Indian
Former Chairman & CEO, Flipkart
Co-founding Flipkart [2]
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
Binny Bansal is originally from Chandigarh, the capital city of Punjab and Haryana.Template: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
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.Template: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
- 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
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedForbes profile - ↑ Flipkart's other Bansal comes to the fore. Mint(13 January 2016).
- ↑ The List Great Entrepreneurs of India in 2015. MyBTechLife(29 September 2015).
- ↑ Sachin Bansal and Binny Bansal proudly owns flipkart.com, the biggest online bookstore in India. India Today(September 17, 2011).
- ↑ Flipkart sales hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous. The Financial Express(9 March 2014).
- ↑ Kalyan Krishnamurthy to take over as Flipkart CEO, Binny Bansal Group CEO - FactorDaily. factordaily.com(9 January 2017). Retrieved 9 January 2017.
- ↑ Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal. dailybhaskar(9 December 2013).
- ↑ What Flipkart's Funds Mean for its Rivals. Retrieved 30 March 2014.
- ↑ Binny Bansal. Forbes.
- ↑ Binny Bansal. Retrieved 13 November 2015.
- ↑ flipkart ceo wanted to be a gamer snapdeal chief a food and film critic. Business Standard India(5 August 2014). Retrieved 25 November 2015.
- ↑ Before I got into Amazon, Google rejected me twice. But that did not stop me from starting Flipkart: Binny Bansal. Retrieved 5 August 2014.
- ↑ Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal. Retrieved 20 November 2015.
- ↑ Flipkart flips CEO post, Binny Bansal replaces Sachin Bansal. Livemint(12 January 2016).
- ↑ Flipkart appoints Kalyan Krishnamurthy as new CEO. The Hindu(9 January 2017).
- ↑ Walmart acquires Flipkart for $16 billion in world's largest ecommerce deal. Economic Times(10 May 2018).
- ↑ Is Binny Bansal saying bye to Flipkart in the Walmart sellout?. Factor Daily(26 April 2018).
- ↑ Sachin Bansal and Binny Bansal's Flipkart journey: From Kart to Mart. The New Indian Express(10 May 2018).
- ↑ Flipkart and Walmart statement on Binny Bansal. news.walmart.com. Retrieved 2018-11-16.
- ↑ Forbes India rich list: Mukesh Ambani tops for 9th year, Flipkart's Bansals debut at 86th slot(24 September 2015). Retrieved 24 September 2015.
- ↑ India's 50 powerful people(14 April 2017).