Open main menu

Sachin Bansal (born 5 August 1981) is an Indian billionaire software engineer and Internet entrepreneur[2][3][4] best known as the co-founder, chairman, and former chief executive officer of Flipkart,[5][6] India's largest e-commerce platform.

Sachin Bansal
Born (1981-08-05) 5 August 1981 (age 37)
Nationality Indian
Alma mater Indian Institute of Technology Delhi
Occupation Entrepreneur
Known for Co-founder, Flipkart
Home town Chandigarh, India
Net worth $ 1 Billion (9 May 2018)[1]
Spouse(s) Priya Bansal

Bansal was born and raised in Chandigarh. He graduated from Indian Institute of Technology Delhi in 2003 with a degree in computer science engineering. In 2006, he joined Amazon.com as a senior software engineer.[7][8] Even though he originally wanted to be a professional gamer, soon he and Binny Bansal, a fellow Amazon.com engineer, left Amazon to start Flipkart.

Contents

Early lifeEdit

Sachin Bansal is originally from Chandigarh, the capital city of Punjab and Haryana. He did his schooling from St. Anne's Convent School, Chandigarh. He scored an All India Rank 49 in IIT JEE. His business partner, Binny Bansal, is also from Chandigarh. Although they share the same last name, they are not related. They both were students of computer science engineering at Indian Institute of Technology Delhi.[9] Before the success of Flipkart, Sachin Bansal wanted to become a professional gamer.[10] His father has been in business and mother a homemaker, his brother runs a consumer goods company, he's married to Priya, who is a dentist and has a four-year old child. Sachin is also an active mentor in Indian start-ups.[11]

CareerEdit

After graduation Bansal joined Techspan where he worked for a few months. In 2006, he joined Amazon.com India as senior software engineer. Then he got Binny Bansal into Amazon and after six months they both decided to leave. They initially thought of starting a comparison search engine, but realized that the market for E-commerce in India was very small. Hence, they founded Flipkart as an e-commerce company.

Bansal and his business partner Binny Bansal launched Flipkart from an apartment in Bangalore with 4,00,000 rupees ($6,500) cash.[12] In 2007 during the early days of Flipkart Sachin Bansal and his business partner Binny Bansal used to deliver books across Bengaluru on their scooters and in October 2015 they showed up at the doorsteps of some customers, personally delivering goods in order to gain insights from the online buyers.[13] He was removed as a CEO of Flipkart based on performance ground in August 2016.[14] In 2018, it was announced that Bansal would sell his entire 5.5% stake and exit Flipkart following the company's acquisition by Walmart.[15]

Bansal is 65th on Forbes 2016 Indian Billionaires List[16] with his net-worth valued at $1.2 billion in March 2016. Bansal gained 23 spots on the Forbes India Rich list from 2015 when he was 86th on the list.[17]

Awards and recognitionEdit

  • In November 2015, Bansal along with the co-founder of Flipkart, Binny Bansal, was named the 86th richest person in India with a net worth of $1.3 billion by Forbes India Rich List.[18]
  • Entrepreneur of the year – ET Awards (2012–2013) .[19]
  • India Today magazine ranked him #26th along with Binny Bansal in India's 50 Most powerful people of 2017 list.[20]
  • The Straits Times of Singapore has chosen Sachin Bansal along with Binny Bansal for the prestigious “2016 Asian of the Year” as part of a group called “The Disruptors.”[21]

ReferencesEdit

  1. ^ "'Sachin Bansal to be richer by $1 bn but he has got 20% tax to pay'". Business Today. Retrieved 10 May 2018. 
  2. ^ "'I will never sell Flipkart'". Business Line. Retrieved 30 March 2014. 
  3. ^ Bhupathi Reddy (30 August 2015). "Top 10 Entrepreneurs of India". EntrepreneurSolutions.com. Archived from the original on 26 January 2016. 
  4. ^ Srikar Muthyala (29 September 2015). "The List of Great Entrepreneurs of India in 2015". MyBTechLife. Archived from the original on 11 September 2015. 
  5. ^ "Sachin Bansal and Binny Bansal: Book Smart". 
  6. ^ "Flipkart sales hit whopping $5 bn, Sachin and Binny Bansal 'run rate' stupendous". 
  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. ^ "Sachin Bansal". 16 January 2012. Retrieved 1 August 2016. 
  10. ^ "One should always have a co-founder to share stress and success of a venture". Retrieved 13 November 2015. 
  11. ^ "flipkart ceo wanted to be a gamer snapdeal chief a food and film critic". Retrieved 25 November 2015. 
  12. ^ "India's E-Commerce Poised To Mint First Two Billionaires". Retrieved 12 November 2015. 
  13. ^ "Flipkart's Sachin Bansal and Binny Bansal will deliver your smartphones". Retrieved 12 November 2015. 
  14. ^ "Sachin Bansal replaced as a CEO due to performance". Retrieved 22 August 2016. 
  15. ^ "Sachin Bansal to sell entire 5.5% to Walmart as he exits Flipkart - Times of India". The Times of India. Retrieved 2018-07-09. 
  16. ^ "Sachin Bansal". Forbes. Retrieved 2018-01-22. 
  17. ^ "India Rich List 2015 - Forbes India Magazine". Forbes India. Retrieved 2018-08-10. 
  18. ^ "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. 
  19. ^ "Entrepreneur of the year- Sachin Bansal". The Economic Times. Retrieved 23 December 2014. 
  20. ^ "India's 50 powerful people". India Today. April 14, 2017. 
  21. ^ "Flipkart founders Sachin Bansal and Binny Bansal named 'Asians of the Year'". The Indian Express. 2016-12-05. Retrieved 2017-10-05. 

External linksEdit