SACHIN BANSAL AND BINNY BANSAL – MEN BEHIND FLIPKART
Sachin Bansal is the co-founder of Flipkart that
changed India’s shopping style. He is an Indian technology entrepreneur and a
passionate gamer.
He was born on 5th August 1981 in Chandigarh. His
father was a businessman and mother was a homemaker. He had completed his
schooling from Saint Anne’s Convent School. He pursued 49th rank in
All India JEE rankings and got into Indian Institute of Technology, Delhi.
After
graduation, Bansal worked at Techspan for a few months and later in 2006 he
joined Amazon Web Services as a Senior Software Engineer. Later, his friend
Binny Bansal also started working in Amazon. In 2007, both of them decided to
quit their job to start his own venture.
In October
2007, they started Flipkart as an online bookselling website with an initial
capital of 400,000 rupees . They launched the website from an apartment in
Koramangala, in Bangalore, India. For 10 days, the site did not see even a
single sale until a customer from Andhra Pradesh placed the first order for the
book, ‘Leaving Microsoft to Change the World’ by John Wood. In the early days, Sachin and Binny used to
deliver books on their own scooters. They used to give away pamphlets of their
company outside bookstores to target their actual customers. Later,they
expanded the website into other product categories such as consumer
electronics, fashion, and lifestyle products. Gradually Flipkart slowly grew in
prominence.
From inception until 2016, Bansal held the position
of Chief Executive Officer and from 2016 until 2018, he held the position of
Executive Chairman. In 2018, he exited Flipkart along with the Walmart deal
that acquired 77 percent stakes of the
company at $16 billion. The non-compete clause restricted Bansal from starting
any business that directly or indirectly competed with Flipkart for 18 months
and in making any investments in businesses competing with Flipkart for 36
months from his departure.
Bansal wanted focus on his pending personal
projects, gaming and brushing up his coding skills. Later , he founded BAC
Acquisitions Private Limited, a venture that focused on building and acquiring
technology-driven businesses . In 2019, he had investments in Ola, Grey Orange,
Ather Energy, SigTuple, Inshorts, Unacademy , CRIDS and TeamIndus.
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