Binny Bansal: Difference between revisions

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| occupation        = Former Chairman & CEO, [[Flipkart]]
| occupation        = Former Chairman & CEO, [[Flipkart]]
| spouse            = Trisha Bansal
| spouse            = Trisha Bansal
| known_for          = Co-founding Flipkart <ref>{{cite web|url=https://www.livemint.com/Companies/VVgc0VII28w6w2aSQ4V0dP/Flipkarts-other-Bansal-comes-to-the-fore.html|title=Flipkart's other Bansal comes to the fore|publisher=LiveMint|date=13 January 2016}}</ref>
| known_for          = Co-founding Flipkart <ref>{{cite news|url=https://www.livemint.com/Companies/VVgc0VII28w6w2aSQ4V0dP/Flipkarts-other-Bansal-comes-to-the-fore.html|title=Flipkart's other Bansal comes to the fore|newspaper=Mint|publisher=LiveMint|date=13 January 2016|last1=Verma|first1=Mihir Dalal}}</ref>
| website            = {{URL|http://www.flipkart.com|Flipkart.com}}
| website            = {{URL|http://www.flipkart.com|Flipkart.com}}
| net_worth          = {{down}} [[US$]] 1.1 billion (June 2021)<ref name="Forbes profile">{{cite web |title=Forbes profile: Binny Bansal (Resigned)|url=https://www.forbes.com/profile/binny-bansal/ |website=Forbes |access-date=29 August 2018}}</ref>
| net_worth          = {{down}} [[US$]] 1.1 billion (June 2021)<ref name="Forbes profile">{{cite web |title=Forbes profile: Binny Bansal (Resigned)|url=https://www.forbes.com/profile/binny-bansal/ |website=Forbes |access-date=29 August 2018}}</ref>
}}
}}
'''Binny Bansal''' (born 1982/1983) is an Indian billionaire [[Internet entrepreneur]].<ref>{{cite web |url=http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |title=The List Great Entrepreneurs of India in 2015 |publisher=MyBTechLife |author=Srikar Muthyala |date=29 September 2015 |url-status=dead |archive-url=https://web.archive.org/web/20160114000446/http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |archive-date=14 January 2016  }}</ref> 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).<ref>{{Cite web|url=https://www.indiatoday.in/magazine/cover-story/story/20110926-india-today-youth-special-sachin-bansal-and-binny-bansal-flipkart-747699-2011-09-17|title=Sachin Bansal and Binny Bansal proudly owns flipkart.com, the biggest online bookstore in India|first1=Deepshikha Punj|last1=September 17|first2=2011 ISSUE DATE|last2=September 26|first3=2011UPDATED|last3=October 1|first4=2011 11:17|last4=Ist|website=India Today}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/archive/flipkart-sales-hit-whopping-1-bn-sachin-and-binny-bansal-run-rate-stupendous/1232292/|title=Flipkart sales hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous|date=9 March 2014|website=The Financial Express}}</ref> In January 2017 he was promoted to Group CEO and resigned in November 2018 due to personal misconduct allegations<ref>{{Cite web|url=http://factordaily.com/flipkart-management-change-2017/|title=Kalyan Krishnamurthy to take over as Flipkart CEO, Binny Bansal Group CEO - FactorDaily|website=factordaily.com|access-date=9 January 2017}}</ref> of Flipkart. Binny is from [[Chandigarh]] and graduated from the [[Indian Institute of Technology Delhi]] with a degree in [[computer science and engineering]].<ref>{{Cite web|url=https://daily.bhaskar.com/news/MON-SPE-flipkart-success-story-revealed-meet-sachin-bansal-and-binny-bansal-4458841-PHO.html|title=Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal|date=9 December 2013|website=dailybhaskar}}</ref><ref>{{cite web|url=http://forbesindia.com/article/checkin/what-flipkarts-funds-mean-for-its-rivals/35683/1|title=What Flipkart's Funds Mean for its Rivals|work=[[Forbes India]]|access-date=30 March 2014}}</ref> He is currently an anchor investor in the venture firm 021 Capital which focuses on investing in the fields of [[biotechnology]], [[Agricultural technology|agritech]], and the [[internet]].<ref>https://www.forbes.com/profile/binny-bansal/#17e3ac46303b</ref>
'''Binny Bansal''' (born 1982/1983) is an Indian billionaire [[Internet entrepreneur]].<ref>{{cite web |url=http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |title=The List Great Entrepreneurs of India in 2015 |publisher=MyBTechLife |author=Srikar Muthyala |date=29 September 2015 |url-status=dead |archive-url=https://web.archive.org/web/20160114000446/http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |archive-date=14 January 2016  }}</ref> 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).<ref>{{Cite web|url=https://www.indiatoday.in/magazine/cover-story/story/20110926-india-today-youth-special-sachin-bansal-and-binny-bansal-flipkart-747699-2011-09-17|title=Sachin Bansal and Binny Bansal proudly owns flipkart.com, the biggest online bookstore in India|first1=Deepshikha |last1=Punj|date=September 17, 2011|website=India Today}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/archive/flipkart-sales-hit-whopping-1-bn-sachin-and-binny-bansal-run-rate-stupendous/1232292/|title=Flipkart sales hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous|date=9 March 2014|website=The Financial Express}}</ref> In January 2017 he was promoted to Group CEO and resigned in November 2018 due to personal misconduct allegations<ref>{{Cite web|url=http://factordaily.com/flipkart-management-change-2017/|title=Kalyan Krishnamurthy to take over as Flipkart CEO, Binny Bansal Group CEO - FactorDaily|website=factordaily.com|date=9 January 2017|access-date=9 January 2017}}</ref> of Flipkart. Binny is from [[Chandigarh]] and graduated from the [[Indian Institute of Technology Delhi]] with a degree in [[computer science and engineering]].<ref>{{Cite web|url=https://daily.bhaskar.com/news/MON-SPE-flipkart-success-story-revealed-meet-sachin-bansal-and-binny-bansal-4458841-PHO.html|title=Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal|date=9 December 2013|website=dailybhaskar}}</ref><ref>{{cite web|url=http://forbesindia.com/article/checkin/what-flipkarts-funds-mean-for-its-rivals/35683/1|title=What Flipkart's Funds Mean for its Rivals|work=[[Forbes India]]|access-date=30 March 2014}}</ref> He is currently an anchor investor in the venture firm 021 Capital which focuses on investing in the fields of [[biotechnology]], [[Agricultural technology|agritech]], and the [[internet]].<ref>{{Cite web|url=https://www.forbes.com/profile/binny-bansal/#17e3ac46303b|title=Binny Bansal|website=[[Forbes]]}}</ref>


==Early life==
==Early life==
Binny Bansal is originally from [[Chandigarh]], the capital city of [[Punjab, India|Punjab]] and [[Haryana]].{{Citation needed|date=June 2021}} His business partner, Sachin Bansal, is also from Chandigarh. Although they share the same last name, they are not related.<ref name="forbesindia">{{cite web | url=http://forbesindia.com/richprofile2015/binny-bansal-/171 | title=Binny Bansal | access-date=13 November 2015 | archive-url=https://web.archive.org/web/20151117025154/http://forbesindia.com/richprofile2015/binny-bansal-/171 | archive-date=17 November 2015 | url-status=dead }}</ref> 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.<ref name="business-standardOne">{{cite web | url=http://www.business-standard.com/article/companies/flipkart-ceo-wanted-to-be-a-gamer-snapdeal-chief-a-food-and-film-critic-114080500001_1.html | title=flipkart ceo wanted to be a gamer snapdeal chief a food and film critic | access-date=25 November 2015}}</ref>
Binny Bansal is originally from [[Chandigarh]], the capital city of [[Punjab, India|Punjab]] and [[Haryana]].{{Citation needed|date=June 2021}} His business partner, Sachin Bansal, is also from Chandigarh. Although they share the same last name, they are not related.<ref name="forbesindia">{{cite web | url=http://forbesindia.com/richprofile2015/binny-bansal-/171 | title=Binny Bansal | access-date=13 November 2015 | archive-url=https://web.archive.org/web/20151117025154/http://forbesindia.com/richprofile2015/binny-bansal-/171 | archive-date=17 November 2015 | url-status=dead }}</ref> 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.<ref name="business-standardOne">{{cite news | url=http://www.business-standard.com/article/companies/flipkart-ceo-wanted-to-be-a-gamer-snapdeal-chief-a-food-and-film-critic-114080500001_1.html | title=flipkart ceo wanted to be a gamer snapdeal chief a food and film critic | newspaper=Business Standard India | date=5 August 2014 | access-date=25 November 2015| last1=Mookerji | first1=Nivedita }}</ref>


==Career==
==Career==

Latest revision as of 17:52, 2 February 2022

Binny Bansal
Born1982/1983 (age 43–44)[1]
NationalityIndian
Alma materIIT Delhi
OccupationFormer Chairman & CEO, Flipkart
Known forCo-founding Flipkart [2]
Net worthDecrease US$ 1.1 billion (June 2021)[1]
Spouse(s)Trisha Bansal
WebsiteFlipkart.com

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[edit | edit source]

Binny Bansal is originally from Chandigarh, the capital city of Punjab and Haryana.[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[edit | edit source]

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.[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[edit | edit source]

  • 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[edit | edit source]

  1. ↑ 1.0 1.1 "Forbes profile: Binny Bansal (Resigned)". Forbes. Retrieved 29 August 2018.
  2. ↑ Verma, Mihir Dalal (13 January 2016). "Flipkart's other Bansal comes to the fore". Mint. LiveMint.
  3. ↑ Srikar Muthyala (29 September 2015). "The List Great Entrepreneurs of India in 2015". MyBTechLife. Archived from the original on 14 January 2016.
  4. ↑ Punj, Deepshikha (17 September 2011). "Sachin Bansal and Binny Bansal proudly owns flipkart.com, the biggest online bookstore in India". India Today.
  5. ↑ "Flipkart sales hit whopping $1 bn, Sachin and Binny Bansal 'run rate' stupendous". The Financial Express. 9 March 2014.
  6. ↑ "Kalyan Krishnamurthy to take over as Flipkart CEO, Binny Bansal Group CEO - FactorDaily". factordaily.com. 9 January 2017. Retrieved 9 January 2017.
  7. ↑ "Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal". dailybhaskar. 9 December 2013.
  8. ↑ "What Flipkart's Funds Mean for its Rivals". Forbes India. Retrieved 30 March 2014.
  9. ↑ "Binny Bansal". Forbes.
  10. ↑ "Binny Bansal". Archived from the original on 17 November 2015. Retrieved 13 November 2015.
  11. ↑ Mookerji, Nivedita (5 August 2014). "flipkart ceo wanted to be a gamer snapdeal chief a food and film critic". Business Standard India. Retrieved 25 November 2015.
  12. ↑ "Before I got into Amazon, Google rejected me twice. But that did not stop me from starting Flipkart: Binny Bansal". Retrieved 5 August 2014.
  13. ↑ "Flipkart success story revealed! Meet Sachin Bansal and Binny Bansal". Retrieved 20 November 2015.
  14. ↑ "Flipkart flips CEO post, Binny Bansal replaces Sachin Bansal". Livemint. 12 January 2016.
  15. ↑ "Flipkart appoints Kalyan Krishnamurthy as new CEO". The Hindu. 9 January 2017.
  16. ↑ "Walmart acquires Flipkart for $16 billion in world's largest ecommerce deal". Economic Times. 10 May 2018.
  17. ↑ "Is Binny Bansal saying bye to Flipkart in the Walmart sellout?". Factor Daily. 26 April 2018.
  18. ↑ "Sachin Bansal and Binny Bansal's Flipkart journey: From Kart to Mart". The New Indian Express. 10 May 2018.
  19. ↑ "Flipkart and Walmart statement on Binny Bansal". news.walmart.com. Retrieved 16 November 2018.
  20. ↑ "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.
  21. ↑ "India's 50 powerful people". India Today. 14 April 2017.

External links[edit | edit source]

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