Binny Bansal

Binny Bansal (born 1982/1983) is an Indian billionaire Internet entrepreneur.[3] In 2007 he co-founded the e-commerce platform Flipkart with Sachin Bansal (no relation) and served as the chief operating officer until 11 January 2016 and was then promoted to chief executive officer (CEO).[4][5] In January 2017 he was promoted to Group CEO and resigned in November 2018 due to personal misconduct allegations[6] of Flipkart. Binny is from Chandigarh and graduated from the Indian Institute of Technology Delhi with a degree in computer science and engineering.[7][8] He is currently an anchor investor in the venture firm 021 Capital which focuses on investing in the fields of biotechnology, agritech, and the internet.[9] In 2019, Binny Bansal and Sachin Bansal invested 125 crores in the endowment fund of the Indian Institute of Technology (IIT) Delhi.[10]

Binny Bansal
Born1982 or 1983 (age 40–41)[1]
NationalityIndian
Alma materIIT Delhi
Occupation(s)Former Chairman & CEO, Flipkart
Known forCo-founding Flipkart [2]
SpouseTrisha Bansal
WebsiteFlipkart.com

Early life

Binny Bansal is originally from Chandigarh, the capital city of Punjab and Haryana. He was educated at St. Anne's Convent School, Chandigarh.[11] His business partner, Sachin Bansal, is also from Chandigarh. Although they share the same last name, they are not related.[12] They both coincidentally, were students of computer science engineering at Indian Institute of Technology, Delhi.

Bansal currently resides in Bangalore. His father is a retired chief manager at a bank and his mother is in the government sector. He has no siblings and is married to a homemaker.[13] He has twin sons with his wife Trisha Bansal.[14]

Career

Before co-founding Flipkart, Binny was employed by Amazon for nine months, and before that he had been rejected by Google twice.[15] Binny Bansal and his business partner Sachin Bansal initially thought of starting a comparison search engine, but realized that the market for E-commerce in India was very small. Hence, after leaving Amazon in 2007, they founded Flipkart as an e-commerce company. Before joining Amazon, Binny had worked with Sarnoff Corporation for a year and a half,[16] where he developed a lane sensor device for cars which would warn you and beep automatically if you changed lanes without giving a signal.

In 2016, Binny Bansal became the CEO of Flipkart, where he worked on strategic development, direction and business management.[17] In 2017, he assumed the role of CEO of Flipkart Group and his previous position was handed to Kalyan Krishnamurthy.[18]

In 2018, Walmart acquired a 77% stake in Flipkart group. After the acquisition, Binny Bansal assumed the role of chairman and continued as Group CEO.[19] His 5.5% stake in Flipkart was valued at $1 billion after the acquisition.[20][21] He resigned from Flipkart in November 2018 on allegations of personal misconduct.[22]

He is also an angel investor in multiple startups, including BrightCHAMPS, Virgio, Flash, Hire Quotient and Glints.[23][24] He also helped back about 47 companies so far spread across 64 funding rounds which includes 28 deals in the seed stage, 14 in early and 4 in late-stage.[25]

Awards and recognition
  • In September 2015, Binny Bansal along with Sachin Bansal, was named the 86th richest person in India with a net worth of $1.3 billion by Forbes India Rich List.[26]
  • India Today ranked him #26th along with Sachin Bansal in India's 50 Most powerful people of 2017 list.[27]

References
  1. "Forbes profile: Binny Bansal (Resigned)". Forbes. Retrieved 29 August 2018.
  2. Verma, Mihir Dalal (13 January 2016). "Flipkart's other Bansal comes to the fore". Mint. LiveMint.
  3. Srikar Muthyala (29 September 2015). "The List Great Entrepreneurs of India in 2015". MyBTechLife. Archived from the original on 14 January 2016.
  4. Punj, Deepshikha (17 September 2011). "Sachin Bansal and Binny Bansal proudly owns flipkart.com, the biggest online bookstore in India". India Today.
  5. "Flipkart sales hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous". The Financial Express. 9 March 2014.
  6. "Kalyan Krishnamurthy to take over as Flipkart CEO, Binny Bansal Group CEO - FactorDaily". factordaily.com. 9 January 2017. Retrieved 9 January 2017.
  7. "Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal". dailybhaskar. 9 December 2013.
  8. "What Flipkart's Funds Mean for its Rivals". Forbes India. Retrieved 30 March 2014.
  9. "Binny Bansal". Forbes.
  10. "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.
  11. "St. AnneS CONVENT SCHOOL,". sacschd.in.
  12. "Binny Bansal". Archived from the original on 17 November 2015. Retrieved 13 November 2015.
  13. Mookerji, Nivedita (5 August 2014). "flipkart ceo wanted to be a gamer snapdeal chief a food and film critic". Business Standard India. Retrieved 25 November 2015.
  14. Karmali, Naazneen. "E-Commerce Entrepreneur Seeks To Mentor And Invest In Startups From Singapore". Forbes. Retrieved 6 January 2023.
  15. "Before I got into Amazon, Google rejected me twice. But that did not stop me from starting Flipkart: Binny Bansal". Retrieved 5 August 2014.
  16. "Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal". Retrieved 20 November 2015.
  17. "Flipkart flips CEO post, Binny Bansal replaces Sachin Bansal". Livemint. 12 January 2016.
  18. "Flipkart appoints Kalyan Krishnamurthy as new CEO". The Hindu. 9 January 2017.
  19. "Walmart acquires Flipkart for $16 billion in world's largest ecommerce deal". Economic Times. 10 May 2018.
  20. "Is Binny Bansal saying bye to Flipkart in the Walmart sellout?". Factor Daily. 26 April 2018.
  21. "Sachin Bansal and Binny Bansal's Flipkart journey: From Kart to Mart". The New Indian Express. 10 May 2018.
  22. "Flipkart and Walmart statement on Binny Bansal". news.walmart.com. Retrieved 16 November 2018.
  23. "One-year-old edtech startup BrightChamps is 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.
  24. "Ritesh Agarwal, Sachin Bansal, And Other Entrepreneurs Who Turned Angel Investors - Wearing Two Hats". The Economic Times. Retrieved 6 January 2023.
  25. "Binny Bansal: India's prolific startup investor". Fortuneindia. Retrieved 7 January 2023.
  26. "Forbes India rich list: Mukesh Ambani tops for 9th year, Flipkart's Bansals debut at 86th slot". Firstpost. 24 September 2015. Retrieved 24 September 2015.
  27. "India's 50 powerful people". India Today. 14 April 2017.
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