Flipkart co-founder Binny Bansal’s next play is aimed at assist the next generation of startup founders in India.
Bansal already etched his figure into India’s startup history after U.S. retail giant Walmart paid $16 billion to take a majority stake in Flipkart’s e-commerce business to expand its struggle with Amazon. Things turned sour, nonetheless, when he resigned months after the deal’s consummation due to an investigation into” serious personal misconduct .”
In 2019, 37 -year-old Bansal is focused on his newest endeavor, xto1 0x Technology, a startup consultancy that he founded with former peer Saikiran Krishnamurthy. The objective assisted in startup founders on a larger magnitude than the executive could ever do on his own.
” Person to person, I can help 10 startups, but the desire assisted in 10,000 early and mid-stage entrepreneurs , not 10 ,” Bansal told Bloomberg in an interview.
Bansal, who started Flipkart in 2007 with Sachin Bansal( no relation) and still retains a four percent share, told Bloomberg that India-based founders are bereft of quality consultancy and software services to handle proliferation and company building.
” Today, application is built for huge enterprises and not tiny startups ,” he told the publication.” Think of it as solving for startups what Amazon Web Assistance has done for calculating, facilitating endeavors move from zero to a thousand servers overnight with no hassle .”
“Instead of making a thousand missteps, if we can help other startups make a hundred or even a few hundred, that would be worth it, ” Bansal added.
Bansal dished as Flipkart’s CEO from 2007 to 2016 before becoming CEO of the Flipkart Group. He declined to go into specifics of the number of complaints against him at Flipkart — which reports indicate came about from a consensual rapport with a female hire — and, of the failure of its liaison with Sachin Bansal, he said he’s moved on to brand-new things.
It isn’t just xto1 0x Engineering that is keeping him busy. Bansal is involved in investment firm 021 Capital, where he is the guide sponsor following a $50 million injection. Neither persona at the two companies involves day-to-day activities, Bloomberg reported, but, still, Bansal is seeding his fund and suffer to influence the Indian startup ecosystem.