Flipkart was co-founded by Binny Bansal & Sachin Bansal in 2007. Today we are here to talk about one of the co-founders i.e., Binny Bansal.
In 2007, Bansal, along with fellow IITian Sachin Bansal, had launched Flipkart with just ₹ 4 lakh as a book-retailing platform.
As the head of operations, and later in his role as the chief executive officer, Bansal helped Flipkart become a unicorn and compete with global e-commerce giant Amazon in the Indian market.
After graduating from IIT-Delhi, Bansal 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 a signal.
Before starting Flipkart, Binny worked for Amazon for about nine months and in 2007. This was only after Google rejected him twice, Bansal started Flipkart twice.
Until 2016, Bansal served as a Cheif Operating officer. He earned a reputation for being the Operational Guy, and the executioner. Since his time at Flipkart, Bansal has made more than 30 angel investments. Some of his recent investments include a $12.5 million Series-B round in Mobikon, a seven-year-old software startup focused on restaurants and the food and beverage industry.
Bansal has also invested in gold loan startup Rupeek and has also backed insurance platform Acko, image-processing firm Terraview, and health startups SigTuple, Niramai, and Pandorum Technologies. He has also put his money in venture capital firm 021 Capital.
According to Forbes, Binny Bansal has a net worth of $ 1.3 billion. In 2017, India Today ranked him in the 26th position along with Sachin Bansal among the 50 most powerful people.
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 ack of transparency in the matter that cost him his job.
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