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<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

<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

<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 : <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>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>

Why India’s Unicorn founders backed this barely two-year-old legal tech startup

<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.

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

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

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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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Why India’s Unicorn founders backed this barely two-year-old legal tech startup

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Walmart might announce acquisition of Indian e-commerce giant tomorrow

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