it-has-made-to-keep-up-in-the-online-shopping-battle/In-May-Walmart-invested-16-billion-to-become-the-majority-owner-of-Flipkart-Indias-top-e-commerce-retailer-further-expanding-its-reach-internationally-/slideshow/66597493.cms">Walmart has apparently been worried about Amazon for more than 15 years - here are all of the changes it has made to keep up in the online-shopping battle</a>

‘Allegations left me stunned’: Flipkart’s Binny Bansal resigns denying claims of ‘personal misconduct’

<ul><li>SpotDraft recently raised $1.5 million in a pre-series A from Binny Bansal’s 021 Capital, Freshworks CEO Girish Mathrubootham, among others. </li><li>The legal tech startup offers contract creation, management and analysis. </li><li>Indian unicorn entrepreneurs are turning into investors with a purpose – to help startups scale. </li></ul>A small Indian legal tech startup has been able to do what many early-stage entrepreneurs only dream of. SpotDraft has recently raised $1.5 million in a pre-series A round from Binny Bansal’s 021 Capital and several marquee investors like Girish Mathrubootham (Freshworks), Peeyush Ranjan (VP Engineering, Google Inc – former CTO Flipkart) and Indus Khaitan (Chief of Growth, Chargebee) among others. SpotDraft, which started off as an online platform to help people create contracts and automate their invoices, has evolved to offer contract creation, contract management and contract analysis. For example, it claims it helps businesses create a solid legally-binding contract, which they can negotiate and explore online. Its Machine Learning and Artificial Intelligence-enabled services allow them to share with entrepreneurs the good, bad and ugly aspects about the contract. It can quickly help identify compliant and non-compliant clauses of a contract. Shashank Bijapur, CEO and co-founder, SpotDraft spoke to Business Insider to spill the secrets on how they convinced the marquee investors to place their bets on a startup which is just about two years old. According to Bijapur, what worked for them was the value proposition of the business. “At a high level, the problem statement and solution were very clear. Legal as a problem is ripe for disruption making way for complete automation of legal processes that a business has to undergo,” he said. Legal paperwork is one of the many hurdles that businesses and entrepreneurs face, especially in a market like India where these tend to be time-consuming. Compliance is also increasingly becoming an important exercise, as regulations become more complex. It also helped that Bijapur, a Harvard law grad and Wall Street lawyer and his co-founder Madhav Bhagat, a Carnegie Mellon graduate and Google, New York employee, had their background to vouch for them as well. With the funds raised from this round, it is looking to focus on growth in terms of team, sales and development. In the near future, it plans to expand geographies to Europe, US and Middle East, while also looking to grow revenue 10X over the next 12-14 months. The investment is also the latest example of Indian unicorn founders turning into evangelists for startups in the country, through mentoring and investments. Many aren’t just looking at being moneybags but also contribute to the success of other startups. “As founders, the access to capital may not have been as difficult as finding the right people for your business – people who can take us from 0 to 1. The value that these investors brought on board is immense and even before we were given the term sheet, we were introduced to half a dozen clients,” said Bijapur. Currently, the startup has over a dozen multi-national corporations as well as 1,000 SMEs as customers. Among its customers include Wipro, Goodtimes and The Circle, according to the company’s web site. See Also: <a href="https://www.businessinsider.in/indias-two-startup-icons-switch-to-the-other-side-as-venture-capitalists/articleshow/67420444.cms">India’s two startup icons switch to the other side — as venture capitalists</a> <a href="https://www.businessinsider.in/angel-tax-startup-definition-changed-exemption-up-to-25-crore/articleshow/68063050.cms">Indian government finally comes to a decision on Angel Tax, changes definition of startups</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a>

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Interesting facts about Binny Bansal, the co-founder and former ceo of Flipkart to inspire you

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This Indian insurance startup may be worth $300 million in just over two years

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Flipkart’s IPO in the US could see Walmart exit, Binny Bansal has already begun cashing himself out

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Walmart may have plans to merge fashion brands under Flipkart — But Myntra’s CEO isn’t going anywhere

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‘Allegations left me stunned’: Flipkart’s Binny Bansal resigns denying claims of ‘personal misconduct’

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