Binny Bansal

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Binny Bansal
Born1982/1983 (age 38–39)[1]
NationalityIndian
Alma materIIT Delhi
OccupationFormer Chairman & CEO, Flipkart
Known forCo-founding Flipkart [2]
Spouse(s)Trisha 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]

Early life[edit]

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.[10] 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.[11]

Career[edit]

Before co-founding Flipkart, Binny was employed by Amazon for nine months, and before that he had been rejected by Google twice.[12] 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,[13] 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.[14] In 2017, he assumed the role of CEO of Flipkart Group and his previous position was handed to Kalyan Krishnamurthy.[15]

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.[16] His 5.5% stake in Flipkart was valued at $1 billion after the acquisition.[17][18] He resigned from Flipkart in November 2018 on allegations of personal misconduct.[19]

Awards and recognition[edit]

  • 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.[20]
  • India Today ranked him #26th along with Sachin Bansal in India's 50 Most powerful people of 2017 list.[21]

References[edit]

  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.
  4. ^ September 17, Deepshikha Punj; September 26, 2011 ISSUE DATE; October 1, 2011UPDATED; Ist, 2011 11:17. "Sachin Bansal and Binny Bansal proudly owns flipkart.com, the biggest online bookstore in India". India Today.CS1 maint: numeric names: authors list (link)
  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. 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. ^ https://www.forbes.com/profile/binny-bansal/#17e3ac46303b
  10. ^ "Binny Bansal". Archived from the original on 17 November 2015. Retrieved 13 November 2015.
  11. ^ "flipkart ceo wanted to be a gamer snapdeal chief a food and film critic". Retrieved 25 November 2015.
  12. ^ "Before I got into Amazon, Google rejected me twice. But that did not stop me from starting Flipkart: Binny Bansal". Retrieved 5 August 2014.
  13. ^ "Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal". Retrieved 20 November 2015.
  14. ^ "Flipkart flips CEO post, Binny Bansal replaces Sachin Bansal". Livemint. 12 January 2016.
  15. ^ "Flipkart appoints Kalyan Krishnamurthy as new CEO". The Hindu. 9 January 2017.
  16. ^ "Walmart acquires Flipkart for $16 billion in world's largest ecommerce deal". Economic Times. 10 May 2018.
  17. ^ "Is Binny Bansal saying bye to Flipkart in the Walmart sellout?". Factor Daily. 26 April 2018.
  18. ^ "Sachin Bansal and Binny Bansal's Flipkart journey: From Kart to Mart". The New Indian Express. 10 May 2018.
  19. ^ "Flipkart and Walmart statement on Binny Bansal". news.walmart.com. Retrieved 16 November 2018.
  20. ^ "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.
  21. ^ "India's 50 powerful people". India Today. 14 April 2017.

External links[edit]