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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

<ul><li>India’s financial investigation agency has been investigating Amazon and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> over the years. </li><li>The Enforcement Directorate issued a show-cause notice to both the companies and its founders last month. </li><li>Flipkart raised a $3.6 billion round at a valuation of $37.6 billion, a two-fold increase from 2018.</li></ul>India’s Enforcement Directorate (ED) has reportedly warned Walmart-owned Flipkart and its founders — <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> — with a $1.35 billion penalty for alleged violation of the country’s foreign investment laws. According to a Reuters report citing sources it did not name, the financial investigation agency has alleged that after Flipkart got foreign investment, a related party, <keyword id="1556044" type="PERSON" weightage="20" keywordseo="WS-retail">WS Retail</keyword>, started selling goods to consumers via the e-commerce platform. This is prohibited under Indian law. ED has issued show-cause notice to both the companies and its founders last month to explain why they shouldn’t face a penalty of $1.35 billion for allegedly violating India’s foreign direct investment (FDI) policy. Tiger Global, which has been an investor in Flipkart for a decade has also been issued such a notice. Tiger Global declined to comment on the issue. A Flipkart spokesperson told Reuters, the company is "in compliance with Indian laws and regulations…We will cooperate with the authorities as they look at this issue pertaining to the period 2009-2015 as per their notice." One of the sources at Flipkart told Reuters that they have around 90 days to respond to the notice and WS Retail had ceased its operations at the end of 2015. Flipkart was acquired by <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in 2018, after which Sachin Bansal sold off all his shareholdings but Binny Bansal continues to hold some. The company’s valuation has doubled since then, from $16 billion in 2018 to $37.6 billion now. Last month, the company raised a $3.6 billion round led by Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2 and Walmart. DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in the round. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/whitehat-jrs-ceo-karan-bajaj-quits-exactly-a-year-after-byjus-acquisition/articleshow/85029450.cms">WhiteHat Jr’s CEO Karan Bajaj quits exactly a year after Byju’s acquired the company</a> <a href="https://www.businessinsider.in/business/startups/news/moengage-wants-an-office-in-new-york-and-hire-to-150-techies-in-india/articleshow/85057941.cms">INTERVIEW: MoEngage, which helps companies like Domino's engage with customers, wants an office in New York and 150 techies in India</a> <a href="https://www.businessinsider.in/business/startups/news/tiger-global-pumps-enough-money-to-make-bharatpe-a-unicorn-about-a-month-after-it-got-a-banking-licence-with-centrum-as-its-partner/articleshow/85027918.cms">Tiger Global pumps enough money to make BharatPe a unicorn about a month after it got a banking licence with Centrum as its partner</a>

Flipkart and Tiger Global have a billion dollar notice to respond to in the next 90 days

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

<ul><li><keyword id="7321744" type="UNKNOWN" weightage="20" keywordseo="Flipkart-co-founder-Binny-Bansal">Flipkart co-founder Binny Bansal</keyword> cashed out a part of his shares by selling them to investment firm Tiger Global. </li><li>With this, Tiger Global increases its stake in <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>.</li><li>Meanwhile, Bansal has been actively investing in Indian startups.</li></ul>Flipkart’s co-founder <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> sold another tranche of his shares in Flipkart to Tiger Global for over $14 million, according to filings sourced by paper.vc. However, the report also says that given Flipkart’s subsidiary company Phonepe’s growth, the company’s valuation could have risen. It means Bansal’s buyout could be worth $25 million. His stake in the company will be as a little as 3%, after the deal. Flipkart was also in the news recently as its board gave approval for its employees to cash out stock options for over $100 million. Employees could liquidate 10% of their stock options in the company. In June 2019, rumours were rife that <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> is looking to exit from Flipkart as the latter heads for an IPO in the US. It was then that Bansal had sold some of his shares. Bansal, who had exited from all operational roles in the company over allegations of personal misconduct, sold a part of his shares for $76.4 million, according to filings sourced by paper.vc. During the sale of Flipkart to Walmart in 2018, Bansal made as much as $159 million by selling over 1.1 million shares. Cashing out for investments Since his Flipkart exit, Bansal turned into a full-time investor. In January this year, Binny Bansal had closed the first round of $32 million for his VC fund called ‘021 Capital’ which he formed with Sailesh Tulshan, his financial adviser. The former Flipkart Group CEO also raised a round from Premji Foundation and is also backed by former Flipkart employees. Since then, he has made personal bets like in Masaba Gupta’s fashion label, insurtech startup Acko and legal startup Spotdraft amongst others.

Binny Bansal sells his shares in Flipkart for the third time since Walmart’s entry

<ul><li><keyword id="80487" type="General" weightage="20" keywordseo="walmart" source="Orion">Walmart</keyword> International CEO said that the US-based retailer is confident that <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> will turn profitable.</li><li>She mentioned that the company has managed to live up to its expectations so far.</li><li>Flipkart is also thinking of ways they can offer software-as--a-service (SaaS), she noted.</li></ul>Walmart International CEO and President Judith McKenna on Wednesday said that the US-based retailer is confident that Flipkart will turn profitable and the company has managed to live up to its expectations so far. She also mentioned that India is Walmart’s biggest market in terms of advertising revenue and the company is looking at leveraging its advertising technology in other markets. Flipkart is also thinking of ways they can offer software-as-a-service (SaaS), she noted, as the e-commerce giant explores new avenues of revenue. “In fact, one of the markets that we are using them [Flipkart] for is Chile. They're building out our ad tech platform for Chile, which is a really interesting development for them,” she said. Walmart acquired Flipkart — the Indian counterpart to e-commerce giant Amazon — in 2018 from founders Sachin and Binny Bansal. The US-based retailer made the acquisition at a valuation of $16 billion, which has now more than doubled to <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-raises-3-6-billion-at-a-valuation-of-over-37-billion/articleshow/84338594.cms">$37.6 billion</a>. <cmsannotation type="cmsannotation" annotationid="Flipkart looking to go public with an IPO in the US" comment="subhead" text="Flipkart looking to go public with an IPO in the US">Flipkart looking to go public with an IPO in the US</cmsannotation> Flipkart is now looking to go for an initial public offering (IPO) in the USA. According to media reports, the company expects to make its public debut next year <a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms">at a valuation of $70 billion</a>. McKenna confirmed this, but refrained from committing to a timeline for the <keyword id="3123061" type="General" weightage="20" keywordseo="flipkart-ipo" source="Orion">Flipkart IPO</keyword>, saying it will make a stock market debut “when the time is right for it”. “And when the time is right will depend on a number of factors, not least the market, but also the business performance. They've hit our deadlines. We wouldn't have invested if we didn't believe they could become profitable in the longer term, and we continue on track for that,” McKenna was quoted as saying in the Baird 2022 Global Consumer, Technology &amp; Services Conference. Flipkart had reported revenue of ₹43,357 crore for the financial year 2021, representing a 25% jump from the previous year. The company’s net loss also narrowed to ₹2,445 crore, representing a 22% decline. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/news/zomato-can-show-ebitda-profitability-in-the-next-three-years-but-only-on-one-condition/articleshow/92095600.cms">Zomato’s path to profitability in the next three years requires two things, say analysts</a> <a href="https://www.businessinsider.in/business/startups/news/pepper-content-raises-14-million-to-enter-the-us-market/articleshow/92084581.cms">INTERVIEW: Pepper Content skip the traditional Middle East route, heads directly for the US market</a> <a href="https://www.businessinsider.in/business/news/deepinder-goyal-akshant-goyal-here-is-how-much-zomatos-dream-team-earned-since-october-2021/articleshow/92080767.cms">Deepinder Goyal, Akshant Goyal — here is how much Zomato’s dream team earned since October 2021</a>

Flipkart has ‘lived up to expectations so far’, says Walmart CEO, confirms IPO plans

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> has led a $1 million funding in <keyword id="121020" type="PERSON" weightage="20" keywordseo="Masaba-Gupta">Masaba Gupta</keyword>’s designer brand. </li><li>Masaba has been in business for 10 years but has raised her first round of investment now. </li><li>In June 2019, Bansal had sold a part of his shares in Flipkart for $76.4 million.</li></ul>Flipkart founder Binny Bansal invested in popular designer Masaba Gupta’s fashion label. Masaba – as the apparel brand is called – has raised $1 million in its first round of funding led by Bansal. “After being in the fashion business for 10 years, it was the right time to bring institutional investors on board,” said Masaba Gupta <a href="https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/masabas-label-raises-1m-in-round-led-by-binny-bansal/articleshow/70136565.cms">in a statement. </a> She started her own fashion label in 2009, but is now eyeing expansion. She wants to grow the number of her stores from 11 to <a href="https://www.livemint.com/mint-lounge/features/masaba-celebrates-10-years-in-fashion-1555061308393.html">50 in India and abroad. </a> She recently unveiled an official Game of Thrones collection. “Masaba has been able to create a great brand backed by her unique designs. She is one of the youngest designers to do so and I believe she is just getting started on building a great business,” said Bansal. Ever since he exited the company he founded, Bansal has been busy investing into startups and turned into a full-time investor. In June, Bansal had sold a part of his shares in Flipkart for $76.4 million, according to filings sourced by paper.vc. Now, Bansal has a residual share of 3.52% in the company. In January 2019, Bansal closed the first round of $32 million for his VC fund called ‘021 Capital’ which he had formed with Sailesh Tulshan, his financial adviser. The former Flipkart Group CEO had raised a round from Premji Foundation also from a few former colleagues from Flipkart. He had made personal investments too, like in insurtech startup Acko and legal startup Spotdraft amongst others. See Also: <a href="https://www.businessinsider.in/flipkart-ipo-in-us-binny-bansal-sells-stake-to-walmart/articleshow/69924275.cms">Flipkart’s IPO in the US could see Walmart exit, Binny Bansal has already begun cashing himself out</a>

Binny Bansal leads an investment in fashion designer Masaba Gupta’s label

(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

<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

<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’

Nearly five months after announcing his comeback startup in <keyword id="3168655" type="UNKNOWN" weightage="20" keywordseo="Intelligent-Interfaces">Intelligent Interfaces</keyword> , former <a href="http://www.businessinsider.in/searchresult.cms?query=housing.com&amp;sortorder=effectivedate">Housing</a> CEO <a href="http://www.businessinsider.in/searchresult.cms?query=rahul+yadav&amp;sortorder=effectivedate">Rahul Yadav</a> has decided to shut shop, give up on <keyword id="107737" type="ORGANIZATION" weightage="100" keywordseo="Entrepreneurship">entrepreneurship</keyword> and is now planning to take up a simple job. 
 
"Thinking of giving up on entrepreneurship and do a simple job. Will take decision by this weekend," Yadav, often dubbed as the bad boy of Indian startups, said in a Facebook post. 
 
The post comes barely days after Yadav said his second venture had failed to take off 
 
"Intelligent Interfaces (II) for government is not working out. Should I make it for enterprises or come back to real estate," Yadav posted. 
 
Intelligent Interfaces had the backing of <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart </a>founders Sachin and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> and cricketer Yuvraj Singh. "A 100x company needs a 100x team," Yadav had said in December after Singh came on board, adding that his new firm aimed at bringing efficiencies in the process of Indian government. 
 
However, at the moment, Yadav, it seems, is not happy with how the whole thing panned out. "Out of all big countries, we're the last in terms of development and quality of life (please don't compare with Africa, Bangladesh etc)...Before this country could even start its economic growth, its metro cities have already given up (traffic jams in Bangalore, odd -even rule in Delhi, Pollution level in metro cities)," Yadav said. 
 
"Forget catching up to US or China...I really don't know how to deal with stupid people. Be it Housing board members or these journalists. I just don't". 
 
Yadav in another Facebook post claimed the government experience had left him bitter. 
 
"Why Intelligent Interfaces is not working out because no government official is willing to take any decision in Delhi. All are afraid that even if even if they try to do something good, possibility is that they will be dragged in some sort of favoritism case by this country's stupid media. Hence nobody wants to take any call even when they realise it's a sensible solution." 
 
Yadav was reacting to a recent report that claimed that IIT dropout had only managed to raise Rs 3 crore against his assumed valuation of Rs 170 crore for Intelligent Interfaces. The report further claimed that of the Rs 3 crore, Yadav spent Rs 1.5 crore for a trip to the US. 
 
Image credit: Indiatimes

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

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

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Former Housing CEO Rahul Yadav now wants to take up a simple job

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