Flipkart co-founder Binny Bansal plans to launch new e-commerce startup: Report

Binny Bansal, who co-founded Flipkart alongside Sachin Bansal back in 2007, is reportedly planning a new startup in the burgeoning e-commerce space in India. According to a report by Money Control, Bansal recently sold his remaining stake in the Walmart-owned Flipkart and now he is looking to launch his own startup. The report, citing insider sources, also said that Binny Bansal’s upcoming startup will focus on e-commerce and that Bansal will not seek to raise external funds.  He is reportedly planning to infuse his own capital in his upcoming e-commerce startup. Also Read: Samsung Galaxy S24 Ultra Price To Drop Below Rs 60,000 During Flipkart Big Billion Days Sale?

Bansal received about $1-$1.5 billion from his shareholding in Flipkart. Binny, along with Sachin Bansal, exited Flipkart after selling it to Walmart in 2018 for around $16 billion. Binny has backed around 60 startups, like Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu and others. Last year, Binny Bansal sold his stake worth $264 million (more than Rs 2,000 crore) in the homegrown e-commerce platform to Chinese Internet giant Tencent. Also Read: Gmail Introduces New 'Purchases' Tab Ahead Of Amazon Great Indian Festival And Flipkart Big Billion Days Sale: What Is It?

Sachin and Binny Bansal, who received their B.Tech degree in computer science & engineering from IIT-D in 2005, built one of the largest e-commerce marketplaces in India. Sachin led Flipkart as its CEO from its inception in 2007 till 2015 and took over as the Executive Chairman in 2016. He is currently leading and mentoring the startup and internet ecosystem in India and is an angel investor in several technology startups. Also Read: Flipkart Big Billion Days Sale: iPhone 16 Pro And iPhone 16 Pro Max Deal Prices Revealed; Under Rs 70,000?

Binny served as the CEO of Flipkart till January 2016 before being promoted as its Chief Executive Officer. He exited Flipkart in November 2018, and became a prolific angel investor. Last month, retail giant Walmart paid $1.4 billion to acquire VC form Tiger Global’s remaining shares in Flipkart. According to a report in Wall Street Journal, Walmart has paid the money to boost Flipkart’s stake.

Walmart purchased Tiger Global’s remaining holding in Flipkart to further cement its control of the Indian e-commerce giant. Tiger Global made an overall gain of $3.5 billion on an investment of $1.2 billion. Flipkart was earlier valued at $37.6 billion in a 2021 funding round. Walmart had 72 percent share in Flipkart as reported last.

— IANS