Sachin Bansal, Co-founder of Flipkart, Career, Success Story, About

Sachin Bansal, Co-founder of Flipkart, Career, Success Story, About

Sachin and Binny Bansal were IIT students when they wanted to start a search comparison platform for online shopping enthusiasts. They, however, changed their idea and created Flipkart. Binny counts himself as the back-end support system while Sachin as the vision leading the company. In 2007, about 12 years ago, they laid the foundation of Flipkart which now stands taller than ever, but they nurtured the seed which now is a shady tree. Let’s know the story of Sachin Bansal, who was there in the forming of this billion dollar e-commerce website.

Personal Details

Name Sachin Bansal
Date of Birth 5th August 1981 in Chandigarh
Age 37 years
Hobbies Playing video games, watching movies, reading books.

Sachin Bansal

Education

Graduation Indian Institute of Technology, Delhi

Degree Name Bachelor’s Degree

Field Of Study Computer Science

2000 – 2005

Post-Graduation N/A

 

Family

Spouse Married to Priya Bansal (Dentist)
Children 1 Son
Parents Father – Businessman

Mother – Housewife

Siblings – A Brother, also a businessman and no sister.

 

Contact Details

Residential Contact Details

Address N/A
Phone number N/A
Email id N/A

Official Contact Details

Address Bengaluru, Karnataka, India
Phone number N/A
Email id N/A

Sachin Bansal (1)

Social Media

Facebook N/A
Twitter twitter.com/_sachinbansal
Linkedin linkedin.com/in/sachinbansal

 

Career

Founded Flipkart (Total Duration 10 yrs 8 mos)

●       Title Executive Chairman

●       Dates Employed Jan 2016 – May 2018

●       Employment Duration 2 yrs 5 mos

 

●       TitleCEO

●       Dates Employed Oct 2007 – Jan 2016

●       Employment Duration 8 yrs 4 mos

●       Location Bengaluru Area, India

Also worked at CEO

●       Company Name BACQ

●       Dates Employed Dec 2018 – Present

●       Employment Duration 5 mos

●       Location Bengaluru Area, India

Senior Software Engineer

●         Company Name Amazon Web Services

●         Dates Employed Jan 2006 – Sep 2007

●         Employment Duration 1 yr 9 mos

●         Location Bengaluru Area, India

Associate

●         Company Name Techspan

●         Dates Employed Aug 2005 – Dec 2005

●         Employment Duration 5 mos

●         Location Bengaluru Area, India

 

Awards & Recognitions

India’s Richest 2015
Entrepreneur of the Year 2012–2013 from The Economic Times
Included in Time magazine’s list of The 100 Most Influential People

Sachin Bansal (2)

Success Story

In 2007, the Bansal Duo registered Flipkart in Singapore, it was long before e-commerce became a regular thing. The company was called the Amazon of India. But actually, it started in Amazon itself, when these two IITians got bored with routine jobs at Amazon. They had a deep understanding of what e-commerce is and how it works, so in no time Flipkart was in a position to launch itself. But there was one problem then, people didn’t use internet banking as much as they do today, also they were reluctant to pay first and wait for the delivery. So, Flipkart became the first e-commerce platform to offer the cash-on-delivery facility. Then, other marketplaces copied the idea. To do so, they had to introduce a self-made supply-chain mechanism, which made the whole difference.

At first, Flipkart started with selling books online. Books are still a good business opportunity, there are a high margin, negligible loss and low cost of transportation; and also local bookstores do not offer every book, nor can you request them to get one for you. So, this was the USP which made Flipkart a common name. Delivering books was not an issue as people didn’t bother much about fast delivery, they didn’t even need to maintain an inventory during the initial years.

As the business grew, they introduced investors, added categories like electronics, apparels, mobile phones etc. The sequence that led to this industry giant take the shape is stated below. The changes were significant and brought with them a lot of challenges, but this was how Mr. Bansal worked out on alternatives and solutions.

 

Series of events

October 2007 ●       Flipkart was founded offering books across the country.

●       US$ 5,600 was spent to develop the site.

2008 The business started growing to up to 100 orders per day.
2009 Accel India invested US$1 million.
2010 ●       Flipkart acquired book discovery service weRead from Lulu.com

●       Tiger Global invested US$10 million

2011 ●       Tiger Global invested US$20 million

Acquisitions made –

●       Mime360.com

●       Bollywood portal Chakpak’s digital library.

2012 ●       Online music services were offered to be shut down in 2013.

●       Letsbuy was acquired by Flipkart.

●       US$150 million funding from MIH (part of Naspers Group) and ICONIQ Capital

2013 US$200 million from existing investors including Tiger Global, Naspers, Accel Partners and Iconiq Capital
2014 ●       Flipkart acquired myntra.com

●       The company partnered with Motorola Mobility and the high demand for moto phones exclusively available on Flipkart made the website crash down. But this only started a series of exclusive online launches of mobile phones of different brands.

●       The company had a business of US$100 million in just 10 hours, thanks to the “big billion-day sale.”

●       US$210 million from Yuri Milner’s DST Global and its existing investors Tiger Global, Naspers and Iconiq Capital were received.

●       Another $700 million infused.

2015 ●       Flipkart decides to stop its website from crashing by restricting the access to the website through phone, instead offering an app for the same and a website exclusively for mobile phones – Flipkart lite.

●       Flipkart acquired Appiterate

●       The second Big BIllion Sale continued for more than one day and gave a business of $300 million.

●       Made an investment in digital mapping provider MapmyIndia to improve delivery and logistics.

●       Investment of $1.4 billion

2016 Acquisition of Jabong.com and PhonePe.
2017 ●       Flipkart made a US$2 million investment in Tinystep app

●       Softbank Vision Fund invested another US$2.5 billion

2018 Flipkart Marketplace Singapore infused INR 3,463 crore into the Indian one.

Sachin Bansal (3)

Lesser known facts about him

  1. After Flipkart joined hands with Walmart, Sachin decided to quit his office. He had to sign a non-compete clause and sell 5.5% stocks, worth $1 billion, that he had in Flipkart for this.
  2. He wrote on social media about this as – “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart. But I’ll be watching and cheering from the outside – Flipsters, you better continue to do a good job!”
  3. Sachin and Binny share their surname but are not related.
  4. In January 2019, Sachin took a minority stake in Ola for $100 million. His own net worth is $1.2 billion.

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