Interesting facts about Binny Bansal, the co-founder and former ceo of Flipkart to inspire you

Indian billionaire Binny Bansal, is an internet entrepreneur who co-founded Flipkart along with Sachin Bansal in 2007 and stayed with the company until 2018 when Walmart bought it over.

Here are a few interesting facts about Binny Bansal some of which will inspire you and the others may be a warning.

From Chandigarh to IIT Delhi

Binny Bansal hailed from Chandigarh, the common capital of Punjab and Haryana. Sachin bansal, his business partner too was from the same place. They met each other at IIT, Delhi as students of Computer Science Engineering before they set up Flipkart.

The maker of unique car sensors

After graduating from IIT-Delhi, Binny started his career with a research and development firm, Sarnoff Corporation, India where he designed car sensors that were programmed to give automatic beep sounds if the driver changed lanes without giving signal.

Building a business and losing it all

Binny said he founded Flipkart after Google rejected him twice, once in 2005 and then in 2006. Before starting Flipkart, Binny worked for Amazon for about nine months and in 2007, Binny and Sachin launched Flipkart, with a capital of ₹4 lakh, as a platform to sell books.

Flipkart started in a small flat in Koramangala delivering books ordered online. It is said that Sachin dreamt of big ideas and Binny executed them. During the initial days, both of them took turns to deliver the consignments on a scooter.

He served as a Chief Operating Officer until 2016 where he earned a reputation for being ‘The Operational Guy’, and ‘The Executioner’. He became the CEO in 2016 and then the Group CEO in 2017. The employees at Flipkart described Binny as a calm and highly approachable person. Though he ran a multi-million dollar firm so successfully, he was always willing to learn to improve himself. He participated in a personality training and leadership coaching in 2014.

From a small beginning, Binny Bansal, along with his friend Sachin Bansal, turned Flipkart into a massive online e-commerce venture that was bought over by Walmart in 2018 for a whopping $16 billion.

Binny Bansal, the billionaire

According to Forbes, Binny Bansal has a net worth of $ 1.3 billion. In 2017, India Today ranked him in the 26th position along with Sachin Bansal among the 50 most powerful people. TIME named the two friends among the 100 most influential people in 2016.

The fall from grace

Binny Bansal stepped down from his position as CEO of the company in November, 2018 following an internal review after an allegation of personal misconduct. Although the allegation was taken down, it was Binny Bansal’s lack of transparency in the matter that cost him his job.

"While the investigation did not find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign," Flipkart had said in the statement then.

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