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According to individuals informed of the development, Binny Bansal, who recently sold his remaining stock in the e-commerce company Flipkart, is finalizing his preparations to launch a new start-up. Bansal, who made between $1 and $1.5 billion from his ownership in Flipkart, is trying to launch a cross-border e-commerce firm. However, he wants to build a startup that will serve Indian and international e-commerce enterprises with design, product, and human support rather than a consumer-facing internet company like Flipkart.
“Consider it to be an e-commerce version of a KPO, or knowledge process outsourcing company. The goal is to create a global business that can collaborate with online retailers and offer them backend help, according to one of those mentioned above. Apparently, Bansal has been looking for a CEO to lead his new business, according to a second source. Contrary to Sachin (Bansal, the other Flipkart co-founder), who is operating Navi full-time, Binny (Bansal) is not going to operate the firm while he contributes funds. According to the two sources mentioned above, Binny Bansal will bootstrap the business with his own money and is not looking for outside funding.
Moneycontrol emailed Binny Bansal, but he didn’t respond right away. Binny’s decision to establish a start-up comes shortly after Moneycontrol reported that Bansal had sold his remaining shares and completely left Flipkart, the company he and Sachin Bansal co-founded in 2007 and which they later sold to Walmart for almost $16 billion. After early investors like Accel, Tiger Global, and others sold their shares to Walmart and realized hefty profits, Walmart’s current ownership in the e-commerce company has crossed 80 percent, according to Tracxn. Initially, Walmart had purchased a 77 percent interest in the company. According to insiders, Binny was given permission to restart his e-commerce business after a five-year non-compete clause in the contract with Walmart expired this year.
The Angel Captalist
Binny Bansal has invested in a number of significant businesses after leaving Flipkart, including PhonePe, a fintech company that last year totally separated from Flipkart. Bansal has since established a reputation as a prolific angel investor. Additionally, Binny Bansal has supported a number of other businesses, including Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, and Yulu. According to Tracxn, a private market data source, Binny Bansal has contributed to more than 60 businesses across a variety of industries. He also invests in VC businesses as a limited partner (LP), supporting notable ones as 021 Capital, Blume Ventures, and many others.
The startup ecosystem is just the beginning of his participation with it. Together with Saikiran Krishnamurthy and Neeraj Aggarwal, both former executives of EKart, Flipkart’s supply-chain firm, he also founded xto10x to coach future startups and assist them in growing their companies. Additionally, Binny Bansal owns and operates a venture capital firm. He runs Three State Ventures, an investment company for cutting-edge businesses, out of Singapore.
