Sachin Bansal

Last updated

Sachin Bansal
Sachin Bansal SB.jpg
Born (1981-08-05) 5 August 1981 (age 43)
Chandigarh, India
Alma mater Indian Institute of Technology Delhi
OccupationBusinessman
Known forCo-founder and CEO, Navi Group
Founder and former CEO and chairman, Flipkart
SpousePriya Bansal
Children1

Sachin Bansal (born 5 August 1981) is an Indian entrepreneur. [1] [2] [3] He is best known as the founder of Flipkart [4] During his over 11 year career at Flipkart, Bansal was CEO and chairman. [5] In 2018, Bansal exited Flipkart following the Walmart deal. [6]

Contents

In 2007, Sachin Bansal and Binny Bansal (not related) founded Flipkart whose valuation in 2018 was $20.8 billion. [7] In 2018, Bansal held a 5.5 per cent stake in Flipkart, which he sold to Walmart and his net worth then was a little over $1 billion. [7] Sachin Bansal is now the managing director of Navi Group, a financial services company.

Early life

Bansal was born in Chandigarh, India, on 5 August 1981. [2] His father is a businessman and his mother, is a homemaker. [8]

Bansal was educated at St. Anne's Convent School, Chandigarh. [9] He attended Indian Institute of Technology Delhi and completed a degree in civil engineering in 2005. [8] After graduation, Bansal worked at Techspan for a few months and later in 2006 he joined Amazon Web Services as a senior software engineer. [10] In 2007, Bansal quit Amazon to start his own company.

Flipkart

In October 2007, Bansal and his co-founder, Binny Bansal, started an online bookstore, Flipkart, with an initial capital of ₹4,00,000 (4 Lakh Rupees or US$4,764). [11] 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. [11] From inception until 2016, Bansal held the position of Chief Executive Officer and from 2016 until 2018, he held the position of Executive Chairman. [5] In 2018, Bansal signed a non-compete clause with Walmart and exited Flipkart. [12] [6] 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. [12]

Post-Flipkart

In December 2018, Bansal founded BACQ Acquisitions Private Limited, a venture that focused on building and acquiring technology-driven businesses in diverse industry verticals. [13] Since 2014, Bansal has made 18 investments in local, early-stage startups where the deal size was $1–2 million. [14] In 2019, Bansal invested $100 million in Ola Cabs and received a stake holding of 0.37 per cent. [15] [16] In February 2019, he had investments in Ola, Grey Orange, Ather Energy, SigTuple, IN shorts, Unacademy and Terminus. [14] [15]

In December 2019, Sachin Bansal's Navi Technologies acquired Bengaluru-based technology consulting firm Maven Hive. No financial details were disclosed. [17]

Sachin acquired the general insurance brand COCO, previously owned by the housing finance company Deewan Housing Finance Limited, through his company Navi Technologies in 2020. [18] In April 2020, Navi Technologies announced Sachin Bansal as its Managing Director, at the same time when the company disclosed raising 209 crore from Gaja Capital. On 12 March 2022, Navi Technologies filed a draft for an INR 3350 crore IPO.

Recognition

Personal life

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

Domestic violence allegations

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 28 February named four persons, including Sachin's parents, Sat Prakash Agarwal and Kiran Bansal and brother Nitin Bansal. [26]

In response, Sachin Bansal and his family members filed petitions under the Code of Criminal Procedure before the High Court of Karnataka. The complaint as well as the FIR was quashed by the orders of High Court of Karnataka dated 13 August 2021 and 28 September 2021.[ citation needed ]

Priya Bansal subsequently filed a special leave petition before the Supreme Court of India challenging the earlier Order by the High Court of Karnataka. The said petition was dismissed by the Supreme Court of India on 11 March 2022. [27]

Related Research Articles

Bansal is a surname of Indian origin. Among Agrawals and Baranwals, it is the name of a gotra.

Flipkart Private Limited is an Indian e-commerce company, headquartered in Bangalore, and incorporated in Singapore as a private limited company. The company initially focused on online book sales before expanding into other product categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products.

India has an Internet user base of about 690.0 million as of November 2023, about 40% of the population. Despite being the second-largest user base in world, only behind China, the penetration of e-commerce is low compared to markets like the United States, or France, but is growing, adding around 6 million new entrants every month. The industry consensus is that growth is at an inflection point.

<span class="mw-page-title-main">Myntra</span> Indian fashion & lifestyle products company

Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. The company was founded in 2007-2008 to sell personalized gift items. In May 2014, Myntra.com was acquired by Flipkart.

<span class="mw-page-title-main">St. Anne's Convent School, Chandigarh</span> Institution for secondary education school in Chandigarh, India

St. Anne’sConvent School is a co-educational secondary school in Chandigarh, India with English-language education affiliated to Central Board of Secondary Education (CBSE). It is a Christian minority institution, established by the Simla- Chandigarh Educational Society, in 1977. It is administered by the Religious Congregation of the Ursuline Sisters of Mary Immaculate, in the Catholic Church. The school is under the religious jurisdiction of the Catholic bishop of Simla- Chandigarh Diocese.

Binny Bansal is an Indian billionaire Internet entrepreneur. As of February 2024, his net worth was estimated at US$1.4 billion. In 2007 he co-founded the e-commerce platform Flipkart. He was the chief operating officer until January 2016, when he was promoted to chief executive officer (CEO). In January 2017 he was promoted to group CEO, then resigned in November 2018 due to personal misconduct allegations of Flipkart. He is an anchor investor in the venture firm 021 Capital. In 2019, Bansal invested in the endowment fund of the Indian Institute of Technology (IIT) Delhi.

<span class="mw-page-title-main">Ola Consumer</span> Indian ridesharing company

Ola Consumer, formerly Ola Cabs, is an Indian transportation company that provides ride-hailing services and operates other business verticals such as financial services and cloud kitchens. It is headquartered in Bangalore, and operates in 250+ Indian cities.

<span class="mw-page-title-main">Kunal Bahl</span> Indian entrepreneur

Kunal Bahl is an Indian technology entrepreneur and investor.

Rohit Bansal is an Indian entrepreneur, co-founder and COO of e-commerce company Snapdeal.

Ather Energy is an Indian electric two-wheeler manufacturer headquartered in Bangalore. It was founded by Tarun Mehta and Swapnil Jain in 2013. It currently manufactures electric scooters including the Ather 450 Apex, Ather 450S, Ather 450X, Ather 450X Pro, and Ather Rizta. It has EV manufacturing facilities in Whitefield, Bangalore and Hosur, Tamil Nadu.

<span class="mw-page-title-main">Kavin Bharti Mittal</span> Indian internet entrepreneur (born 1987)

Kavin Bharti Mittal is an Indian internet entrepreneur and son of Business Tycoon Sunil Mittal. He is known for his role as the founder and CEO of Hike, the company behind the unicorn Hike Messenger and the Rush Gaming Universe (RGU), a mobile gaming application.

PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. It was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface, went live in August 2016.

MapmyIndia is an Indian technology company that builds digital map data, telematics services, location-based SaaS and GIS AI technologies. The company was founded in 1995 and is headquartered at New Delhi with regional offices in Mumbai and Bengaluru and smaller offices across India. It also has international offices in the San Francisco Bay Area and Tokyo.

Lenskart is an Indian multinational eyewear company, based in Gurugram. As a vertically integrated company, it designs, manufactures, distributes, and retails prescription and regular eyewear. It sells its products through website, mobile app and 2,000+ physical stores

<span class="mw-page-title-main">Navi Group</span> Indian financial services company

Navi is an Indian financial services company founded by Sachin Bansal and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans, mutual funds, health insurance, digital gold and UPI.

<span class="mw-page-title-main">Nitin Seth</span> Indian entrepreneur

Nitin Seth is an Indian tech entrepreneur and author who was the COO of Flipkart. He is the Co-Founder and CEO of Incedo, a US-based digital transformation services and platforms provider. An alumnus of the Indian Institute of Management Lucknow, he has been Managing Director of Fidelity International in India. He served as Chairperson of NASSCOM's GCC Council and was the Chairperson of the NASSCOM Regional Council (NRC) in Haryana, India. He is the co-founder of Plaksha University, a private science and technology university based in Punjab, India.

<span class="mw-page-title-main">Ola Electric</span> Indian electric scooter manufacturer

Ola Electric Mobility is an Indian electric vehicle manufacturer company founded in 2017 by Bhavish Aggarwal. Headquartered in Bangalore, Karnataka, the company designs and manufactures electric two-wheelers, including the Ola S1 in three variants named Ola S1 Air, Ola S1X and S1 Pro. It has its manufacturing facility located in Krishnagiri, Tamil Nadu.

<span class="mw-page-title-main">Manish Maheshwari</span> Indian Entrepreneur

Manish Maheshwari is an Indian technology entrepreneur and executive. His technology ventures have focused on building solutions that improve the lives of the masses in emerging markets. He is currently a Mason Fellow at Harvard University, focusing on public policy implications of AI.

References

  1. ↑ "ET Awards 2012-13: How IIT-alumnus Sachin Bansal built Flipkart into a big online brand". The Economic Times. ET Bureau. 26 September 2013. Retrieved 8 April 2019.
  2. 1 2 "Sachin Bansal, Binny Bansal". CNBC. 6 October 2014. Retrieved 8 April 2019.
  3. ↑ "Meet the 9 richest Indian tech billionaires". The Economic Times. Retrieved 29 September 2020.
  4. ↑ Nair, Radhika (9 August 2013). "Do not start alone, find a co-founder: Sachin Bansal, Flipkart". The Economic Times. Retrieved 8 April 2019.
  5. 1 2 "Walmart's $16 billion Flipkart deal creates two billionaires". Mint. 9 May 2018. Retrieved 8 April 2019.
  6. 1 2 "Sachin Bansal quits Flipkart as Walmart wanted only one founder on board". The Economic Times. 10 May 2018. Retrieved 8 April 2019.
  7. 1 2 Ganjoo, Shweta (10 May 2018). "Flipkart-Walmart deal: Sachin Bansal gets over Rs 6700 crore and leaves company, Binny Bansal staying back". India Today. New Delhi. Retrieved 8 April 2019.
  8. 1 2 "Sachin Bansal – Life Story". CXO Partners. 5 January 2018. Retrieved 8 April 2019.
  9. ↑ "One should always have a co-founder to share stress and success of a venture". The Economic Times. 9 September 2015.
  10. ↑ "Sachin Bansal – Life Story". CXO Partners. 5 January 2018. Retrieved 8 April 2019.
  11. 1 2 "When Flipkart Co-Founder Sachin Bansal Had To Return Amazon Employee Recommendation Bonus". NDTV. 10 May 2018. Retrieved 8 April 2019.
  12. 1 2 "Sachin Bansal: From outsized Flipkart presence to outcast". Mint. 12 May 2018. Retrieved 8 April 2019.
  13. ↑ "Sachin Bansal kicks off new venture BAC Acquisitions close to first Flipkart office". The Economic Times. 24 December 2018. Retrieved 8 April 2019.
  14. 1 2 "Flipkart co-founder Sachin Bansal invests Rs 650 crore in Ola". The Economic Times. 20 February 2019. Retrieved 8 April 2019.
  15. 1 2 "Sachin Bansal invests $100 mn in Ola in boost for Bhavish Aggarwal". Mint. 19 January 2019. Retrieved 8 April 2019.
  16. ↑ Peermohamed, Alnoor (15 January 2019). "Sachin Bansal hands a Rs 150-crore cheque to Ola as part of a larger funding round". The Economic Times. Retrieved 8 April 2019.
  17. ↑ Vankipuram, Meera (26 December 2019). "Sachin Bansal's Navi acquires MavenHive". mint. Retrieved 19 January 2021.
  18. ↑ "Gaja Capital puts ₹209 crores in Sachin Bansal's Navi Technologies". Livemint. Retrieved 13 April 2019.
  19. ↑ "ET Awards 2012-13: How IIT-alumnus Sachin Bansal built Flipkart into a big online brand". The Economic Times. 26 September 2013. Retrieved 8 April 2019.
  20. ↑ "#2057 Sachin Bansal". Forbes. Retrieved 8 April 2019.
  21. ↑ "Flipkart's Sachin & Binny Bansal among Time's 100 most influential people in the world". The Economic Times. 22 April 2016. Retrieved 8 April 2019.
  22. ↑ "50 power people". India Today. 14 April 2017. Retrieved 8 April 2019.
  23. ↑ "Power couples at the ET Start-up Awards 2017: Sachin and Priya Bansal, Neetha and Sriharsha Majety, and more". The Economic Times. 21 August 2017. Retrieved 8 April 2019.
  24. ↑ "Here Are The Women Behind India's 11 Top Startup Stars". Office Chai. 7 March 2016. Retrieved 8 April 2019.
  25. ↑ "Flipkart-Walmart deal changed Sachin Bansal's life, brought him closer to family". The Economic Times. 6 September 2018. Retrieved 8 April 2019.
  26. ↑ "Flipkart Co-Founder Sachin Bansal, His Family Accused Of Dowry Harassment By Wife Priya". HuffPost India. 5 March 2020. Retrieved 5 March 2020.
  27. ↑ "Supreme Court of India - Record of Proceedings" (PDF). 13 August 2011.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.