Flipkart co-founder Binny Bansal to create a new start-up: Report
Mumbai: Binny Bansal, who recently divested his remaining stake in the e-commerce giant Flipkart, is actively working on launching a new startup, Moneycontrol reported.
After earning approximately $1-$1.5 billion from his shareholding in Flipkart, Bansal is focusing on setting up a startup in the realm of cross-border e-commerce, said the report citing sources.
However, in contrast to his previous consumer-facing internet venture like Flipkart, this new startup aims to provide support in terms of design, product development, and human resources to both Indian and global e-commerce enterprises.
This endeavour comes shortly after Bansal exited Flipkart completely, a company he co-founded with Sachin Bansal in 2007 and later sold to Walmart in 2018 for an estimated $16 billion.
Bansal has also been an investor in various startups including Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, and Yulu, among others. He has made investments in over 60 startups across diverse sectors, as indicated by Tracxn, a private market data provider.
Bansal is also involved with venture capital firms such as 021 Capital and Blume Ventures, and he supports these firms as a limited partner (LP).
His commitment to the startup ecosystem extends beyond just investments.
He co-founded xto10x along with Saikiran Krishnamurthy and Neeraj Aggarwal, former executives at EKart, Flipkart’s supply-chain division.
The goal of xto10x is to mentor emerging startups and aid them in scaling their operations.
Binny Bansal operates his own VC firm called Three State Ventures, headquartered in Singapore, which focuses on investing in innovative companies.
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