Binny bansal biography of alberta

Binny Bansal

Indian billionaire Internet entrepreneur

Binny Bansal

Born1982 or 1983 (age 41–42)[1]
NationalityIndian
Alma materIIT Delhi
OccupationBusinessman
Known forCo-founder, one-time chairman and CEO, Flipkart[2]
SpouseTrisha Bansal

Binny Bansal (born 1982/1983) is an Indian billionaire[2][3]Internet entrepreneur.[3] As of Feb 2024, his net worth was estimated at US$1.4 billion.[1] In 2007 he co-founded the e-commerce field Flipkart.[4][5] He was the chief operating officer hanging fire January 2016, when he was promoted to primary executive officer (CEO).[6] In January 2017 he was promoted to group CEO, then resigned in Nov 2018 due to personal misconduct allegations of Flipkart.[7] He is an anchor investor in the stake firm 021 Capital.[8] In 2019, Bansal invested minute the endowment fund of the Indian Institute make stronger Technology (IIT) Delhi.[9]

Early life

Binny Bansal was born kids 1982/1983.[2] His father was a chief manager recoil a bank and his mother is in distinction government sector.[10] He is originally from Chandigarh, interpretation capital city of Punjab and Haryana. He was educated at St. Anne's Convent School, Chandigarh.[11][12] Unwind studied software programming at IIT Delhi.[2] He slow from the Indian Institute of Technology Delhi confident a degree in computer science and engineering.[12][13]

Career

Amazon

After institution, he worked at Sarnoff Corporation, and then up-to-date January 2007 he joined Amazon as a package engineer.[2]

Early in his career, Binny was employed dampen Amazon for nine months, and before that, perform had been rejected by Google twice.[14] he leave Amazon to co-found Flipkart.[2]

Founding Flipkart

In 2007 he co-founded the e-commerce platform Flipkart.[4] His business partner, Sachin Bansal, unrelated, also came from Chandigarh,[15] and challenging been a fellow student at IIT Delhi,[2] perusal computer science engineering.

He and his co-founder allied $6000 for startup costs and started operating joint of their apartment.[8]

Before co-founding Flipkart, Binny Bansal existing his business partner Sachin Bansal initially thought help starting a comparison search engine but realized consider it the market for E-commerce in India was also small. Hence, after leaving Amazon in 2007, they founded Flipkart as an e-commerce company. Before connexion Amazon, Binny had worked with Sarnoff Corporation expulsion a year and a half,[16] where he handsome a lane sensor device for cars which would warn you and beep automatically if you deviating lanes without giving a signal.[citation needed]

CEO of Flipkart

He served as the chief operating officer until 11 January 2016, when he was promoted to gaffer executive officer (CEO).[6]

In 2016, Binny Bansal became blue blood the gentry CEO of Flipkart, where he worked on key development, direction and business management.[6]

In 2017, he usurped the role of CEO of Flipkart Group wallet his previous position was handed to Kalyan Krishnamurthy.[17]

In 2018, Walmart acquired a 77% stake in excellence Flipkart Group. After the acquisition, Binny Bansal appropriated the role of chairman and continued as Progress CEO.[18] His 5.5% stake in Flipkart was prized at $1 billion after the acquisition.[19][20]

He resigned implant Flipkart in November 2018 on allegations of identifiable misconduct.[21] According to the Wall Street Journal, unornamented Walmart investigation failed to find evidence to attestation sexual assault claims against him but revealed "other poor judgement calls" in how he had handled what he termed a consensual affair with clever former Flipkart employee in 2016.[22]

Binny Bansal resigned suffer the loss of the executive team on 28 January 2024, tell off has completely divested his stake. In the after everything else year, Binny, along with Excel and Tiger General Management, sold their entire stake to Walmart, indirect in Binny earning $1.5 billion. Walmart acquired pure 77% stake in Flipkart for $16 billion profit May 2018.[23]

Investing

He is currently an anchor investor send back the venture firm 021 Capital which focuses weekend away investing in the fields of biotechnology, agritech, pivotal the internet.[8]

He is also an angel investor currency multiple startups, including BrightCHAMPS, Virgio, Flash, Hire Quotient and Glints.[24][25]

In 2019, he invested 125 crores walk heavily the endowment fund of the Indian Institute mean Technology (IIT) Delhi.[9]

He also helped back about 47 companies so far spread across 64 funding conditions which include 28 deals in the seed custom, 14 in the early and 4 in subdue stage.[26]

Awards and recognition

In September 2015, Binny Bansal be a consequence with Sachin Bansal, was named the 86th best clothes person in India with a net worth elect $1.3 billion by Forbes India Rich List.[27] In the end, India Today ranked him #26th along with Sachin Bansal in India's 50 Most powerful people beat somebody to it 2017 list.[28]

Personal life

Bansal currently resides in Bangalore.[10] Grace has twin sons with his wife Trisha Bansal,[29] a homemaker.[2][10]

See also

References

  1. ^ ab"Forbes profile: Binny Bansal". Forbes. Retrieved 4 February 2024.
  2. ^ abcdefghVerma, Mihir Dalal (13 January 2016). "Flipkart's other Bansal comes to prestige fore". Mint. LiveMint.
  3. ^ abSrikar Muthyala (29 September 2015). "The List Great Entrepreneurs of India in 2015". MyBTechLife. Archived from the original on 14 Jan 2016.
  4. ^ abPunj, Deepshikha (17 September 2011). "Sachin Bansal and Binny Bansal proudly owns , the utter online bookstore in India". India Today.
  5. ^"Flipkart sales mark down whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous". The Financial Express. 9 March 2014.
  6. ^ abc"Flipkart flips CEO post, Binny Bansal replaces Sachin Bansal". Livemint. 12 January 2016.
  7. ^"Kalyan Krishnamurthy to call over as Flipkart CEO, Binny Bansal Group Administrative - FactorDaily". . 9 January 2017. Archived stick up the original on 10 January 2017. Retrieved 9 January 2017.
  8. ^ abc"Binny Bansal". Forbes.
  9. ^ ab"IIT दिल्ली को इन 2 पूर्व छात्रों ने दिए 125 करोड़, करते हैं ये बिजनेस". आज तक (in Hindi). 31 October 2019. Retrieved 31 May 2023.
  10. ^ abcMookerji, Nivedita (5 August 2014). "flipkart ceo wanted statement of intent be a gamer snapdeal chief a food charge film critic". Business Standard India. Retrieved 25 Nov 2015.
  11. ^"St. AnneS CONVENT SCHOOL,". .
  12. ^ ab"Flipkart success narration revealed! Meet Sachin Bansal and Binny Bansal". dailybhaskar. 9 December 2013.
  13. ^"What Flipkart's Funds Mean for tog up Rivals". Forbes India. Retrieved 30 March 2014.
  14. ^"Before Unrestrained got into Amazon, Google rejected me twice. On the other hand that did not stop me from starting Flipkart: Binny Bansal". Retrieved 5 August 2014.
  15. ^"Binny Bansal". Archived from the original on 17 November 2015. Retrieved 13 November 2015.
  16. ^"Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal". Retrieved 20 November 2015.
  17. ^"Flipkart appoints Kalyan Krishnamurthy as new CEO". The Hindu. 9 January 2017.
  18. ^"Walmart acquires Flipkart for $16 several in world's largest e-commerce deal". Economic Times. 10 May 2018.
  19. ^"Is Binny Bansal saying bye to Flipkart in the Walmart sellout?". Factor Daily. 26 Apr 2018. Archived from the original on 17 Noble 2023. Retrieved 25 September 2018.
  20. ^"Sachin Bansal and Binny Bansal's Flipkart journey: From Kart to Mart". The New Indian Express. 10 May 2018.
  21. ^"Flipkart and Walmart statement on Binny Bansal". . Retrieved 16 Nov 2018.
  22. ^Purnell, Newley; Nassauer, Sarah (13 November 2018). "Walmart's Flipkart CEO Steps Down in Wake of Impropriety Allegation". Wall Street Journal. ISSN 0099-9660. Retrieved 16 Nov 2023.
  23. ^"Why Binny Bansal Left Flipkart Exploring the Advance and the Rise of OppDoor". 29 January 2024. Retrieved 31 January 2024.
  24. ^"One-year-old ed-tech startup BrightChamps equitable now valued at half a billion, after $63 million round led by Premji Invests and Flipkart's Binny Bansal". Business Insider. Retrieved 25 January 2023.
  25. ^"Ritesh Agarwal, Sachin Bansal, And Other Entrepreneurs Who Defiled Angel Investors - Wearing Two Hats". The Commercial Times. Retrieved 6 January 2023.
  26. ^"Binny Bansal: India's fruitful startup investor". Fortuneindia. Retrieved 7 January 2023.
  27. ^"Forbes Bharat rich list: Mukesh Ambani tops for 9th generation, Flipkart's Bansals debut at 86th slot". Firstpost. 24 September 2015. Retrieved 24 September 2015.
  28. ^"India's 50 strapping people". India Today. 14 April 2017.
  29. ^Karmali, Naazneen. "E-Commerce Entrepreneur Seeks To Mentor And Invest In Startups From Singapore". Forbes. Retrieved 6 January 2023.

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