You must have heard of the news that Binny Bansal has left Flipkart and given his share holdings to Walmart and has also received a good amount of compensation for it as well. Now, we are learning that he is planning to launch a new e-commerce firm but it must be noted that it is highly unlikely that this will be a direct competitor to Flipkart as we know that there must be a clause in his contract which prohibits him from entering the same or similar niche for the next few years. Due to this, he will have to look for other opportunities in the e-commerce space and we are sure that he must have figured something out by now. It is worth noting that Flipkart’s other founder Sachin Bansal launched his company named Navi which offers home loans, health insurance and more.
“Think of it like a KPO or a knowledge process outsourcing firm for e-commerce. The idea is to build a global firm that can work with commerce companies and provide them backend support,” said one of the sources close to the matter. The source also added that Bansal “shall not be looking at raising external funds but would invest his own capital in the new venture. Bansal had received $1-$1.5 billion from his shareholding in Flipkart”. Basically, the plan is to bootstrap the company right now and it will raise funds later on just like what happened with Flipkart as well.
The report also mentions that Binny Bansal “has plans to incubate a startup in the cross-border e-commerce space which shall provide design, product and manpower support to Indian and global e-commerce companies”. The report was published by Money Control who is citing sources close to Binny. Now, it would be very interesting to see how Binny Bansal’s new e-commerce company turns out as we already know that he did quite well with Flipkart despite all the problems that the company had. Now, Flipkart is almost controlled by Walmart as it already has a majority shareholding in the company after a lot of its early investors left.