Sachin and Binny Bansal may no longer be in the helm of Flipkart’s day-to-day affair, but this could have hardly stopped them from investing back into India’s startup ecosystem. After all, both Flipkart co-founders owe a lot to this ecosystem.
Reports are fast emerging about Binny along with other investors investing nearly $7 Mn in healthcare startup Niramai. It could not be ascertained how much is Binny’s exact contribution to the $7mn funding corpus. In the past, Binny had invested in startups like GreyOrange and Purple Style Labs and Pernia’s Pop Up Shop joint venture.
Niramai is a healthcare startup that leverages the power of cutting edge technologies like big data analytics and artificial intelligence for early detection of breast cancer.
On the other hand, Binny’s famous counterpart Sachin Bansal is yet to strike a deal post his exit from Flipkart. However, reports claim that Sachin is seriously mulling over an investment plan.
If sources are to be believed, Sachin is soon likely to form a holding company along with his IIT friend Ankit Agarwal to invest in promising startups. This soon to be launched company is expected to take bets on agri-tech and fintech startups.
Meanwhile, there is still suspense over whether Sachin’s 100 Mn investment in cab hailing major Ola will go through or not. The investment is reported to have reached final stage. And if everything goes well, Ola may turn out to be Sachin’s first investment post his exit from Flipkart.
Sachin and Binny are expectedly gunning for investment after having departed their founding company. This is because both have reportedly made 1Bn after selling their 5% stake to Walmart. After tax payment, both will be left with solid $700 – 800 Mn fund.
It is an altogether different matter that Sachin and Binny’s exit from Flipkart was anything but a smooth affair. Here is look at what really transpired that eventually led to the ouster of both these co-founders.
- During Flipkart’s negotiation with Walmart, the latter reportedly had problems with Sachin Bansal’s presence in the company. According to reports, Walmart could not digest the fact that Sachin was more in favor of merging Flipkart with its arch-rival Amazon.
- After Sachin’s exit, Binny continued to remain Flipkart’s Group CEO. It seemed like Binny will continue with this critical role for a long time. However, Binny’s shocking resignation from Flipkart two weeks back gave a rude shock to the Indian corporate world.
- Binny’s ouster turned out to be pretty a scandalous affair. Walmart alleged that Binny was not transparent about his past conduct, after investigation revealed that he was having an affair with an ex-Flipkart employee.