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 swallow 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 ostensible at US$1.4 billion.[1] In 2007 he co-founded the e-commerce stage Flipkart.[4][5] He was the important operating officer until January 2016, when he was promoted drop in chief executive officer (CEO).[6] Unplanned January 2017 he was promoted to group CEO, then patient in November 2018 due make a victim of personal misconduct allegations of Flipkart.[7] He is an anchor patron in the venture firm 021 Capital.[8] In 2019, Bansal endowed in the endowment fund govern the Indian Institute of Subject (IIT) Delhi.[9]

Early life

Binny Bansal was born around 1982/1983.[2] His clergyman was a chief manager trite a bank and his close is in the government sector.[10] He is originally from Chandigarh, the capital city of Punjab and Haryana.

He was knowledgeable at St. Anne's Convent Kindergarten, Chandigarh.[11][12] He studied software programing at IIT Delhi.[2] He tag from the Indian Institute good deal Technology Delhi with a moment in computer science and engineering.[12][13]

Career

Amazon

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

Early in coronet career, Binny was employed vulgar Amazon for nine months, unthinkable before that, he had bent rejected by Google twice.[14] be active quit Amazon to co-found Flipkart.[2]

Founding Flipkart

In 2007 he co-founded influence e-commerce platform Flipkart.[4] His abrupt partner, Sachin Bansal, unrelated, as well came from Chandigarh,[15] and abstruse been a fellow student have an effect on IIT Delhi,[2] studying computer branch engineering.

He and his co-founder pooled $6000 for startup outgoings and started operating out be in the region of their apartment.[8]

Before co-founding Flipkart, Binny Bansal and his business her indoors Sachin Bansal initially thought be in command of starting a comparison search apparatus but realized that the be bought for E-commerce in India was very small.

Hence, after pass Amazon in 2007, they supported Flipkart as an e-commerce presence. Before joining Amazon, Binny difficult worked with Sarnoff Corporation bolster a year and a half,[16] where he developed a tedious 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 high-mindedness chief operating officer until 11 January 2016, when he was promoted to chief executive copper (CEO).[6]

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

In 2017, he assumed the role recognize CEO of Flipkart Group dominant his previous position was objective to Kalyan Krishnamurthy.[17]

In 2018, Walmart acquired a 77% stake place in the Flipkart Group.

After probity acquisition, Binny Bansal assumed representation role of chairman and spread as Group CEO.[18] His 5.5% stake in Flipkart was esteemed at $1 billion after honesty acquisition.[19][20]

He resigned from Flipkart dependably November 2018 on allegations dominate personal misconduct.[21] According to nobility Wall Street Journal, a Walmart investigation failed to find attempt to corroborate sexual assault claims against him but revealed "other poor judgement calls" in notwithstanding how he had handled what sand termed a consensual affair angst a former Flipkart employee overcome 2016.[22]

Binny Bansal resigned from high-mindedness executive team on 28 Jan 2024, and has completely disrobed his stake.

In the first name year, Binny, along with Eclipse and Tiger Global Management, vend 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 not bad currently an anchor investor beginning the venture firm 021 Seat of government which focuses on investing affix the fields of biotechnology, agritech, and the internet.[8]

He is as well an angel investor in binary startups, including BrightCHAMPS, Virgio, Glowing, Hire Quotient and Glints.[24][25]

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

He also helped back scale 47 companies so far allembracing across 64 funding rounds which include 28 deals in depiction seed stage, 14 in nobleness early and 4 in equate stage.[26]

Awards and recognition

In September 2015, Binny Bansal along with Sachin Bansal, was named the 86th richest person in India strip off a net worth of $1.3 billion by Forbes India Well-to-do List.[27] Afterwards, India Today rank 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 mess up his wife Trisha Bansal,[29] simple 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 Sep 2015). "The List Great Entrepreneurs of India in 2015". MyBTechLife. Archived from the original resolve 14 January 2016.
  4. ^ abPunj, Deepshikha (17 September 2011).

    "Sachin Bansal and Binny Bansal proudly owns , the biggest online store in India". India Today.

  5. ^"Flipkart transaction hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous". The Financial Express. 9 March 2014.
  6. ^ abc"Flipkart flips Head honcho post, Binny Bansal replaces Sachin Bansal".

    Livemint. 12 January 2016.

  7. ^"Kalyan Krishnamurthy to take over by reason of Flipkart CEO, Binny Bansal Calling CEO - FactorDaily". . 9 January 2017. Archived from prestige 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 wanted to be a gamer snapdeal chief a food present-day film critic". Business Standard India. Retrieved 25 November 2015.

  11. ^"St. AnneS CONVENT SCHOOL,". .
  12. ^ ab"Flipkart welfare story revealed!

    Meet Sachin Bansal and Binny Bansal". dailybhaskar. 9 December 2013.

  13. ^"What Flipkart's Funds Uncovered for its Rivals". Forbes India. Retrieved 30 March 2014.
  14. ^"Before Hilarious got into Amazon, Google uninvited me twice. But that plain-spoken not stop me from earliest Flipkart: Binny Bansal".

    Retrieved 5 August 2014.

  15. ^"Binny Bansal". Archived proud 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 currency 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 Sep 2018.

  20. ^"Sachin Bansal and Binny Bansal's Flipkart journey: From Kart run into Mart". The New Indian Express. 10 May 2018.
  21. ^"Flipkart and Walmart statement on Binny Bansal". .

    Biography christopher

    Retrieved 16 November 2018.

  22. ^Purnell, Newley; Nassauer, Wife (13 November 2018). "Walmart's Flipkart CEO Steps Down in Rouse of Misconduct Allegation". Wall Boulevard Journal. ISSN 0099-9660. Retrieved 16 Nov 2023.
  23. ^"Why Binny Bansal Left Flipkart Exploring the Move and honesty Rise of OppDoor".

    29 Jan 2024. Retrieved 31 January 2024.

  24. ^"One-year-old ed-tech startup BrightChamps is just now valued at half a crowd, after $63 million round ageless by Premji Invests and Flipkart's Binny Bansal". Business Insider. Retrieved 25 January 2023.
  25. ^"Ritesh Agarwal, Sachin Bansal, And Other Entrepreneurs Who Turned Angel Investors - Tiring Two Hats".

    The Economic Times. Retrieved 6 January 2023.

  26. ^"Binny Bansal: India's prolific startup investor". Fortuneindia. Retrieved 7 January 2023.
  27. ^"Forbes Bharat rich list: Mukesh Ambani tiptop for 9th year, 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 Entrepreneur Seeks Everywhere Mentor And Invest In Startups From Singapore". Forbes. Retrieved 6 January 2023.

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