Flipkart’s Binny Bansal Plans E-Commerce Startup: Report

• ByStartupStory     |    August 19, 2023

Reports indicate that Binny Bansal, the co-founder of Flipkart, is poised to enter the Indian e-commerce landscape with a new startup venture. Having recently divested his remaining stake in Flipkart, Bansal is reportedly planning to utilize his personal capital for the new venture, refraining from seeking external funding.

Bansal’s decision to sell his stake in Flipkart garnered him approximately $1 to $1.5 billion. He, along with co-founder Sachin Bansal, previously exited Flipkart after the e-commerce giant was acquired by Walmart in 2018 for approximately $16 billion.

Notably, Binny Bansal has already backed around 60 startups, including prominent names like Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, and Yulu.

Sachin Bansal led Flipkart as its CEO from its inception in 2007 until 2015, subsequently assuming the role of Executive Chairman in 2016. He currently mentors startups and the Internet ecosystem in India while actively participating as an angel investor in various technology startups.

Binny Bansal served as the CEO of Flipkart until January 2016, later being promoted to the position of Chief Executive Officer. He ultimately departed from Flipkart in November 2018 to become a prolific angel investor.

Walmart, the retail giant, recently paid $1.4 billion to acquire VC firm Tiger Global’s remaining shares in Flipkart. This move was intended to solidify Walmart’s control over the Indian e-commerce leader. Tiger Global realized a substantial gain of $3.5 billion from its initial investment of $1.2 billion in Flipkart.

In a funding round last year, Flipkart was valued at $37.6 billion. As of the last report, Walmart held a 72 percent stake in Flipkart.

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