New Delhi: Flipkart co-founder Binny Bansal is reportedly planning a brand new startup within the burgeoning e-commerce house in India. According to Money Control, Bansal lately offered his remaining stake in Flipkart and is now seeking to create an e-commerce startup.
The report mentioned, citing sources, that Bansal is not going to search to boost exterior funds and would somewhat infuse his personal capital within the new e-commerce startup. Bansal obtained 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 yr, Binny Bansal offered his stake price $264 million (greater than Rs 2,000 crore) within the homegrown e-commerce platform to Chinese Internet big Tencent.
Sachin and Binny Bansal, who obtained their B.Tech diploma in laptop 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 big Walmart paid $1.4 billion to amass VC type 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 big. Tiger Global made an general acquire 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 % share in Flipkart as reported final.
Source web site: zeenews.india.com
