Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>Former <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> Group CEO <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> has closed the first round of $32 million for his VC fund called 021 Capital. </li><li>Binny Bansal has raised the round from Premji foundation and others. </li><li>Co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is also said to be raising his own $1 billion fund.</li></ul>It appears that India’s iconic startup <keyword id="53533" type="COMPANY" weightage="20" keywordseo="entrepreneurs">entrepreneurs</keyword> -- Flipkart co-founders Sachin and Binny Bansal -- are back in business, albeit separately. Sachin Bansal was said to have begun the process for his own<a href="https://www.livemint.com/Companies/JSwzsV76Mlyam1lKyg5aoL/Sachin-Bansal-plans-up-to-1-billion-VC-fund-in-life-after-F.html"> fund for $1 billion</a> to invest in startups. Reports suggested that Sachin was going to pour in 40% of his earnings from the Flipkart exit into the fund while looking at raising <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">investment</keyword> to close the fund. Now, Binny Bansal has closed the first round of <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/premji-foundation-and-flipsters-back-binny-bansals-vc/articleshow/67413413.cms">$32 million</a> for his VC fund called ‘021 Capital’ which he had formed with Sailesh Tulshan, his financial adviser. The former Flipkart Group CEO has raised the round from Premji Foundation also with a backing from former Flipkart employees. The Bansal Hood The global retail giant Walmart took up a 77% stake in the Indian e-commerce company for a whopping $16 billion. The deal went on to become one of the world’s largest e-commerce deals with the founders Sachin Bansal and Binny Bansal opening the door for VC-backed startup exits in India. However, the deal also saw the exit of the Flipkart visionary Sachin Bansal with a cash-out of over $1 billion. Recently, Binny Bansal too stepped down from his position as CEO of the company following an internal review after an allegation of<a href="https://economictimes.indiatimes.com/industry/services/retail/binny-bansal-resigns-from-flipkart-on-allegations-of-personal-misconduct-walmart/videoshow/66606895.cms"> personal misconduct</a>. Although the allegation was taken down, it was Binny Bansal’s lack of transparency in the matter that cost him his job. Both the co-founders have a high regard in the Indian entrepreneurial ecosystem for having scaled up the startup from a two-bedroom apartment in Bengaluru to an e-commerce giant that one could say redefined the way Indians shop by introducing options like cash on delivery and return of goods. And they are not new to investments, both of them in their personal capacity have long been investing in Indian startups. 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/indian-unicorn-flipkarts-board-approves-15-billion-deal-with-walmart/articleshow/64027810.cms">Indian unicorn Flipkart's board approves $15 billion deal with Walmart</a> <a href="https://www.businessinsider.in/how-flipkart-went-from-being-an-online-bookseller-to-indias-biggest-e-commerce-story/articleshow/64100266.cms">How Flipkart went from being an online bookseller to India’s biggest e-commerce story</a>

India’s two startup icons switch to the other side — as venture capitalists

(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’

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

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is reportedly in talks to take over <keyword id="6631050" type="UNKNOWN" weightage="20" keywordseo="Essel-Mutual-Fund">Essel Mutual Fund</keyword>. </li><li>Essel Finance was looking out for buyer for its mutual fund business after a deal with Srei Infrastructure Finance did not go through.</li><li>Recently, Bansal invested ₹200 crore in <keyword id="100407" type="COMPANY" weightage="20" keywordseo="Piramal">Piramal</keyword> Enterprises’ debt. </li></ul>Flipkart founder Sachin Bansal is in talks to acquire Essel Mutual Fund, according to <a href="https://www.moneycontrol.com/news/business/mutual-funds/ex-flipkart-co-founder-sachin-bansal-in-final-talks-to-acquire-essel-amc-sources-4218201.html">reports</a>. Bansal is reportedly in the final stages of the deal, has long since hinted at a possible venture in finance. Earlier this month, it was <a href="https://www.business-standard.com/article/companies/essel-looks-for-investors-to-buy-out-mf-biz-as-seri-deal-hits-roadblock-119070401361_1.html">reported</a> that Essel Finance was looking out for buyer for its mutual fund business after a deal with Srei Infrastructure Finance did not come through. Essel Mutual Fund has Assets Under Management <a href="https://economictimes.indiatimes.com/mf/mf-news/essel-group-puts-its-mf-business-on-the-block/articleshow/68386985.cms">worth</a> ₹1,428 crore. Bansal has been making big ticket investments in the country’s financial sector. The latest deal where he would take the company, might mark his big entry into the sector. He recently had also invested ₹200 crore in Piramal Enterprises’ debt and has subscribed to its non-convertible debentures (NCDs). <a href="https://www.livemint.com/companies/news/sachin-bansal-invests-200-cr-in-piramal-enterprises-debt-1563126810412.html">Piramal Enterprises</a> in turn will infuse these new funds into its financial services sector. In <a href="https://www.livemint.com/companies/start-ups/sachin-bansal-invests-in-altico-indostar-cap-1551115360930.html">February 2019</a>, Bansal invested in two Non Banking Financial Companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. He invested ₹250 crore each through his company BAC Acquisitions. In the same month, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/sachin-bansal-plans-to-foray-into-fin-services/articleshow/68088962.cms">ET</a> said that Bansal had reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank. Meanwhile, in May 2019, Bansal <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/flipkarts-sachin-bansal-joins-ujjivan-small-finance-bank-as-director/articleshow/69585188.cms">joined</a> Ujjivan Small Finance Bank as its independent director. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart, last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, are the famous duo who started Flipkart from a two-bedroom apartment. It is now one of India’s biggest e-retail giants. He sold his 5.5% stake for $1 billion in the sale in 2018.

Sachin Bansal could soon acquire Essel Group’s mutual fund

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> recently invested ₹200 crore in <keyword id="6397591" type="ORGANIZATION" weightage="20" keywordseo="piramal-enterprises">Piramal Enterprises</keyword>’ debt. </li><li>Reports say that these funds will be used by the firm in the financial services sector. </li><li>Meanwhile, <keyword id="6411578" type="PERSON" weightage="20" keywordseo="ajay-piramal">Ajay Piramal</keyword> and <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> are reportedly in talks to start a consumer lending venture, which could also see investment from Softbank.</li></ul>Flipkart co-founder Sachin Bansal has long been rumoured to make a comeback with a venture in the financial services sector. His recent investments seem to be solidifying those claims. Bansal invested ₹200 crore in Piramal Enterprises’ debt and has subscribed to its non-convertible debentures (NCDs). <a href="https://www.livemint.com/companies/news/sachin-bansal-invests-200-cr-in-piramal-enterprises-debt-1563126810412.html">Piramal Enterprises</a> itself will infuse these new funds into its financial services sector. <a href="https://www.timesnownews.com/business-economy/companies/article/exclusive-new-ambani-piramal-marriage-for-consumer-lending-and-with-softbank/453023">Reports </a>also say that Piramal Enterprises’ Ajay Piramal and Mukesh Ambani’s Reliance Jio whose children are married, will be turned business partners as well. They are expected to launch a consumer lending venture, which could be backed by Softbank. Piramal Enterprises is finalising an investment of over ₹9,600 crore by the Japanese investment firm, said the reports. In <a href="https://www.livemint.com/companies/start-ups/sachin-bansal-invests-in-altico-indostar-cap-1551115360930.html">February 2019</a>, Bansal invested in two Non Banking Financial Companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. Bansal had made an investment of ₹250 crore each through his company BAC Acquisitions. In the same month, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/sachin-bansal-plans-to-foray-into-fin-services/articleshow/68088962.cms">ET</a> said that Bansal had reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank. Meanwhile, in May 2019, Bansal <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/flipkarts-sachin-bansal-joins-ujjivan-small-finance-bank-as-director/articleshow/69585188.cms">joined</a> Ujjivan Small Finance Bank as its independent director. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart, last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, are the famous duo who started Flipkart from a two-bedroom apartment. It is now one of India’s biggest e-retail giants. He sold his 5.5% stake for $1 billion in the sale in 2018. Apart from his investments in the financial sector, Bansal had also recently invested in the ride hailing unicorn Ola and electric bike startup Ather Energy.

Sachin Bansal is strengthening his base in financial services with big investments

<ul><li><keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, <keyword id="6354742" type="PERSON" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s Founder, is expected to sell all his shares. </li><li><keyword id="80487" type="ORGANIZATION" weightage="100" keywordseo="walmart">Walmart</keyword> will get 60% of the acquisition. </li><li>The remaining 15% will go to <keyword id="6357623" type="ORGANIZATION" weightage="20" keywordseo="alphabet">Alphabet</keyword>, Google’s parent company. </li></ul> One of the largest acquisitions involving an Indian company might be finalised as soon as <a href="https://www.moneycontrol.com/news/business/walmart-to-likely-announce-flipkart-deal-this-week-may-acquire-70-75-stake-2564503.html">tomorrow</a>. American multinational retail corporation Walmart has been in the process of acquiring Flipkart, India’s second largest e-commerce portal, for a while and it seems the deal may finally be made official tomorrow. <a href="https://www.businessinsider.in/Sudden-dust-storms-in-northern-India-have-killed-over-120-people/articleshow/64027810.cms">Reports</a> last week indicated that Flipkart’s board approved the deal for Walmart to acquire 75% of the company. Keep in mind that Walmart isn’t alone in this venture. While the company will get around 60% stake in Flipkart, Google’s parent company, Alphabet, will get the other 15%. Overall, this is expected to be a $3 billion dollar expense between the two. Walmart is expected to get three seats on Flipkart’s board of directors. The company will also have a say in the how Flipkart handles it’s financial and legal matters, a source told <a href="https://www.ndtv.com/india-news/walmart-likely-to-announce-flipkart-deal-by-this-week-report-1848670">NDTV</a>. Winds of change Sachin Bansal, Flipkart’s founder, is set to leave the company altogether. As per reports, Flipkart’s co-founder will sell his 5.5% stake in the company to Walmart, resulting in around $1 billion. Sources revealed to <a href="https://timesofindia.indiatimes.com/people/sachin-bansal-to-sell-entire-5-5-to-walmart-as-he-exits-flipkart/articleshow/64073757.cms">Times of India</a>, that Bansal “wasn’t aligned with the strategy and operating structure that was being proposed post Walmart coming on board.” This isn’t entirely new information since rumours of his departure have been circling for a while. After Walmart’s acquisition comes through, <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> will stay on as the group CEO and also be given the title of executive chairman. Kalyan Krishnamurthy, Flipkart’s current CEO, will also stay with the company but won’t have a seat on the board. Sachin Bansal won’t be the only one leaving. <keyword id="163404" type="ORGANIZATION" weightage="20" keywordseo="Softbank">SoftBank</keyword>, currently Flipkart’s largest investor, is rumoured to want to back out as well, that too completely. Even Tiger Global and Accel, two other investors, maybe looking to sell a majority of their stakes.

Walmart might announce acquisition of Indian e-commerce giant tomorrow

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is pumping $91 million into the ride-hailing <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword>. </li><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword>’s valuation stays at $5.7 billion. </li><li>The cab-hailing app is reportedly looking to venture into the e-pharmacy segment too.</li></ul>Flipkart co-founder Sachin Bansal has reportedly made his first investment post his exit from the e-tail giant, pumping $91 million into Indian cab hailing <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> <a href="https://www.moneycontrol.com/news/business/startup/flipkart-founder-sachin-bansal-takes-a-21-million-ride-in-ola-3387561.html">Ola</a>, which appears to be on a massive expansion spree. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, famously grew Flipkart from a two-bedroom apartment business to one of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s biggest e-retail giants. He reportedly sold his 5.5% stake for $1 billion in the sale Bansal had initially pumped in $21million which got him 70,588 series J preferred shares at a price of <a href="https://www.livemint.com/Companies/keHGGkLpfiI2WacfOCysCI/Sachin-Bansal-buys-stake-in-Bhavish-Aggarwals-Ola.html">₹21,250 per share.</a> The investment is said to be a part of Ola’s series J funding round. Ola could be raising <a href="https://yourstory.com/2019/01/ola-set-raise-2b-focus-evs-foodpanda-international-markets/">$2 billion</a> in the round. Ola's current investors include the likes of Tencent, Softbank, Hong Kong-based Sailing Capital among others. It is also reportedly looking at raising money from Singapore-based Temasek. However, with this investment, the valuation of the company stays the same at $5.7 billion. Bansal is reportedly putting in his own money, and not from the new $1 billion VC fund he is said to be raising. It will give Ola a financial heft in fighting its global rival Uber. Not just a cab company Ola, which has thus far focused on cab hailing, has been in a race to become India’s biggest startup and looking at venturing into other businesses. It has experimented with the Electric Vehicle market recently, bringing in <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/indian-ride-hailing-firm-ola-to-launch-10000-electric-vehicles-over-12-months/articleshow/63780448.cms">10,000</a> EV rickshaws on to Indian roads. Earlier in 2015, the company also tried its hand in food delivery with Ola Cafe. However, it had to shut down operations in just a year. Later in 2017, Ola acquired food delivery startup Foodpanda to stay in the game. Talks were also doing the rounds that Ola is also looking at entering the e-pharmacy segment with the acquisition of Bengaluru-based Myra Medicines. 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/indian-unicorn-flipkarts-board-approves-15-billion-deal-with-walmart/articleshow/64027810.cms">Indian unicorn Flipkart's board approves $15 billion deal with Walmart</a> <a href="https://www.businessinsider.in/how-flipkart-went-from-being-an-online-bookseller-to-indias-biggest-e-commerce-story/articleshow/64100266.cms">How Flipkart went from being an online bookseller to India’s biggest e-commerce story</a>

Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart

<ul><li><keyword id="80487" type="ORGANIZATION" weightage="20" keywordseo="walmart">Walmart</keyword> now owns a 77% stake in <keyword id="6354742" type="PERSON" weightage="100" keywordseo="Flipkart">Flipkart</keyword>.</li><li>The company will invest $16 billion for its stake.</li><li>Flipkart founder, <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, is exiting the company, as is chief investor <keyword id="163404" type="ORGANIZATION" weightage="20" keywordseo="Softbank">Softbank</keyword>.</li></ul> The Walmart-Flipkart deal is finally official, with the US-based retail giant acquiring 77% stake in the Indian unicorn. Flipkart’s chief investor Softbank is selling off its shares, as is its founder Sachin Bansal. The deal has been in the works since September 2016. At the time, Walmart wanted to acquire a minority stake in the company. Today’s announcement marks a landmark in both the Indian startup and e-commerce industry. Flipkart has been one of the biggest success stories in the country, starting from a 2BHK apartment over a decade ago. Here’s how the company’s journey played out. The Journey 
	
	
	
	
	
	
	<div type="image" title="flipkart info" msid="64100303" hostid="261"></div>















 <ul><li>Flipkart began in 2007, when the Indian e-commerce market was untapped. Sachin Bansal and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>, the founder of Flipkart, began the company as a replica of <keyword id="18635" type="LOCATION" weightage="20" keywordseo="Amazon">Amazon</keyword> for the Indian market.</li></ul><ul><li>It opened its first office in Bangalore in 2008 followed by expansions in Delhi and Mumbai. It even launched its 24x7 customer service too.</li></ul><ul><li>In 2009, Accel Partners invested $1 million in the company.</li></ul><ul><li>In 2010 they pioneered the Cash-on Delivery payment mode in India. With this, the company launched its logistics department Ekart and announced a 30 day return policy.</li></ul><ul><li>In 2011, Flipkart launched their digital wallet, and acquired Chakpak and Mime360. By now they delivered to over 600 cities.</li></ul><ul><li>In 2012, they launched their mobile app, bringing the marketplace in the hands of the consumer.</li></ul><ul><li>Flipkart also introduced the Next Day Shipping Guarantee in 2013.</li></ul><ul><li>It raised more funding, worth $160 million in 2013.</li></ul><ul><li>Over the years, the company grew exponentially with acquisitions of e-tailers like Myntra and WeRead. Huge investments even came in from investors across the globe. </li></ul><ul><li>In 2016, it was the first indian app to cross 50 million users, while it also crossed the 100 million registered user threshold.</li></ul><ul><li>The biggest investment came in from Japanese SoftBank, which made a $2.5 billion bet on the Indian unicorn and e-commerce giant. .</li></ul><ul><li>Sachin Bansal, founder of Flipkart, stepped down from his post as the CEO in 2016. This was filled in 2017 by <keyword id="6379357" type="PERSON" weightage="20" keywordseo="kalyan-krishnamurthy">Kalyan Krishnamurthy</keyword>, who took over from Binny Bansal.</li></ul><ul><li>Flipkart acquired Myntra for $300 million in 2014 and <keyword id="6388367" type="LOCATION" weightage="20" keywordseo="jabong">Jabong</keyword> for $70 million in 2016.</li></ul><ul><li>In 2018, the company consolidated all its Bangalore offices into one large campus with an area of .83 million square feet.</li></ul><ul><li>In terms of finances, <keyword id="3515858" type="ORGANIZATION" weightage="20" keywordseo="flipkart-group">Flipkart Group</keyword> incurred losses of ₹87.7 billion attributable to the owners of the company in FY17, which rose from ₹52.16 billion in FY16. Consolidated revenue increased by 29% to ₹19,855 crore in FY17.</li></ul><ul><li>Flipkart had wiped out half of its $6.1 bn investments as <a href="https://www.bloombergquint.com/business/2018/03/21/flipkarts-losses-have-wiped-out-half-of-66-billion-injected-by-investors">of early 2018</a>.</li></ul><ul><li>As of now the company is valued at $20 billion.</li></ul>

How Flipkart went from being an online bookseller to India’s biggest e-commerce story

India’s ecommerce giant <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is in acquiring mode. The intention is to be an online market where each and everything under the sun will be available for grab. And how to achieve so? 
 
Well, as per a news report in The Economic Times, Flipkart is scouting for more mobile-focused companies to acquire this year, both for their technology and employees, as it looks to build capabilities that it expects will give it an edge over rivals. 
 "Overall, we feel that the startup ecosystem is growing very rapidly and most innovation is on the mobile platform, so we are very actively looking at every opportunity for talent purposes," Mukesh Bansal, head of Flipkart's commerce platform and chief executive of its fashion arm <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> told the ET. 
 As per the ET report, Flipkart has bought mobile marketing automation platform Appiterate for an undisclosed sum last month. In March, it acquired mobile ad network AdIQuity, and in January, bought a stake in auctions startup <keyword id="2849071" type="UNKNOWN" weightage="20" keywordseo="WeHive-Technologies">WeHive Technologies</keyword>. 
 
Sachin Bansal, group CEO of Flipkart and the head of its newly carved advertising business, told the financial daily, the company will begin advertising on Myntra's mobile app in a few months. "We are thinking of native and video advertising on the mobile and are experimenting with that," he said. "Banners and all don't work well on mobile." 
 (Image: <keyword id="-101" type="COMPANY" weightage="20" keywordseo="India-Times">India Times</keyword>)

If yours is a mobile focused company, Flipkart may acquire it

<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

In what is being termed as the biggest acquisition ever in the Indian e-commerce space, online retailer <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> has bought out fashion e-tailer <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>.com. The move is being seen as a response to counter its fast-growing rival <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword>. 
 
Although it was not officially confirmed, analysts’ speculations pegged the buyout at over $300 million. 
 
However, both companies will work independently for now and there is no immediate plan to merge their fashion businesses. 
 
As per the deal, Myntra CEO Mukesh Bansal will join Flipkart’s board and will head the fashion vertical at both Flipkart and Myntra. While Myntra employees will ‘remain in current positions,’ they will also be offered stock options in Flipkart. 
 Flipkart co-founder <keyword id="225032" type="PERSON" weightage="100" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> insisted that it was a ‘completely different acquisition story’ as it was not ‘driven by distress.’ The heads of both the companies said they were scripting “one of the largest e-commerce stories.” 
 
According to Mukesh Bansal, Myntra alone holds 30% of the market share and together, both the companies will account for 50% of the online fashion market. “We hope to take this figure to about 60-70% in the long term,” he said. 
 
Sachin Bansal further said that Flipkart would invest $100 million in its own fashion vertical in the near future.

You Searched For "Sachin Bansal group CEO" and got 11 results

India’s two startup icons switch to the other side — as venture capitalists

BI India Bureau

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

BI India Bureau

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

BI India Bureau

Sachin Bansal could soon acquire Essel Group’s mutual fund

Sanchita Dash

Sachin Bansal is strengthening his base in financial services with big investments

Sanchita Dash

Walmart might announce acquisition of Indian e-commerce giant tomorrow

Prabhjote Gill

Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart

Sanchita Dash

How Flipkart went from being an online bookseller to India’s biggest e-commerce story

BI India Bureau

If yours is a mobile focused company, Flipkart may acquire it

BI India Bureau

Unknown facts about flipkart founder Sachin Bansal

BI India Bureau

Flipkart Acquires Fashion E-tailer Myntra For $300 Million

BI India Bureau

Popular Keywords

Buying Guides