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Sachin Bansal

From Simple English Wikipedia, the free encyclopedia
Sachin Bansal
Born (1981-08-05) August 5, 1981 (age 43)
Chandigarh, India
Alma materIndian Institute of Technology Delhi
OccupationChief Executive Officer of BAC Acquisitions Private Limited
Known forFlipkart
Title
  • CEO of Flipkart
  • Executive Chairman of Flipkart
SpousePriya Bansal

Sachin Bansal (born August 5, 1981) is an Indian technology entrepreneur and an ardent, amateur gamer.[2][3] He is best known as the co-founder of Flipkart that was acquired by Walmart (77 per cent stakes) at $16 billion in 2018.[4] During his career at Flipkart that spanned 11 years, Bansal held the position of chief executive officer and Executive chairman.[5][6] In 2018, Bansal exited Flipkart along with the Walmart deal.[7]

In 2007, Sachin Bansal and Binny Bansal (not related) founded Flipkart whose valuation in 2018 was $20.8 billion.[1] In 2018, Bansal held 5.5 per cent stake in Flipkart, which he sold off to Walmart and his net worth then was a little over $1 billion.[1] In May 2018, Bansal announced that after stepping down as the Executive Chairman of Flipkart, he would be focusing on pending personal projects, gaming and brushing up his coding skills.[8]

Early life

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Bansal was born in Chandigarh, India, on August 5, 1981.[3] His father is a business man and mother is a homemaker.[9] Bansal attended Indian Institute of Technology Delhi and graduated as a Computer Science engineer in 2005.[6][9][10] During the course of his education, Bansal had considered giving up his engineering seat to pursue a career in gaming.[9][11] Age of Empires and Quake III Arena are the games that he was playing in his early life.[11] After graduation, Bansal worked at Techspan for a few months and later in 2006 he joined Amazon Web Services as a Senior Software Engineer.[9] In 2007, Bansal quit Amazon to start his own venture.

Flipkart

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In October 2007, Bansal and his co-founder, Binny Bansal, started an online bookstore, Flipkart, with an initial capital of ₹400,000 (US$4,764).[6][12] For about 18 months they received ₹10,000 every month as allowance from their parents.[6] They first started operating out of an apartment in Koramangala, in Bangalore, India.[13] 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.[6][12] 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][6] In 2018, Bansal signed a non-compete clause with Walmart and exited Flipkart.[7][14] 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.[14]

Post-Flipkart

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In December 2018, Bansal founded BAC Acquisitions Private Limited, a venture that focused on building and acquiring technology-driven businesses in diverse industry verticals.[15] Since 2014, Bansal has made 18 investments in local, early-stage startups where the deal size was $1–2 million.[16] In 2019, Bansal invested $100 million in Ola and received a stake holding of 0.37 per cent.[17][18] In February 2019, he had investments in Ola, Grey Orange, Ather Energy, SigTuple, Inshorts, Unacademy and TeamIndus.[16][17]

Recognition

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  • In 2013, Bansal was awarded the Economic Times Award - 'Entrepreneur of the Year'.[2]
  • In 2015, Bansal was named as the 86th richest person in India by Forbes India.[19]
  • In 2016, Time Magazine included Bansal and his co-founder in the 100 most influential people in the world list.[20]
  • In 2017, India Today included Bansal and his co-founder in India's 50 most powerful people list.[21]

Personal life

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Sachin Bansal is married to Priya Bansal, a dentist by training and profession.[22][23] They have one son.[11]

References

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  1. ↑ 1.0 1.1 1.2 Ganjoo, Shweta (May 10, 2018). "Flipkart-Walmart deal: Sachin Bansal gets over Rs 6700 crore and leaves company, Binny Bansal staying back". India Today. New Delhi. Retrieved April 8, 2019.
  2. ↑ 2.0 2.1 "ET Awards 2012-13: How IIT-alumnus Sachin Bansal built Flipkart into a big online brand". The Economic Times. ET Bureau. September 26, 2013. Retrieved April 8, 2019.
  3. ↑ 3.0 3.1 "Sachin Bansal, Binny Bansal". CNBC. October 6, 2014. Retrieved April 8, 2019.
  4. ↑ Nair, Radhika (August 9, 2013). "Do not start alone, find a co-founder: Sachin Bansal, Flipkart". The Economic Times. Retrieved April 8, 2019.
  5. ↑ 5.0 5.1 "Walmart's $16 billion Flipkart deal creates two billionaires". Mint. May 9, 2018. Retrieved April 8, 2019.
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 Nair, Radhika (May 9, 2018). "If not for Lady Luck, Sachin Bansal and Binny Bansal might never have met or built Flipkart". Your Story. Retrieved April 8, 2019.
  7. ↑ 7.0 7.1 "Sachin Bansal quits Flipkart as Walmart wanted only one founder on board". The Economic Times. May 10, 2018. Retrieved April 8, 2019.
  8. ↑ "Sachin Bansal Will Catch up on Gaming, Personal Projects After Leaving Flipkart". News 18. PTI. May 10, 2018. Retrieved April 8, 2019.
  9. ↑ 9.0 9.1 9.2 9.3 "Sachin Bansal – Life Story". CXO Partners. Archived from the original on April 8, 2019. Retrieved April 8, 2019.
  10. ↑ Jain, Neha (August 10, 2018). "Working at Amazon was riskier than starting Flipkart - Binny Bansal". Your Story. Retrieved April 8, 2019.
  11. ↑ 11.0 11.1 11.2 "Flipkart-Walmart deal changed Sachin Bansal's life, brought him closer to family". The Economic Times. September 6, 2018. Retrieved April 8, 2019.
  12. ↑ 12.0 12.1 "When Flipkart Co-Founder Sachin Bansal Had To Return Amazon Employee Recommendation Bonus". NDTV. May 10, 2018. Retrieved April 8, 2019.
  13. ↑ Sharma, Spandan (May 10, 2018). "A success story 10 years in the making: key milestones from the Flipkart journey". Your Story. Retrieved April 8, 2019.
  14. ↑ 14.0 14.1 "Sachin Bansal: From outsized Flipkart presence to outcast". Mint. May 12, 2018. Retrieved April 8, 2019.
  15. ↑ "Sachin Bansal kicks off new venture BAC Acquisitions close to first Flipkart office". The Economic Times. December 24, 2018. Archived from the original on April 8, 2019. Retrieved April 8, 2019.
  16. ↑ 16.0 16.1 "Flipkart co-founder Sachin Bansal invests Rs 650 crore in Ola". The Economic Times. February 20, 2019. Retrieved April 8, 2019.
  17. ↑ 17.0 17.1 "Sachin Bansal invests $100 mn in Ola in boost for Bhavish Aggarwal". Mint. January 19, 2019. Retrieved April 8, 2019.
  18. ↑ Peermohamed, Alnoor (January 15, 2019). "Sachin Bansal hands a Rs 150-crore cheque to Ola as part of a larger funding round". The Economic Times. Retrieved April 8, 2019.
  19. ↑ "#2057 Sachin Bansal". Forbes. Retrieved April 8, 2019.
  20. ↑ "Flipkart's Sachin & Binny Bansal among Time's 100 most influential people in the world". The Economic Times. April 22, 2016. Archived from the original on April 8, 2019. Retrieved April 8, 2019.
  21. ↑ "50 power people". India Today. April 14, 2017. Retrieved April 8, 2019.
  22. ↑ "Power couples at the ET Start-up Awards 2017: Sachin and Priya Bansal, Neetha and Sriharsha Majety, and more". The Economic Times. August 21, 2017. Retrieved April 8, 2019.
  23. ↑ "Here Are The Women Behind India's 11 Top Startup Stars". Office Chai. March 7, 2016. Retrieved April 8, 2019.
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