Sachin Bansal

Sachin Bansal (born August 5, 1981) is an Indian billionaire technology entrepreneur.[2][3][4] He is best known as the co-founder of Flipkart, that was acquired by Walmart (77 per cent stake) at $16 billion in 2018.[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]

Sachin Bansal
Sachin Bansal.jpg
Born (1981-08-05) August 5, 1981 (age 39)
Chandigarh, India
NationalityIndian
Alma materIndian Institute of Technology Delhi
OccupationBusinessman
Known forCo-founder, former CEO and chairman of Flipkart
Net worthUS$ 1 billion (May 2018)[1]
Spouse(s)Priya Bansal

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 currently the Managing Director of Navi Technologies, his entrepreneurial venture in the field of financial services.[9]

Early lifeEdit

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 venture.

FlipkartEdit

In October 2007, Bansal and his co-founder, Binny Bansal, started an online bookstore, Flipkart, with an initial capital of ₹400,000 (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-FlipkartEdit

In December 2018, Bansal founded BAC 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, Inshorts, Unacademy and TeamIndus.[15][16]

Sachin acquired the general insurance brand COCO, previously owned by the housing finance company Deewan housing finance limited, through his company Navi technology in 2020.[18]In April 2020, Navi Technologies announced Sachin Bansal as its Managing Director, at the same time when the company disclosed raising 204 crore from Gaja Capital.

RecognitionEdit

  • In 2013, Bansal received an award from India's The Economic Times for "Entrepreneur of the year".[19]
  • In 2015, Bansal was named as the 86th richest person in India by Forbes India.[20]
  • In 2016, Time Magazine included Bansal and his co-founder in the 100 most influential people in the world list.[21]
  • In 2017, India Today included Bansal and his co-founder in India's 50 most powerful people list.[22]

Personal lifeEdit

Sachin Bansal is married to Priya Bansal, a dentist by training and profession.[23][24] They have one son.[25]

Domestic Violence AllegationsEdit

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.[26]

ReferencesEdit

  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. ^ https://www.linkedin.com/in/sachinbansal/
  10. ^ a b "Sachin Bansal – Life Story". CXO Partners. Retrieved April 8, 2019.
  11. ^ "Sachin Bansal – Life Story". CXO Partners. 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. ^ "Gaja Capital puts ₹204 crores in Sachin Bansal's Navi Technologies". Livemint. Retrieved April 13, 2019.
  19. ^ "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.
  20. ^ "#2057 Sachin Bansal". Forbes. Retrieved April 8, 2019.
  21. ^ "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.
  22. ^ "50 power people". India Today. April 14, 2017. Retrieved April 8, 2019.
  23. ^ "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.
  24. ^ "Here Are The Women Behind India's 11 Top Startup Stars". Office Chai. March 7, 2016. Retrieved April 8, 2019.
  25. ^ "Flipkart-Walmart deal changed Sachin Bansal's life, brought him closer to family". The Economic Times. September 6, 2018. Retrieved April 8, 2019.
  26. ^ "Flipkart Co-Founder Sachin Bansal, His Family Accused Of Dowry Harassment By Wife Priya". HuffPost India. March 5, 2020. Retrieved March 5, 2020.