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Added a news section covering the whole story of the recent allegation of sexual misconduct against Binny Bansal.
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* In September 2015, 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.<ref name="firstpost.com">{{cite news|title=Forbes India rich list: Mukesh Ambani tops for 9th year, Flipkart's Bansals debut at 86th slot|url=http://www.firstpost.com/business/flipkart-co-founders-sachin-and-binny-bansal-enter-forbes-billionaires-list-2443866.html|accessdate=24 September 2015|publisher=Firstpost|date=24 September 2015}}</ref>
* In September 2015, 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.<ref name="firstpost.com">{{cite news|title=Forbes India rich list: Mukesh Ambani tops for 9th year, Flipkart's Bansals debut at 86th slot|url=http://www.firstpost.com/business/flipkart-co-founders-sachin-and-binny-bansal-enter-forbes-billionaires-list-2443866.html|accessdate=24 September 2015|publisher=Firstpost|date=24 September 2015}}</ref>
* ''[[India Today]]'' ranked him #26th along with Sachin Bansal in India's 50 Most powerful people of 2017 list.<ref>{{cite news|title=India's 50 powerful people|url=http://indiatoday.intoday.in/story/india-today-top-50-powerful-indians-mukesh-ambani-ratan-tata-kumar-mangalam-birla-gautam-adani-anand-mahindra-srk-amitabh-bacchan/1/928939.html|publisher=[[India Today]]|date=14 April 2017}}</ref>
* ''[[India Today]]'' ranked him #26th along with Sachin Bansal in India's 50 Most powerful people of 2017 list.<ref>{{cite news|title=India's 50 powerful people|url=http://indiatoday.intoday.in/story/india-today-top-50-powerful-indians-mukesh-ambani-ratan-tata-kumar-mangalam-birla-gautam-adani-anand-mahindra-srk-amitabh-bacchan/1/928939.html|publisher=[[India Today]]|date=14 April 2017}}</ref>

== News ==
On November 13, [[Walmart]] in a press release notified that Binny Bansal has resigned as the CEO of the Flipkart Group after being alleged for personal misconduct from a former Flipkart employee, a Bengaluru based woman.<ref>{{Cite web|url=https://news.walmart.com/2018/11/13/flipkart-and-walmart-statement-on-binny-bansal|title=Flipkart and Walmart statement on Binny Bansal|date=13 November 2013|website=Walmart}}</ref> Walmart along with an international law firm [[Gibson, Dunn & Crutcher|Gibson Dunn]] investigated the issue but they couldn't find a clear evidence against Binny Bansal. Still, Walmart accepted Binny's resignation as the CEO of Flipkart Group because of his ignorance towards the situation and their zero-tolerance policy.<ref>{{Cite web|url=https://inc42.com/buzz/binny-bansal-not-to-pursue-complaint-against-woman-who-alleged-misconduct/|title=Binny Bansal Not To Pursue Complaint Against Woman Who Alleged Misconduct|last=Agarwal|first=Meha|website=Inc42 Media}}</ref>

Later, Binny Bansal filed a police complaint against the woman. The police called her for investigation and found that Binny Bansal and the woman started their in 2016 which ended for only a few months. After that, the woman started pinging Binny for a payment, which he paid. But in May 2018, the woman again started demanding payments which Binny refused to pay. In July, the woman emailed to the Walmart CEO [[Doug McMillon]] alleging sexual misconduct.<ref>{{Cite web|url=https://economictimes.indiatimes.com/industry/services/retail/binny-bansal-filed-police-complaint-against-woman-who-alleged-misconduct/articleshow/66758886.cms|title=Binny Bansal filed police complaint against woman who alleged misconduct|last=Sharma|first=Samidha|date=23 November 2018|website=The Economic Times}}</ref> Now, Walmart has appointed Kalyan Krishnamurthy as the CEO of the Flipkart while Binny Bansal still holds his seat in the board.<ref>{{Cite web|url=https://inc42.com/buzz/flipkart-ceo-binny-bansal-resigns-following-personal-misconduct-allegations/|title=Flipkart CEO Binny Bansal Resigns Following ‘Personal Misconduct’ Allegation|last=Srivastav|first=Shivam|date=13 November 2018|website=Inc42 Media|archive-url=|archive-date=|dead-url=|access-date=}}</ref>


==References==
==References==

Revision as of 06:44, 28 November 2018

Binny Bansal
File:Binny-Bansal-profile.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 1982/83) is an Indian billionaire Internet entrepreneur.[3] In 2007 he co-founded the e-commerce platform Flipkart with Sachin Bansal (no relation) and was serving as the chief operating officer until 11 January 2016 and was 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]

Early life

Binny Bansal is originally from Chandigarh, the capital city of Punjab and Haryana. His business partner, Sachin Bansal, is also from Chandigarh. Although they share the same last name, they are not related.[9] 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 mother is in the government sector, has no siblings and is married to a homemaker.[10]

Career

Before co-founding Flipkart, Bansal was employed by Amazon for nine months, and before that was rejected by Google twice.[11] 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 worked with Sarnoff Corporation for a year and a half,[12] where he developed a lane sensor device for cars which would warn you and beep automatically if you change lanes without giving a signal.[citation needed]

In 2016, Bansal became the CEO of Flipkart, where he worked on strategic development, direction and business management.[13] In 2017, he assumed the role of CEO of Flipkart Group and his previous position was handed to Kalyan Krishnamurthy.[14]

In 2018, Walmart acquired a 77% stake in Flipkart group. After the acquisition, Bansal assumed the role of chairman and continued as Group CEO.[15] His 5.5% stake in Flipkart was valued at $1 billion after the acquisition.[16][17] He has resigned from Flipkart in November 2018 on allegations of personal misconduct.[18]

Awards and recognition

  • In September 2015, 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.[19]
  • India Today ranked him #26th along with Sachin Bansal in India's 50 Most powerful people of 2017 list.[20]

News

On November 13, Walmart in a press release notified that Binny Bansal has resigned as the CEO of the Flipkart Group after being alleged for personal misconduct from a former Flipkart employee, a Bengaluru based woman.[21] Walmart along with an international law firm Gibson Dunn investigated the issue but they couldn't find a clear evidence against Binny Bansal. Still, Walmart accepted Binny's resignation as the CEO of Flipkart Group because of his ignorance towards the situation and their zero-tolerance policy.[22]

Later, Binny Bansal filed a police complaint against the woman. The police called her for investigation and found that Binny Bansal and the woman started their in 2016 which ended for only a few months. After that, the woman started pinging Binny for a payment, which he paid. But in May 2018, the woman again started demanding payments which Binny refused to pay. In July, the woman emailed to the Walmart CEO Doug McMillon alleging sexual misconduct.[23] Now, Walmart has appointed Kalyan Krishnamurthy as the CEO of the Flipkart while Binny Bansal still holds his seat in the board.[24]

References

  1. ^ a b "Forbes profile: Binny Bansal (Resigned)". Forbes. Retrieved 29 August 2018.
  2. ^ "Flipkart's other Bansal comes to the fore". LiveMint. 13 January 2016.
  3. ^ Srikar Muthyala (29 September 2015). "The List Great Entrepreneurs of India in 2015". MyBTechLife. Archived from the original on 14 January 2016. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  4. ^ "Sachin Bansal and Binny Bansal: Book Smart".
  5. ^ "Flipkart sales hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous".
  6. ^ "Kalyan Krishnamurthy to take over as Flipkart CEO, Binny Bansal Group CEO - FactorDaily". factordaily.com. Retrieved 9 January 2017.
  7. ^ "Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal".
  8. ^ "What Flipkart's Funds Mean for its Rivals". Forbes India. Retrieved 30 March 2014.
  9. ^ "Binny Bansal". Retrieved 13 November 2015.
  10. ^ "flipkart ceo wanted to be a gamer snapdeal chief a food and film critic". Retrieved 25 November 2015.
  11. ^ "Before I got into Amazon, Google rejected me twice. But that did not stop me from starting Flipkart: Binny Bansal". Retrieved 5 August 2014.
  12. ^ "Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal". Retrieved 20 November 2015.
  13. ^ "Flipkart flips CEO post, Binny Bansal replaces Sachin Bansal". Livemint. 12 January 2016.
  14. ^ "Flipkart appoints Kalyan Krishnamurthy as new CEO". The Hindu. 9 January 2017.
  15. ^ "Walmart acquires Flipkart for $16 billion in world's largest ecommerce deal". Economic Times. 10 May 2018.
  16. ^ "Is Binny Bansal saying bye to Flipkart in the Walmart sellout?". Factor Daily. 26 April 2018.
  17. ^ "Sachin Bansal and Binny Bansal's Flipkart journey: From Kart to Mart". The New Indian Express. 10 May 2018.
  18. ^ "Flipkart and Walmart statement on Binny Bansal". news.walmart.com. Retrieved 16 November 2018.
  19. ^ "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.
  20. ^ "India's 50 powerful people". India Today. 14 April 2017.
  21. ^ "Flipkart and Walmart statement on Binny Bansal". Walmart. 13 November 2013.
  22. ^ Agarwal, Meha. "Binny Bansal Not To Pursue Complaint Against Woman Who Alleged Misconduct". Inc42 Media.
  23. ^ Sharma, Samidha (23 November 2018). "Binny Bansal filed police complaint against woman who alleged misconduct". The Economic Times.
  24. ^ Srivastav, Shivam (13 November 2018). "Flipkart CEO Binny Bansal Resigns Following 'Personal Misconduct' Allegation". Inc42 Media. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)


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