Sachin Bansal

Sachin Bansal
Born (1981-08-05) 5 August 1981 (age 43)
Chandigarh, India
Alma materIndian 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]

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

  • The Economic Times for "Entrepreneur of the year".[19]
  • In 2015, Bansal was named as the 86th richest person in India by Forbes India.[20]
  • In 2016, Time Magazine included Bansal and his co-founder in the 100 most influential people in the world list.[21]
  • In 2017, India Today included Sachin Bansal and his co-founder in India's 50 most powerful people list.[22]

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]

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. ^ a b "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. ^ a b "Walmart's $16 billion Flipkart deal creates two billionaires". Mint. 9 May 2018. Retrieved 8 April 2019.
  6. ^ a b "Sachin Bansal quits Flipkart as Walmart wanted only one founder on board". The Economic Times. 10 May 2018. Retrieved 8 April 2019.
  7. ^ a b 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. ^ a b "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. ^ a b "When Flipkart Co-Founder Sachin Bansal Had To Return Amazon Employee Recommendation Bonus". NDTV. 10 May 2018. Retrieved 8 April 2019.
  12. ^ a b "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. ^ a b "Flipkart co-founder Sachin Bansal invests Rs 650 crore in Ola". The Economic Times. 20 February 2019. Retrieved 8 April 2019.
  15. ^ a b "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.

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