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<ul><li>Walmart had acquired <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> for a whopping $16 billion, giving exits to both founders Sachin and Binny Bansal.</li><li><keyword id="225032" type="General" weightage="20" keywordseo="sachin-bansal" source="Orion">Sachin Bansal</keyword> went on to found his financial products and services company Navi Technologies, which is now looking to go public.</li><li>Yet Sachin Bansal is still dealing with eight lawsuits related to his tenure at the ecommerce titan Flipkart.</li></ul>It has almost been four years since Sachin Bansal formally gave up all leadership responsibilities of Flipkart, yet he is still dealing with eight lawsuits related to his tenure at the ecommerce titan. The <a href="https://www.businessinsider.in/stock-market/news/flipkart-cofounder-sachin-bansals-latest-venture-navi-files-draft-papers-for-3350-crore-ipo/articleshow/90172988.cms">draft red herring prospectus (DRHP) of Navi Technologies</a>, Bansal’s latest entrepreneurial venture, revealed that there are currently thirteen lawsuits and litigations filed by or against the 40-year-old. While some of these matters are related to Bansal’s personal life, others are all around his stint at Flipkart. The <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">latest one of this is by Enforcement Directorate</a> (ED), where the state-run financial investigation agency issued a show cause notice against <keyword id="2119269" type="General" weightage="20" keywordseo="flipkart-founders" source="Orion">Flipkart founders</keyword> Sachin and Binny Bansal in July 2021. The agency asked both the founders why they shouldn't face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act (FEMA) between 2009 and 2015. The notice was also sent to investors Accel, Tiger Global, Accel nominee director Subrata Mitra, and Tiger Global nominee director Lee Fixel, who had invested in Flipkart before it was acquired by Walmart in 2018. In response, Sachin Bansal filed a <a href="https://www.businessinsider.in/business/news/flipkarts-sachin-bansal-moves-madras-high-court-challenging-ed-notice/articleshow/85903371.cms">writ petition before Madras High Court </a>in August to challenge the show cause notice. The matter is currently pending before court. However, ED has not taken any steps in the matter so far. “...If any adverse order is passed against the Promoter [in this matter], such outcome may have an adverse impact on the reputation of our Company and may also affect the business prospects of our Company [Navi],” the DRHP noted. There are six matters where petitions have been filed against Flipkart between 2015 to 2021, where Bansal has been made a party “due to his past associations with Flipkart”, the DRHP read. “Our Promoter has not received any notice or summons nor has any access currently to any information pertaining to these matters,” it further added. Flipkart has also filed a case in Madhya Pradesh High Court against an individual. Bansal is mentioned as a petitioner. All these matters are currently pending in court. US retail giant Walmart had acquired Flipkart for a whopping $16 billion, in exchange for 77% stake in the ecommerce giant, in May 2018. Sachin Bansal had exited the company soon after the acquisition, whereas Binny Bansal still holds around 2.4% in the company. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a> <a href="https://www.businessinsider.in/business/corporates/news/ebixcash-has-four-businesses-but-only-one-of-them-is-pulling-in-big-money-for-the-company/articleshow/90190010.cms" data-type="tilCustomLink">EbixCash has four businesses but only one of them is pulling in big money for the company</a>

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

<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

New Delhi, Jan 28 () Sachin Bansal has resigned from the board of Ujjivan Small Finance Bank Ltd citing that an entity owned and controlled by him has applied for a universal banking licence, according to a regulatory filing.
 Chaitanya India Fin Credit, a microlender in which the Flipkart co-founder has a majority stake, had earlier this month said it has applied to the Reserve Bank of India (RBI) for universal bank licence.
 "I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said in his resignation letter, which was disclosed by Ujjivan SFB in the regulatory filing.
 He added that consequently, he will also cease to be a member of various board committees of the bank.
 Ujjivan Small Finance in the filing said, "The bank has received a letter dated January 27, 2020 from Sachin Bansal tendering his resignation as an independent director of the bank with effect from January 27, 2020".
 Bansal had acquired Chaitanya in September with an investment commitment of Rs 739 crore. Chaitanya was founded in 2009 and operates 40 branches in Karnataka, Bihar, Maharashtra, Rajasthan and Jharkhand.
 Bansal, chief executive officer of Navi Technologies that had invested in Chaitanya, previously talked about building a universal bank being a reflection of the entity's commitment to provide financial services to those who need them the most.
 "Our vision is to go beyond what hitherto has been broadly defined as 'financial inclusion' and provide access to formal financial services using technology that people can use intuitively and easily," Bansal had said. SR HRS

Sachin Bansal resigns from Ujjivan Small Finance Bank's board

<ul><li><keyword id="1807079" type="PERSON" weightage="20" keywordseo="Flipkart-founder">Flipkart founder</keyword> <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> said that it's time to open the economy. </li><li>Bansal is of the opinion that we can’t make use of current opportunities if we continue to stay home. </li><li>But he isn’t the only one, other industry leaders too have called for opening up of factories and industries.</li></ul>US President Donald Trump famously said that the ‘cure can’t be worse than the problem’ and he received a lot of flak for it. Billionaire <keyword id="6355315" type="UNKNOWN" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> has taken the same line and faced the same fate. 8,000 miles away in India, an icon of Indian startups, Sachin Bansal is the latest to join that list of businessmen who can’t wait for the <keyword id="8637077" type="UNKNOWN" weightage="20" keywordseo="Coronavirus-lockdown">coronavirus lockdown</keyword> to end. The subject has been an open debate from drawing rooms to television channels⁠—- will hunger and poverty kill more people in the process containing COVID-19 <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>? The coronavirus pandemic has shut down economies and has put millions across the world out of work. Daily wage earners to members of the gig economy are among the worst hit. <div type="Article" hostid="261" msid="75453118" title="Finally, millions of India’s stranded migrants can get a transport home — but conditions apply" mstype="2" mssubtype="0"></div> And in light of this, Flipkart founder, and now CEO of fintech firm Navi Technologies, Sachin Bansal today took to Twitter to say that people who want to work should be allowed to. “We can't lock ourselves up for 2 years in homes waiting for a vaccine. India can't make use of the opportunities if our most productive people are locked in their homes. With COVID's growth slowing down it's time to open up the economy. We have to learn to live with the virus,” he wrote. <div type="twitter" handle="_sachinbansal" handlename="Sachin Bansal" image="http://pbs.twimg.com/profile_images/1157528461918949376/xC-Vx-FX_normal.jpg" favoritecount="607" retweetcount="124" status="We can't lock ourselves up for 2 years in homes waiting for a vaccine. India can't make use of the opportunities if… https://t.co/wARO98OsSu" createdat="1588165332000" id="1255482517467127812"></div> Earlier, Bansal had also tweeted that he wasn’t in the favour of <keyword id="123591" type="PERSON" weightage="20" keywordseo="Work-from-home">work from home</keyword> and that his productivity fell while<a href="https://www.businessinsider.in/india/news/is-sachin-bansal-right-does-work-from-home-really-suck/articleshow/74672290.cms"> working remotely</a>. Due to the lockdown and its consequent impact on the economy, there is a growing shortage of supply of goods in the market and the disruption has led to loss of revenue and, consequently, loss of jobs. And Bansal is not the only one to ask for the economy to be reopened. The chairman of Jindal Steel and Power Limited, Naveen Jindal, in <a href="https://www.firstpost.com/business/getting-india-back-in-the-fast-lane-factories-industrial-units-should-be-allowed-to-resume-under-supervision-writes-naveen-jindal-8254611.html">an article</a> wrote, “We could surely get India to resume its manufacturing activities, under strict supervision, with a hygiene and health protocol in place. We could, thus, make up for the lost momentum.” Globally too, Elon Musk faced a lot of flak for sending an email to employees saying that all those who are sick can stay home but he is going to continue <a href="https://www.washingtonpost.com/technology/2020/04/29/musk-tesla-coronavirus/">going to work.</a> Trump started early US President Donald Trump in a <a href="https://www.realclearpolitics.com/articles/2020/03/24/trump_we_cant_have_the_cure_be_worse_than_the_problem_142750.html">press conference</a> had said that he wants the economy to reopen as soon as possible, within weeks. “We can’t have the cure be worse than the problem. We have to open our country because that causes problems that, in my opinion, could be far bigger problems,” Trump said on March 23. Since then, the US has piled on over 1 million COVID-19 cases with over 59,000 deaths. That’s a number that could keep people on the fence from taking this side of the debate. See Also: <a href="https://www.businessinsider.in/international/news/200000-h1-b-visa-holders-hope-us-will-extend-status-to-september-as-june-deadline-comes-to-a-close/articleshow/75445367.cms">200,000 H1-B visa holders hope US will extend status to September as June deadline comes to a close</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-has-reportedly-listed-giving-loans-as-a-main-objective/articleshow/75445825.cms">WhatsApp has reportedly listed giving loans as a ‘main’ objective— and it could be a big feature in Facebook and Reliance Jio’s partnership</a>

Sachin Bansal takes the same line as Donald Trump and Elon Musk ⁠— let people work and “live with the virus”

<ul><li><keyword id="4085901" type="PERSON" weightage="20" keywordseo="Milkbasket">Milkbasket</keyword> has raised ₹200 million in venture debt from <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>’s firm <keyword id="7578713" type="UNKNOWN" weightage="20" keywordseo="bacq">BACQ</keyword>. </li><li>Earlier in March 2019, Milkbasket had announced the acquisition of Veggie India for an undisclosed amount. </li><li>The grocery space has been heating up in India, with Bigbasket joining the unicorn club and unicorn startup Swiggy having entered the segment.</li></ul><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder Sachin Bansal is back in the news. Bansal’s firm BACQ has invested venture debt worth ₹200 million into Milkbasket – a grocery delivery startup. Bansal, through BACQ, had earlier made an investment in digital lending platform Krazybee and a personal investment in Ola technologies. Venture debt is a type of debt financing given to early stage companies. "Milkbasket is now working on the next set of innovations to further consolidate its market leader position across it’s fresh (fruit &amp; vegetables) offering, automating the daily delivery supply chain and reducing go to market time for multi-city expansion. These funds would provide us the needed CAPEX and R&amp;D investments in all the three domains.” Anant Goel, co-founder and CEO, Milkbasket added. In March 2019, Milkbasket had acquired one-year-old startup Veggie India for an undisclosed amount. With the acquisition, the founders of the Noida-based Veggie India Jainendra Upadhyay and Shailendra Upadhyay as well as all of their employees had joined Milkbasket. The Gurugram-based startup Milkbasket had earlier raised about $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures at a <a href="https://www.vccircle.com/mayfield-leads-milkbasket-s-extended-series-a-round/">reported</a> valuation of $30 million. According to CRISIL, the online retail market in India is expected to grow 250% to touch ₹1.8 trillion by 2020 fiscal. The Indian grocery market has become a hot sector with bigwigs joining in the race. Milkbasket, which earlier focussed on delivery of milk and dairy products, had expanded its business to begin grocery delivery. Foodtech unicorn Swiggy too had announced its entry in the segment with Swiggy stores. One of the leaders in the space, Bigbasket had joined the unicorn club in March 2019 with a $2.3 billion valuation. See Also: <a href="https://www.businessinsider.in/bigbasket-joins-unicorn-club-with-a-fresh-investment-of-150-million/articleshow/68624890.cms">Indian grocery startup Bigbasket enters the unicorn club with a reported $2.3 billion valuation</a> <a href="https://www.businessinsider.in/milkbasket-strengthens-to-take-on-rivals-swiggy-and-bigbasket-acquires-veggie-india/articleshow/68590658.cms">Four years into the business, Milkbasket has acquired one-year-old startup Veggie India</a>

Sachin Bansal adds more to his cart, invests ₹200 million in Milkbasket

Early stage start up companies struggling to raise funds in health care sector is the next bait for <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>. The <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> co founders have recently invested <keyword id="3181379" type="UNKNOWN" weightage="20" keywordseo="Pandorum-Technologies">Pandorum Technologies</keyword>, which deals in -print experimental-stage human liver tissues in a laboratory. <keyword id="6442005" type="PERSON" weightage="20" keywordseo="Bansal">Bansal</keyword> duo are finalising another investment in a start up that makes implants. 
 
Bansals taking the risk of investing in disruptive innovation make them a rare breed of investors, courageous enough to take risky bets. 
 
"In India, core sectors like healthcare, education and supply chain will be disrupted (by emerging) technology... Those (startups) don't funding easily while consumer internet companies do," Binny Bansal told the ET. 
 
His observation bears out in the numbers. Of the 30 early-stage capital-raising deals struck by healthcare startups since 2014, half were in the form of government grants, according to startup data tracker Tracxn. On the other hand, in the same period, 1,166 consumer internet startups managed to raise seed and angel funding. 
 Industry experts concede it's tough for such deep technology ventures to secure funding. "It is not very easy because you need to understand more of technology when you (want to invest in) deeptech healthcare and robotics," said <keyword id="1617764" type="UNKNOWN" weightage="20" keywordseo="Shanti-Mohan">Shanti Mohan</keyword>, founder of Let'sVenture, one of India's largest funding platforms for startups. 
 
For potential investors not familiar with such technology, it becomes difficult to grasp the end uses of the products these startups are developing.

Flipkart founders are taking risky
bets

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

<a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate" data-type="tilCustomLink">Snapdeal’s</a> three major investors- <a href="http://www.businessinsider.in/searchresult.cms?query=softbank&amp;sortorder=effectivedate" data-type="tilCustomLink">SoftBank</a>, Nexus Venture Partners and Kalaari Capital- have already agreed for e-commerce’s sale out to<a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate" data-type="tilCustomLink"> Flipkart</a>. But, apart from these, a nod from <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword> and <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> is also required as they too have stakes in <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>. <a href="https://www.bloomberg.com/news/articles/2017-05-16/flipkart-pact-for-snapdeal-said-to-need-premji-tata-approvals">Bloomberg</a> reported, as per the contract, Snapdeal needs backing from the two of India's most powerful businessmen. Nod from Premji, Tata and other several important investors is still awaited. “If due diligence goes smoothly, a term sheet specifying cash and stock for each shareholder will follow and a final agreement could be signed by mid- to late June,” Bloomberg quoted sources as saying. When the sale happens, Snapdeal's Kunal Bahl and <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> will together receive about $30 million with a similar sum to be set aside for Snapdeal's nearly 2,000 employees. <keyword id="1397792" type="UNKNOWN" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, one of the two early investors in the startup, is to get $30 million, while Nexus will receive twice that amount for its larger stake, they said. Kalaari's managing director <keyword id="1397790" type="UNKNOWN" weightage="20" keywordseo="Vani-Kola">Vani Kola</keyword>, an early investor in Snapdeal, told Bloomberg that she has resigned from the startup's board. "I was done with what I needed to do,” Kola said, adding that she saw no conflict of interest. Meanwhile, this merger will give a boost to <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s battle against <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, which is pumping in money in its Indian arm to grab a significant share in the market. Flipkart raised $1.4 billion from Tencent Holdings Ltd., Microsoft Corp. and EBay Inc, taking its valuation at $11.6 billion. "This is a landmark deal for Flipkart and for India,” the company's co-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> said in a statement. "This deal reaffirms our resolve to hasten the transformation of commerce in India through technology.

Azim Premji, Ratan Tata’s nod also important for Flipkart-Snapdeal merger

<keyword id="3749718" type="ORGANIZATION" weightage="100" keywordseo="softbank-vision-fund">SoftBank Vision Fund</keyword> has become one of the largest shareholders in <keyword id="6354742" type="UNKNOWN" weightage="100" keywordseo="Flipkart">Flipkart</keyword> as it just raked in a significant amount of investment in the company. This investment in Flipkart is a mix of primary and secondary capital. The investment comes after <keyword id="541988" type="UNKNOWN" weightage="20" keywordseo="Snapdeal">Snapdeal</keyword> cancelled the acquisition deal with Flipkart. Flipkart has also raised capital from three other companies - Tencent, eBay and Microsoft. Now, Flipkart will have in excess of $4 billion of cash on balance sheet. India has a thriving Internet market with close to 500 million Internet users and as per market research, the Indian e-commerce market is expected to grow at a five-year CAGR in excess of 30 percent. “This is a monumental deal for Flipkart and India. <keyword id="163404" type="UNKNOWN" weightage="100" keywordseo="SoftBank">SoftBank</keyword>’s proven track record of partnering with transformative technology leaders has earned it the reputation of being a visionary investor. We’re excited to welcome the Vision Fund as a long-term partner as we continue to build our business with a focus on serving the needs of all Indians, and driving the next phase of technology adoption in India,” said <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> and <keyword id="225032" type="PERSON" weightage="20" keywordseo="sachin-bansal">Sachin Bansal</keyword>, co-founders, Flipkart.

Flipkart bags huge investment from SoftBank Vision Fund; it has over $4 billion in cash now

IITians have done it again! IIT Entrepreneurs have created 12 unicorns so far, thereby becoming creators of the fourth-largest number of Unicorns (privately held companies valued at more than $1 billion) in the world. 
 
It is precisely for this reason, India is recignized as the world's third-largest startup hub. Interestingly, a 2014 study by Pitchbook Data, a US private equity and research firm had ranked IITs as fourth among top 50 universities globally, whose graduates were entrepreneurial. It said around 264 entrepreneurs founded 205 companies and had raised a total of $ 3.15 billion in venture capital and private equity funding. 
 According to a report by Sage, a UK-based accounting and payroll company, IITians are next only to <keyword id="101399" type="ORGANIZATION" weightage="20" keywordseo="Stanford-University">Stanford University</keyword>, which tops the list with 51 Unicorns, <keyword id="53675" type="ORGANIZATION" weightage="20" keywordseo="harvard">Harvard</keyword> (37) and the University of California (18). 
 
A major credit to them is also that IITs' ranking on the list is higher than Massachusetts Indstitute of Technology (MIT), whose alumni have set up nine unicorns. 
 
OUR HEROES: 
 <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>, co-founders of India's largest e-commerce firm <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> graduated from IIT Delhi, as also Rohit Bansal, co-founder of smaller rival <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>. 
 
InMobi, the ad tech firm, which turned profitable last quarter, is founded by Naveen Tewari, Abhay Singhal and Amit Gupta, all from IIT Kanpur. 
 
Bhavish Agarwal and Ankit Bhati, co-founders at Ola, the country's largest taxi aggregator graduated from IIT Mumbai. 
 Some other names are <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> of Shopclues, Deepinder Goyal of Zomato, Jyoti Bansal of AppDynamics and KV Rao of Zuora.

IIT entrepreneurs have created fourth-largest number of unicorns in the world - It's more than MIT!

<keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword>, <keyword id="6357395" type="CITY" weightage="20" keywordseo="eBay">eBay</keyword>, and <keyword id="10387" type="CITY" weightage="100" keywordseo="Microsoft">Microsoft</keyword> have made investments aggregating to $1.4 billion in <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, India’s leading online marketplace. The latest funding round from the three global technology giants, at a post-transaction valuation of $11.6 billion, adds to an existing group of marquee investors that include Tiger Global Management, Naspers Group, Accel Partners and DST Global. 
 
Flipkart announced the feat in a blog post. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Proud to announce the largest investment in <a href="https://twitter.com/Flipkart">@Flipkart</a> history ! <a href="https://t.co/ktwy39H3WW">https://t.co/ktwy39H3WW</a> <a href="https://twitter.com/TencentCorp">@TencentCorp</a> <a href="https://twitter.com/eBay">@eBay</a> <a href="https://twitter.com/Microsoft">@Microsoft</a> <a href="https://twitter.com/hashtag/FlipkartBigWin?src=hash">#FlipkartBigWin</a>
	— binnybansal (@binnybansal) <a href="https://twitter.com/binnybansal/status/851364335268057088">April 10, </a></blockquote>
<blockquote class="twitter-tweet" data-lang="en">
	&#xa0;</blockquote>
Tencent, a leading provider of internet value-added services in China, joins as a strategic investor, bringing experience in linking social networking and e-commerce. Tencent will lend significant expertise to Flipkart as it furthers its leadership position across the e-commerce market in India. 
 
<a href="http://www.businessinsider.in/exclusive-an-angel-investor-whose-midas-touch-with-crypto-currency-is-redefining-the-future-of-start-up-investments/articleshow/58062121.cms">ALSO READ: Exclusive: An Angel investor whose Midas touch with Crypto-currency is redefining the future of start-up investments</a> 
 
“This strategic partnership enables Tencent to participate in the exciting opportunities in e-commerce and payments in India. We look forward to helping Flipkart to deliver compelling experiences to users throughout India, and to contribute to the development of the internet ecosystem there,” said Martin Lau, Tencent President. 
 
<keyword id="161767" type="COMPANY" weightage="20" keywordseo="eBay-India">eBay India</keyword> is now part of the <keyword id="3515858" type="UNKNOWN" weightage="20" keywordseo="flipkart-group">Flipkart Group</keyword> 
 
The investment by eBay is accompanied by a strategic commercial agreement with Flipkart. In exchange for an equity stake in Flipkart, eBay is making a cash investment in and selling it's eBay.in business to Flipkart. eBay.in will continue to operate as an independent entity as a part of Flipkart. 
 
<a href="http://www.businessinsider.in/exclusive-ace-angel-investor-sanjay-mehtas-true-life-experiences-that-makes-his-investments-in-startups-fool-proof/articleshow/58061818.cms">ALSO READ: Exclusive: Ace Angel Investor Sanjay Mehta’s true-life experiences that make his investments in startups fool-proof</a> 
 
<keyword id="2969294" type="UNKNOWN" weightage="20" keywordseo="Flipkart-eBay">Flipkart eBay</keyword> “The combination of eBay’s position as a leading global e-commerce company and Flipkart’s market stature will allow us to accelerate and maximize the opportunity for both companies in India,” said <keyword id="375695" type="PERSON" weightage="20" keywordseo="Devin-Wenig">Devin Wenig</keyword>, President, and CEO of eBay Inc. 
 
Flipkart and eBay have also signed an exclusive cross-border trade agreement, as a result of which customers of Flipkart will gain access to the wide array of global inventory on eBay, while eBay’s customers will have access to unique Indian inventory provided by Flipkart sellers. Thus, sellers on Flipkart will now have an opportunity to expand their sales globally. 
 On its ten-year odyssey, the Flipkart Group has grown to encompass <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> and Jabong, India’s leading online fashion destinations, and PhonePe — the leading UPI-based app that provides a cashless and seamless payment experience. Flipkart’s success has also emboldened a generation of Indian startups and entrepreneurial ventures, fanning the zeal of entrepreneurs and attracting big investments in the sector.

Flipkart announces raising $1.4 billion from Tencent, eBay & Microsoft, and acquires eBay India

If you are an aspiring entrepreneur or a wantrepreneur equipped with a dream to create a billion-dollar business in India, one of the IITs is your best bet. 
 Unicorns are <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> with more than a billion-dollar valuation and the IITs have produced 12 unicorns. 
 
Sage, a UK-based accounting, and payroll company stated this in a research and reinstated the belief that the premier institution is still numero uno for attaining success. 
 
In terms of countries that are home to the most number of unicorns, US tops the list with 144 unicorns, followed by China with 47. India grabbed the third spot with 10. 
 
<a href="http://www.businessinsider.in/what-should-indian-start-ups-hope-for-in-budget-2017/articleshow/56893271.cms">ALSO READ: What should Indian startups hope for in Budget 2017</a> 
 
In the study that lists universities that have produced the most unicorn founders, the Indian Institutes of Technology (IITs) bagged the fourth spot. 
 US-based <keyword id="101399" type="ORGANIZATION" weightage="20" keywordseo="Stanford-University">Stanford University</keyword> claimed the top rank with 51 unicorn founders, followed by <keyword id="97117" type="ORGANIZATION" weightage="20" keywordseo="Harvard-University">Harvard University</keyword> with 37. 
 The <keyword id="73593" type="ORGANIZATION" weightage="20" keywordseo="University-of-California">University of California</keyword> came third with 18 unicorn founders and <keyword id="6354859" type="COMPANY" weightage="20" keywordseo="IIT">IIT</keyword> followed with 12 founders. 
 India is home to 10 unicorn companies from e-commerce giants <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> and ShopClues to cab aggregator Ola, restaurant aggregator Zomato, classified ads platform Quickr, digital payments company <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>, mobile ad tech player InMobi, messaging app Hike and analytics company Mu Sigma. 
 Within the various IITs, it is Delhi that produced the maximum unicorn founders. <keyword id="6354867" type="CITY" weightage="20" keywordseo="Sachin">Sachin</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> of Flipkart, <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> of ShopClues, Zomato founders <keyword id="476451" type="UNKNOWN" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> and Pankaj Chaddah, Snapdeal's <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> and Quikr's <keyword id="1063538" type="PERSON" weightage="20" keywordseo="Pranay-Chulet">Pranay Chulet</keyword> and <keyword id="2124885" type="UNKNOWN" weightage="20" keywordseo="Jiby-Thomas">Jiby Thomas</keyword> (now founder of <keyword id="4123624" type="UNKNOWN" weightage="20" keywordseo="webbutterjam-digital">Webbutterjam Digital</keyword>) are all products of <keyword id="57604" type="CITY" weightage="20" keywordseo="iit-delhi">IIT Delhi</keyword>. 
 
<a href="http://www.businessinsider.in/exclusive-what-moms-want-from-the-budget-2017/articleshow/56872243.cms">ALSO READ: Exclusive: What moms want from the Budget 2017</a> 
 Ola's founders <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword> and <keyword id="2412264" type="UNKNOWN" weightage="20" keywordseo="Ankit-Bhati">Ankit Bhati</keyword> went to IIT Bombay. 
 Inmobi's founders Naveen Tiwari, Abhay Singhal and <keyword id="75744" type="PERSON" weightage="20" keywordseo="Amit-Gupta">Amit Gupta</keyword> studied at IIT Kanpur while their co-founder <keyword id="2682435" type="PERSON" weightage="20" keywordseo="Mohit-Saxena">Mohit Saxena</keyword> went to IIT Roorkee. 
 
<a href="http://www.businessinsider.in/take-a-tour-of-oyo-rooms-attractive-new-property-townhouse/articleshow/56781794.cms">ALSO READ: Take a tour of OYO's attractive new property: OYO Townhouse</a> 
 
According to the study, for over 60% of the founders all over the world, the current unicorn company was the only company they had ever built. However, indicating that experience literally pays, the research said those who founded more than one company have, on average, a 34.5% higher valuation than those who founded just one company ($4.29bn vs $5.88bn).

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