Once you establish trust and work closely with them for months, then you have to let go and let them lead the change,” Binny said about how he let Ananth lead the charge at Myntra.An exit doesn’t take away the zeal of entrepreneurship from an entrepreneur.
Bansal transferred more than 5.39 lakh of his Flipkart shares to Walmart's Luxembourg-based entity, FIT Holdings SARL, according to business intelligence platform Paper.vc. “It was important to be focused on technology, as we believed that the only way to scale was tech; we had to be audacious,” he added.Back in 2007, with just $8K (INR 5.69 Lakh) in their pocket, the two Bansals would not have given much thought to dreams such as reaching In the early days, Binny Bansal and Sachin Bansal were their own logistics team, riding around Bengaluru on bikes every alternate day, delivering orders. Soon after his exit, he announced a new venture and also took a big step ahead in his entrepreneurial journey.Flipkart and its founders were like a force of nature. In January 2017 he was promoted to Group CEO and resigned in November 2018 due to personal misconduct allegations of Flipkart. The two effortlessly fell into a rhythm, their roles complementing each other.After Flipkart’s book business had reached a month-on-month growth rate of 30%, the team decided to venture into a new category — electronics.
Nobody was doing ecommerce right,” chuckled Binny.And doing it “right”, according to Binny, was keeping it simple. Binny Bansal explained, “It was the need of the hour, and not necessarily a very well-thought-of move as people say, but we couldn’t have scaled without our own logistics.”Flipkart knew that to sell electronics, it needed a high Net Promoter Score (The move paid off. “Cash on delivery became very important as the customers wanted to get the product first and then pay,” Binny said.The company launched COD, 24-hour customer support, and 30-day returns to gain customer trust. Also, keeping things simple was important even with an expanding category base. Last but not the least, if they have any problems or issues, the company should be responsible and resolve them.Flipkart was launched as an online bookstore in 2007. The latest sell-off, however, is not Binny Bansal's first monetisation of his equity holding in 12-year-old Flipkart. In October 2007, Bansal and his co-founder, Binny Bansal, started an online bookstore, Flipkart, with an initial capital of ₹400,000 (US$5,600).In December 2018, Bansal founded BAC Acquisitions Private Limited, a venture that focused on building and acquiring technology-driven businesses in diverse industry verticals.Sachin acquired the general insurance brand COCO, previously owned by the housing finance company Deewan housing finance limited, through his company Navi technology in 2020.Sachin Bansal is married to Priya Bansal, a dentist by training and profession.In March 2020, Sachin Bansal's wife Priya Bansal filed a dowry harassment case against him alleging physical assault and pressure to transfer properties to his name. For instance, they would promise a delivery in four days but the products usually made it to the customer before that.Some of Flipkart’s core principles, which have remained strong over the years, are:As Binny Bansal explained, the duo knew intuitively that trust in the brand was going to be the key to success and not the next month’s numbers. Sachin got deep into how to sell electronics…we decided we really need to build a brand, build trust,” explained Binny.The trick to gaining trust turned out to be COD or cash on delivery.
After a year or so, when they could finally pay salaries, they finally hired one or two runners to do these time-consuming tasks.“And our courier partners knew we would be on their heads if they didn’t deliver on time, so they kept it straight,” Binny laughed.
In 2007, Sachin Bansal and Binny Bansal founded Flipkart whose valuation in 2018 was $20.8 billion. He did a good job of getting things on track and that’s what was his strength.”Binny Bansal emphasised that when companies require to scale, founders can either do it themselves or get somebody else who to do it for them.He cited another such example in which they roped in someone else to do the job: When Myntra founder Mukesh Bansal left the company, they roped in Ananth Narayanan as chief executive to scale Myntra.“He came and scaled Myntra from 8x to 10x. Interestingly, Snapdeal cofounder Rohit Bansal was also his batchmate and they were best buddies in the first year.While the story of the Flipkart cofounders and their journey of building India’s most-valued ecommerce unicorn has been told and retold often, every time either of the Bansals speaks about it, they reveal some new experiences, some untold stories.After a one-year stint at Sarnoff as a software engineer, Binny Bansal was referred to Amazon in a similar role by Sachin in 2007. Binny Bansal who co-founded Flipkart with Sachin Bansal sold his Flipkart shares worth $76.4 million (Rs 531 crore approx) stakes in the company to a Walmart subsidiary.
The course of their journey, which started from a humble two-storeyed building in Anand Daniel of Accel Partners, in Accel’s #INSIGHTSPodcast During the candid chat with Daniel, the 37-year-old Flipkart cofounder reminisced about the most important moments from his stack of memories — right from his childhood to launching his first startup to building the Flipkart Mafia.
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binny bansal share in flipkart