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Sachin Bansal

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Sachin Bansal
Born (1981-08-05) 5 August 1981 (age 43)
Chandigarh, India
Alma materIndian Institute of Technology Delhi
OccupationBusinessman
Known forCo-founder and CEO Navi Group
founder and former CEO and chairman of Flipkart
SpousePriya Bansal

Sachin Bansal (born August 5, 1981) is an Indian entrepreneur.[2][3][4] He is best known as the founder of Flipkart[5] During his over 11 year career at Flipkart, Bansal was CEO and chairman.[6] In 2018, Bansal exited Flipkart following the Walmart deal.[7]

In 2007, Sachin Bansal and Binny Bansal (not related) founded Flipkart whose valuation in 2018 was $20.8 billion.[1] In 2018, Bansal held a 5.5 percent stake in Flipkart, which he sold to Walmart and his net worth then was a little over $1 billion.[1] In May 2018, Bansal announced that after stepping down as the executive chairman of Flipkart, he would be focusing on pending personal projects, gaming and brushing up his coding skills.[8] Sachin Bansal is now the managing director of Navi Group, a financial services company.[9]

Early life

Bansal was born in Chandigarh, India, on August 5, 1981.[3] His father is a business man and mother, a homemaker.[10] Bansal attended Indian Institute of Technology Delhi and completed a degree in computer engineering in 2005.[10] After graduation, Bansal worked at Techspan for a few months and later in 2006 he joined Amazon Web Services as a senior software engineer.[11] In 2007, Bansal quit Amazon to start his own company.

Flipkart

In October 2007, Bansal and his co-founder, Binny Bansal, started an online bookstore, Flipkart, with an initial capital of ₹4,00,000 (4 Lakh Rupees or US$5,600).[12] They first started operating out of an apartment in Koramangala, in Bangalore, India. In the first few months, according to Bansal's own claims, he oversaw all business details, from building the first version of their website to sourcing book to packing and delivering them.[12] From inception until 2016, Bansal held the position of Chief Executive Officer and from 2016 until 2018, he held the position of Executive Chairman.[6] In 2018, Bansal signed a non-compete clause with Walmart and exited Flipkart.[13][7] 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.[13]

Post-Flipkart

In December 2018, Bansal founded BACQ Acquisitions Private Limited, a venture that focused on building and acquiring technology-driven businesses in diverse industry verticals.[14] Since 2014, Bansal has made 18 investments in local, early-stage startups where the deal size was $1–2 million.[15] In 2019, Bansal invested $100 million in Ola Cabs and received a stake holding of 0.37 per cent.[16][17] In February 2019, he had investments in Ola, Grey Orange, Ather Energy, SigTuple, IN shorts, Unacademy and Terminus.[15][16]

In December 2019, Sachin Bansal's Navi Technologies acquired Bengaluru based technology consulting firm Maven Hive. No financial details were disclosed.[18]

Sachin acquired the general insurance brand COCO, previously owned by the housing finance company Deewan housing finance limited, through his company Navi Technologies in 2020.[19] In April 2020, Navi Technologies announced Sachin Bansal as its Managing Director, at the same time when the company disclosed raising 209 crore from Gaja Capital. On 12 March 2022, Navi Technologies filed a draft for an INR 3350 crore IPO.


Recognition

  • The Economic Times for "Entrepreneur of the year".[20]
  • In 2015, Bansal was named as the 86th richest person in India by Forbes India.[21]
  • In 2016, Time Magazine included Bansal and his co-founder in the 100 most influential people in the world list.[22]
  • In 2017, India Today included Sachin Bansal and his co-founder in India's 50 most powerful people list.[23]

Personal life

Sachin Bansal is married to Priya Bansal, a dentist by training and profession.[24][25] They have one son.[26]

Domestic violence allegations

In March 2020, Sachin Bansal's wife Priya Bansal filed a dowry harassment case against him alleging physical and sexual assault, and pressure to transfer properties to his name. She also alleged that Sachin sexually assaulted her sister. A first information report registered at the Koramangala police station on February 28 named four persons, including Sachin's parents, Sat Prakash Agarwal and Kiran Bansal and brother Nitin Bansal.[27]

In response, Sachin Bansal and his family members filed petitions under the Code of Criminal Procedure before the High Court of Karnataka. The complaint as well as the FIR was quashed by the orders of High Court of Karnataka dated August 13, 2021 and September 28, 2021.

Priya Bansal subsequently filed a special leave petition before the Supreme Court of India challenging the earlier Order by the High Court of Karnataka. The said petition was dismissed by the Supreme Court of India on March 11, 2022.[28]

References

  1. ^ a b c Ganjoo, Shweta (May 10, 2018). "Flipkart-Walmart deal: Sachin Bansal gets over Rs 6700 crore and leaves company, Binny Bansal staying back". India Today. New Delhi. Retrieved April 8, 2019.
  2. ^ "ET Awards 2012-13: How IIT-alumnus Sachin Bansal built Flipkart into a big online brand". The Economic Times. ET Bureau. September 26, 2013. Retrieved April 8, 2019.
  3. ^ a b "Sachin Bansal, Binny Bansal". CNBC. October 6, 2014. Retrieved April 8, 2019.
  4. ^ "Meet the 9 richest Indian tech billionaires". The Economic Times. Retrieved September 29, 2020.
  5. ^ Nair, Radhika (August 9, 2013). "Do not start alone, find a co-founder: Sachin Bansal, Flipkart". The Economic Times. Retrieved April 8, 2019.
  6. ^ a b "Walmart's $16 billion Flipkart deal creates two billionaires". Mint. May 9, 2018. Retrieved April 8, 2019.
  7. ^ a b "Sachin Bansal quits Flipkart as Walmart wanted only one founder on board". The Economic Times. May 10, 2018. Retrieved April 8, 2019.
  8. ^ "Sachin Bansal Will Catch up on Gaming, Personal Projects After Leaving Flipkart". News 18. PTI. May 10, 2018. Retrieved April 8, 2019.
  9. ^ "sachinbansal". LinkedIn.
  10. ^ a b "Sachin Bansal – Life Story". CXO Partners. January 5, 2018. Retrieved April 8, 2019.
  11. ^ "Sachin Bansal – Life Story". CXO Partners. January 5, 2018. Retrieved April 8, 2019.
  12. ^ a b "When Flipkart Co-Founder Sachin Bansal Had To Return Amazon Employee Recommendation Bonus". NDTV. May 10, 2018. Retrieved April 8, 2019.
  13. ^ a b "Sachin Bansal: From outsized Flipkart presence to outcast". Mint. May 12, 2018. Retrieved April 8, 2019.
  14. ^ "Sachin Bansal kicks off new venture BAC Acquisitions close to first Flipkart office". The Economic Times. December 24, 2018. Retrieved April 8, 2019.
  15. ^ a b "Flipkart co-founder Sachin Bansal invests Rs 650 crore in Ola". The Economic Times. February 20, 2019. Retrieved April 8, 2019.
  16. ^ a b "Sachin Bansal invests $100 mn in Ola in boost for Bhavish Aggarwal". Mint. January 19, 2019. Retrieved April 8, 2019.
  17. ^ Peermohamed, Alnoor (January 15, 2019). "Sachin Bansal hands a Rs 150-crore cheque to Ola as part of a larger funding round". The Economic Times. Retrieved April 8, 2019.
  18. ^ Vankipuram, Meera (December 26, 2019). "Sachin Bansal's Navi acquires MavenHive". mint. Retrieved January 19, 2021.
  19. ^ "Gaja Capital puts ₹209 crores in Sachin Bansal's Navi Technologies". Livemint. Retrieved April 13, 2019.
  20. ^ "ET Awards 2012-13: How IIT-alumnus Sachin Bansal built Flipkart into a big online brand". The Economic Times. September 26, 2013. Retrieved April 8, 2019.
  21. ^ "#2057 Sachin Bansal". Forbes. Retrieved April 8, 2019.
  22. ^ "Flipkart's Sachin & Binny Bansal among Time's 100 most influential people in the world". The Economic Times. April 22, 2016. Retrieved April 8, 2019.
  23. ^ "50 power people". India Today. April 14, 2017. Retrieved April 8, 2019.
  24. ^ "Power couples at the ET Start-up Awards 2017: Sachin and Priya Bansal, Neetha and Sriharsha Majety, and more". The Economic Times. August 21, 2017. Retrieved April 8, 2019.
  25. ^ "Here Are The Women Behind India's 11 Top Startup Stars". Office Chai. March 7, 2016. Retrieved April 8, 2019.
  26. ^ "Flipkart-Walmart deal changed Sachin Bansal's life, brought him closer to family". The Economic Times. September 6, 2018. Retrieved April 8, 2019.
  27. ^ "Flipkart Co-Founder Sachin Bansal, His Family Accused Of Dowry Harassment By Wife Priya". HuffPost India. March 5, 2020. Retrieved March 5, 2020.
  28. ^ "Supreme Court of India - Record of Proceedings" (PDF). Supreme Court of India - Record of Proceedings. August 13, 2011.
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