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| website = {{URL|http://www.flipkart.com|Flipkart.com}}
| website = {{URL|http://www.flipkart.com|Flipkart.com}}
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'''Binny Bansal''' (born 1982/1983) is an Indian billionaire [[Internet entrepreneur]].<ref>{{cite web |url=http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |title=The List Great Entrepreneurs of India in 2015 |publisher=MyBTechLife |author=Srikar Muthyala |date=29 September 2015 |url-status=dead |archive-url=https://web.archive.org/web/20160114000446/http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |archive-date=14 January 2016 }}</ref> 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).<ref>{{Cite web|url=https://www.indiatoday.in/magazine/cover-story/story/20110926-india-today-youth-special-sachin-bansal-and-binny-bansal-flipkart-747699-2011-09-17|title=Sachin Bansal and Binny Bansal proudly owns flipkart.com, the biggest online bookstore in India|first1=Deepshikha |last1=Punj|date=September 17, 2011|website=India Today}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/archive/flipkart-sales-hit-whopping-1-bn-sachin-and-binny-bansal-run-rate-stupendous/1232292/|title=Flipkart sales hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous|date=9 March 2014|website=The Financial Express}}</ref> In January 2017 he was promoted to Group CEO and resigned in November 2018 due to personal misconduct allegations<ref>{{Cite web|url=http://factordaily.com/flipkart-management-change-2017/|title=Kalyan Krishnamurthy to take over as Flipkart CEO, Binny Bansal Group CEO - FactorDaily|website=factordaily.com|date=9 January 2017|access-date=9 January 2017}}</ref> of Flipkart. Binny is from [[Chandigarh]] and graduated from the [[Indian Institute of Technology Delhi]] with a degree in [[computer science and engineering]].<ref>{{Cite web|url=https://daily.bhaskar.com/news/MON-SPE-flipkart-success-story-revealed-meet-sachin-bansal-and-binny-bansal-4458841-PHO.html|title=Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal|date=9 December 2013|website=dailybhaskar}}</ref><ref>{{cite web|url=http://forbesindia.com/article/checkin/what-flipkarts-funds-mean-for-its-rivals/35683/1|title=What Flipkart's Funds Mean for its Rivals|work=[[Forbes India]]|access-date=30 March 2014}}</ref> He is currently an anchor investor in the venture firm 021 Capital which focuses on investing in the fields of [[biotechnology]], [[Agricultural technology|agritech]], and the [[internet]].<ref>{{Cite web|url=https://www.forbes.com/profile/binny-bansal/#17e3ac46303b|title=Binny Bansal|website=[[Forbes]]}}</ref>
'''Binny Bansal''' (born 1982/1983) is an Indian billionaire [[Internet entrepreneur]].<ref>{{cite web |url=http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |title=The List Great Entrepreneurs of India in 2015 |publisher=MyBTechLife |author=Srikar Muthyala |date=29 September 2015 |url-status=dead |archive-url=https://web.archive.org/web/20160114000446/http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |archive-date=14 January 2016 }}</ref> 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).<ref>{{Cite web|url=https://www.indiatoday.in/magazine/cover-story/story/20110926-india-today-youth-special-sachin-bansal-and-binny-bansal-flipkart-747699-2011-09-17|title=Sachin Bansal and Binny Bansal proudly owns flipkart.com, the biggest online bookstore in India|first1=Deepshikha |last1=Punj|date=September 17, 2011|website=India Today}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/archive/flipkart-sales-hit-whopping-1-bn-sachin-and-binny-bansal-run-rate-stupendous/1232292/|title=Flipkart sales hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous|date=9 March 2014|website=The Financial Express}}</ref> In January 2017 he was promoted to Group CEO and resigned in November 2018 due to personal misconduct allegations<ref>{{Cite web|url=http://factordaily.com/flipkart-management-change-2017/|title=Kalyan Krishnamurthy to take over as Flipkart CEO, Binny Bansal Group CEO - FactorDaily|website=factordaily.com|date=9 January 2017|access-date=9 January 2017}}</ref> of Flipkart. Binny is from [[Chandigarh]] and graduated from the [[Indian Institute of Technology Delhi]] with a degree in [[computer science and engineering]].<ref>{{Cite web|url=https://daily.bhaskar.com/news/MON-SPE-flipkart-success-story-revealed-meet-sachin-bansal-and-binny-bansal-4458841-PHO.html|title=Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal|date=9 December 2013|website=dailybhaskar}}</ref><ref>{{cite web|url=http://forbesindia.com/article/checkin/what-flipkarts-funds-mean-for-its-rivals/35683/1|title=What Flipkart's Funds Mean for its Rivals|work=[[Forbes India]]|access-date=30 March 2014}}</ref> He is currently an anchor investor in the venture firm 021 Capital which focuses on investing in the fields of [[biotechnology]], [[Agricultural technology|agritech]], and the [[internet]].<ref>{{Cite web|url=https://www.forbes.com/profile/binny-bansal/#17e3ac46303b|title=Binny Bansal|website=[[Forbes]]}}</ref> In 2019, Binny Bansal and Sachin Bansal invested 125 crores in the endowment fund of the Indian Institute of Technology (IIT) Delhi.<ref>{{Cite web |date=2019-10-31 |title=IIT दिल्ली को इन 2 पूर्व छात्रों ने दिए 125 करोड़, करते हैं ये बिजनेस |url=https://www.aajtak.in/education/story/flipkart-founders-binny-sachin-bansal-to-invest-rs-125-crore-in-iit-delhi-fund-tedu-969910-2019-10-31 |access-date=2023-05-31 |website=आज तक |language=hi}}</ref>


==Early life==
==Early life==

Revision as of 11:23, 31 May 2023

Binny Bansal
File:Binny Bansal.jpg
Born1982 or 1983 (age 41–42)[1]
NationalityIndian
Alma materIIT Delhi
Occupation(s)Former Chairman & CEO, Flipkart
Known forCo-founding Flipkart [2]
SpouseTrisha Bansal
WebsiteFlipkart.com

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]

Early life

Binny Bansal is originally from Chandigarh, the capital city of Punjab and Haryana.[citation needed] His business partner, Sachin Bansal, is also from Chandigarh. Although they share the same last name, they are not related.[11] 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.[12]

He has twin sons with his wife Trisha Bansal.[13]

Career

Before co-founding Flipkart, Binny was employed by Amazon for nine months, and before that he had been rejected by Google twice.[14] 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,[15] where he developed a lane sensor device for cars which would warn you and beep automatically if you changed lanes without giving a signal.[citation needed]

In 2016, Binny Bansal became the CEO of Flipkart, where he worked on strategic development, direction and business management.[16] In 2017, he assumed the role of CEO of Flipkart Group and his previous position was handed to Kalyan Krishnamurthy.[17]

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.[18] His 5.5% stake in Flipkart was valued at $1 billion after the acquisition.[19][20] He resigned from Flipkart in November 2018 on allegations of personal misconduct.[21]

He is also an angel investor in multiple startups, including BrightCHAMPS, Virgio, Flash, Hire Quotient and Glints.[22][23]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.[24]

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.[25]
  • India Today ranked him #26th along with Sachin Bansal in India's 50 Most powerful people of 2017 list.[26]

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. ^ "Binny Bansal". Archived from the original on 17 November 2015. Retrieved 13 November 2015.
  12. ^ 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.
  13. ^ Karmali, Naazneen. "E-Commerce Entrepreneur Seeks To Mentor And Invest In Startups From Singapore". Forbes. Retrieved 6 January 2023.
  14. ^ "Before I got into Amazon, Google rejected me twice. But that did not stop me from starting Flipkart: Binny Bansal". Retrieved 5 August 2014.
  15. ^ "Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal". Retrieved 20 November 2015.
  16. ^ "Flipkart flips CEO post, Binny Bansal replaces Sachin Bansal". Livemint. 12 January 2016.
  17. ^ "Flipkart appoints Kalyan Krishnamurthy as new CEO". The Hindu. 9 January 2017.
  18. ^ "Walmart acquires Flipkart for $16 billion in world's largest ecommerce deal". Economic Times. 10 May 2018.
  19. ^ "Is Binny Bansal saying bye to Flipkart in the Walmart sellout?". Factor Daily. 26 April 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". news.walmart.com. Retrieved 16 November 2018.
  22. ^ "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.
  23. ^ "Ritesh Agarwal, Sachin Bansal, And Other Entrepreneurs Who Turned Angel Investors - Wearing Two Hats". The Economic Times. Retrieved 6 January 2023.
  24. ^ "Binny Bansal: India's prolific startup investor". Fortuneindia. Retrieved 7 January 2023.
  25. ^ "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.
  26. ^ "India's 50 powerful people". India Today. 14 April 2017.
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