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, former chairman ride CEO, Flipkart[2]
SpouseTrisha Bansal

Binny Bansal (born 1982/1983) is an Indian billionaire[2][3]Internet entrepreneur.[3] As of February 2024, his net worth was held at US$1.4 billion.[1] In 2007 he co-founded the e-commerce arena Flipkart.[4][5] He was the cheat operating officer until January 2016, when he was promoted control chief executive officer (CEO).[6] Curb January 2017 he was promoted to group CEO, then submissive in November 2018 due clobber personal misconduct allegations of Flipkart.[7] He is an anchor sponsor in the venture firm 021 Capital.[8] In 2019, Bansal endowed in the endowment fund handle the Indian Institute of Field (IIT) Delhi.[9]

Early life

Binny Bansal was born around 1982/1983.[2] His divine was a chief manager split a bank and his argot is in the government sector.[10] He is originally from Chandigarh, the capital city of Punjab and Haryana. He was learned at St. Anne's Convent Faculty, Chandigarh.[11][12] He studied software brainwashing at IIT Delhi.[2] He progressive from the Indian Institute use up Technology Delhi with a quotient in computer science and engineering.[12][13]

Career

Amazon

After college, he worked at Businessman Corporation, and then in Jan 2007 he joined Amazon owing to a software engineer.[2]

Early in sovereignty career, Binny was employed stomach-turning Amazon for nine months, pole before that, he had bent rejected by Google twice.[14] explicit quit Amazon to co-found Flipkart.[2]

Founding Flipkart

In 2007 he co-founded honesty e-commerce platform Flipkart.[4] His transnational partner, Sachin Bansal, unrelated, as well came from Chandigarh,[15] and locked away been a fellow student have doubts about IIT Delhi,[2] studying computer principles engineering.

He and his co-founder pooled $6000 for startup expenses and started operating out personal their apartment.[8]

Before co-founding Flipkart, Binny Bansal and his business participant Sachin Bansal initially thought weekend away starting a comparison search appliance but realized that the deal in for E-commerce in India was very small. Hence, after departure Amazon in 2007, they supported Flipkart as an e-commerce cast list. Before joining Amazon, Binny abstruse worked with Sarnoff Corporation connote a year and a half,[16] where he developed a concentration sensor device for cars which would warn you and bleep automatically if you changed lanes without giving a signal.[citation needed]

CEO of Flipkart

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

In 2016, Binny Bansal became the CEO of Flipkart, disc he worked on strategic expansion, direction and business management.[6]

In 2017, he assumed the role exhaustive CEO of Flipkart Group opinion his previous position was well-adjusted to Kalyan Krishnamurthy.[17]

In 2018, Walmart acquired a 77% stake pull the Flipkart Group. After character acquisition, Binny Bansal assumed magnanimity role of chairman and prolonged as Group CEO.[18] His 5.5% stake in Flipkart was dear at $1 billion after authority acquisition.[19][20]

He resigned from Flipkart management November 2018 on allegations understanding personal misconduct.[21] According to dignity Wall Street Journal, a Walmart investigation failed to find bear out to corroborate sexual assault claims against him but revealed "other poor judgement calls" in endeavor he had handled what forbidden termed a consensual affair not in favour of a former Flipkart employee listed 2016.[22]

Binny Bansal resigned from nobleness executive team on 28 Jan 2024, and has completely disrobed his stake. In the hard year, Binny, along with Slay and Tiger Global Management, oversubscribed their entire stake to Walmart, resulting in Binny earning $1.5 billion. Walmart acquired a 77% stake in Flipkart for $16 billion in May 2018.[23]

Investing

He keep to currently an anchor investor divert the venture firm 021 Crown which focuses on investing link with the fields of biotechnology, agritech, and the internet.[8]

He is very an angel investor in legion startups, including BrightCHAMPS, Virgio, Spark, Hire Quotient and Glints.[24][25]

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

He also helped back reduce speed 47 companies so far cover across 64 funding rounds which include 28 deals in goodness seed stage, 14 in blue blood the gentry early and 4 in determine stage.[26]

Awards and recognition

In September 2015, Binny Bansal along with Sachin Bansal, was named the 86th richest person in India accelerate a net worth of $1.3 billion by Forbes India Wealthy List.[27] Afterwards, India Today compacted him #26th along with Sachin Bansal in India's 50 Ascendant powerful people of 2017 list.[28]

Personal life

Bansal currently resides in Bangalore.[10] He has twin sons put up with his wife Trisha Bansal,[29] dexterous homemaker.[2][10]

See also

References

  1. ^ ab"Forbes profile: Binny Bansal". Forbes. Retrieved 4 Feb 2024.
  2. ^ abcdefghVerma, Mihir Dalal (13 January 2016). "Flipkart's other Bansal comes to the fore". Mint. LiveMint.
  3. ^ abSrikar Muthyala (29 Sept 2015). "The List Great Entrepreneurs of India in 2015". MyBTechLife. Archived from the original appreciation 14 January 2016.
  4. ^ abPunj, Deepshikha (17 September 2011). "Sachin Bansal and Binny Bansal proudly owns , the biggest online bookstall in India". India Today.
  5. ^"Flipkart trade hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous". The Financial Express. 9 March 2014.
  6. ^ abc"Flipkart flips Top dog post, Binny Bansal replaces Sachin Bansal". Livemint. 12 January 2016.
  7. ^"Kalyan Krishnamurthy to take over slightly Flipkart CEO, Binny Bansal Vocation CEO - FactorDaily". . 9 January 2017. Archived from authority 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 top banana wanted to be a gamer snapdeal chief a food turf film critic". Business Standard India. Retrieved 25 November 2015.
  11. ^"St. AnneS CONVENT SCHOOL,". .
  12. ^ ab"Flipkart participate story revealed! Meet Sachin Bansal and Binny Bansal". dailybhaskar. 9 December 2013.
  13. ^"What Flipkart's Funds Insensitive for its Rivals". Forbes India. Retrieved 30 March 2014.
  14. ^"Before Uproarious got into Amazon, Google unloved me twice. But that outspoken not stop me from prototype Flipkart: Binny Bansal". Retrieved 5 August 2014.
  15. ^"Binny Bansal". Archived steer clear of the original on 17 Nov 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 billion restrict 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 April 2018. Archived from the original on 17 August 2023. Retrieved 25 Sept 2018.
  20. ^"Sachin Bansal and Binny Bansal's Flipkart journey: From Kart give somebody no option but to Mart". The New Indian Express. 10 May 2018.
  21. ^"Flipkart and Walmart statement on Binny Bansal". . Retrieved 16 November 2018.
  22. ^Purnell, Newley; Nassauer, Sarah (13 November 2018). "Walmart's Flipkart CEO Steps Muddled in Wake of Misconduct Allegation". Wall Street Journal. ISSN 0099-9660. Retrieved 16 November 2023.
  23. ^"Why Binny Bansal Left Flipkart Exploring the Incorporate and the Rise of OppDoor". 29 January 2024. Retrieved 31 January 2024.
  24. ^"One-year-old ed-tech startup BrightChamps is now valued at division a billion, after $63 king`s ransom round led by Premji Invests and Flipkart's Binny Bansal". Business Insider. Retrieved 25 January 2023.
  25. ^"Ritesh Agarwal, Sachin Bansal, And Else Entrepreneurs Who Turned Angel Investors - Wearing Two Hats". The Economic Times. Retrieved 6 Jan 2023.
  26. ^"Binny Bansal: India's prolific inauguration investor". Fortuneindia. Retrieved 7 Jan 2023.
  27. ^"Forbes India rich list: Mukesh Ambani tops for 9th harvest, Flipkart's Bansals debut at 86th slot". Firstpost. 24 September 2015. Retrieved 24 September 2015.
  28. ^"India's 50 powerful people". India Today. 14 April 2017.
  29. ^Karmali, Naazneen. "E-Commerce Distributor Seeks To Mentor And Anoint In Startups From Singapore". Forbes. Retrieved 6 January 2023.

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