New Delhi: Flipkart co-founder Binny Bansal is reportedly planning a brand new startup within the burgeoning e-commerce area in India. According to Money Control, Bansal just lately bought his remaining stake in Flipkart and is now trying to create an e-commerce startup.
The report stated, citing sources, that Bansal won’t search to boost exterior funds and would relatively infuse his personal capital within the new e-commerce startup. Bansal acquired about $1-$1.5 billion from his shareholding in Flipkart.
Binny, together with Sachin Bansal, exited Flipkart after promoting it to Walmart in 2018 for round $16 billion. Binny has backed round 60 startups, like Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu and others.
Last 12 months, Binny Bansal bought his stake value $264 million (greater than Rs 2,000 crore) within the homegrown e-commerce platform to Chinese Internet large Tencent.
Sachin and Binny Bansal, who acquired their B.Tech diploma in pc science & engineering from IIT-D in 2005, constructed one of many largest e-commerce marketplaces in India.
Sachin led Flipkart as its CEO from its inception in 2007 until 2015 and took over because the Executive Chairman in 2016. He is at the moment main and mentoring the startup and web ecosystem in India and is an angel investor in a number of know-how startups.
Binny served because the CEO of Flipkart until January 2016 earlier than being promoted as Chief Executive Officer. He exited Flipkart in November 2018 and have become a prolific angel investor.
Last month, retail large Walmart paid $1.4 billion to amass VC kind Tiger Global’s remaining shares in Flipkart. According to a report in Wall Street Journal, Walmart has paid the cash to spice up Flipkart’s stake.
Walmart bought Tiger Global’s remaining holding in Flipkart to additional cement its management of the Indian e-commerce large. Tiger Global made an total achieve of $3.5 billion on an funding of $1.2 billion.
Flipkart was earlier valued at $37.6 billion in a 2021 funding spherical. Walmart had a 72 p.c share in Flipkart as reported final.
