Startups

Flipkart Co-Founder Binny Bansal to Launch AI Startup for Global Corporate Clients: Report

• ByStartupStory     |    November 7, 2023

Former Flipkart co-founder, Binny Bansal, is venturing into the AI industry with a new startup poised to serve corporate clients worldwide, According to Bloomberg’s sources. The initiative is set to provide AI expertise, products, and services to global corporations, following a model akin to IT giants like TCS and Infosys. Bansal’s team has already recruited 15 experts, primarily AI scientists, with plans to further expand their workforce for the upcoming product launches.

Bansal, a 40-year-old billionaire who co-established the e-commerce giant Flipkart and reaped significant profits from selling his stake to Walmart Inc., aims to leverage India’s substantial English-speaking youth population to train AI professionals for innovative services. This endeavor primarily centers on talent development and service offerings, particularly in smaller Indian cities.

Although the startup is yet to reveal specific product details, initial targets include the e-commerce and legal sectors, with future expansions expected in analytics, data science, and financial services. The official product launch is slated for the second half of 2024.

While the AI startup is based in Bengaluru, it will be headquartered in Singapore, a city where Binny Bansal has been residing post-Flipkart. The project is currently in stealth mode for product development in Singapore, with plans for expansion into the US market.

Binny Bansal and Sanchin Bansal, both IIT-Delhi alumni, co-founded Flipkart before it became a local e-commerce alternative to Amazon. Binny Bansal was the CEO of Flipkart when he made the high-profile sale to Walmart for $16 billion in 2018. Despite this, he maintains his presence on the Flipkart board and retains shares in PhonePe, Flipkart’s digital payment service. He has also been actively investing in technology startups.

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