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News on Medial
Flipkart co-founder Binny Bansal invests in public markets fund
VCCircle
·
1y ago
Medial
Flipkart co-founder and billionaire Binny Bansal has made an investment in an alternative investment fund that focuses on publicly listed Indian companies. Since his exit from Flipkart in 2018, Bansal has been actively investing in startups and launching new ventures. His latest investment in the public markets fund showcases his interest in diversifying his investment portfolio.
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Binny Bansal’s Three State Ventures funds new startup OppDoor
Economic Times
·
1y ago
Medial
Flipkart founder, Binny Bansal, has invested nearly $2 million in his new venture, OppDoor, through his venture fund, Three State Ventures. OppDoor is a software services platform that aims to assist emerging online retail brands in expanding globally. The investment was made in multiple tranches over the past few months, with the latest cash infusion occurring in February. Bansal has been using capital from the sale of his Flipkart shares to fund his new ventures. OppDoor is currently providing ecommerce services to US brands on Amazon in international markets.
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Flipkart Co-founder Binny Bansal exits startup, sells stake to Walmart: Reports
Money Control
·
2y ago
Medial
According to reports from Moneycontrol and ET, Binny Bansal, one of the co-founders of Flipkart, has sold his stake to US retailer Walmart and exited the e-commerce company. Sachin Bansal, the other co-founder, had previously exited in 2018 by selling his entire stake to Walmart. Earlier investors Tiger Global and Accel have also divested their stakes to Walmart, which previously held over 77% of Flipkart.
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After Flipkart, Binny Bansal steps down from PhonePe board
Economic Times
·
8m ago
Medial
Binny Bansal, co-founder of Flipkart, has stepped down from the board of PhonePe, the digital payments platform acquired by Flipkart in 2016. Bansal had left the Flipkart board in January to establish his new venture, OppDoor. Manish Sabharwal, founder of TeamLease, has now been appointed as an independent director and chair of PhonePe's audit committee. PhonePe founder Sameer Nigam expressed gratitude for Bansal's support and welcomed Sabharwal to the board. Nigam also praised Sabharwal's understanding of India's economy and his leadership in shaping education and employment policies.
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Binny Bansal resigns from Flipkart board citing conflict with new venture
Economic Times
·
1y ago
Medial
Binny Bansal, co-founder of Flipkart, has resigned from the board of directors citing a conflict of interest with his new venture. Although the specific details of his new venture remain undisclosed, this move comes as a surprise as Bansal had stepped down as CEO of Flipkart just a year ago following allegations of personal misconduct. His departure from the board signifies a further distancing from Flipkart, which was acquired by Walmart in 2018.
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Flipkart mafia: Former employees own 44 start-ups, eight backed by Binny Bansal
Hindustan Times Tech
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12m ago
Medial
The 'Flipkart Mafia,' a group of former Flipkart employees, has established 44 start-ups, with six being unicorns valued at $25 billion collectively. A correlation exists between Flipkart’s ESOP buybacks and start-up creation, particularly in 2018 and 2019. Binny Bansal, Flipkart co-founder, has invested in eight of these ventures, with PhonePe being the highest valued at $12 billion.
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Binny Bansal ups Curefoods bet; ADIA may back Pocket FM
VCCircle
·
1y ago
Medial
Binny Bansal, co-founder of Flipkart, is increasing his investments in Curefoods and continuing his investment activities in India. He has invested an additional $25 million in Curefoods after selling his remaining stake in Flipkart. In other news, it is reported that the Abu Dhabi Investment Authority (ADIA) may back Pocket FM, a podcasting platform in India.
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Binny Bansal invests $20 Mn in e-comm OS startup ShopOS
Entrackr
·
1m ago
Medial
Binny Bansal invests $20 Mn in e-comm OS startup ShopOS Bengaluru-based e-commerce tech startup ShopOS has raised $20 million in a funding round led by 3STATE Ventures, the investment firm founded by Flipkart co-founder Binny Bansal. The fresh capital will be used to scale product development, expand its engineering team, and onboard more e-commerce brands across global markets, ShopOS said in a press release. ShopOS is developing an AI-powered platform to help brands easily build and manage online stores. It uses an “AI workforce” to automatically create content like product descriptions, images, and videos, adjust store layouts for each visitor in real time, and run targeted marketing campaigns. The startup was founded by Sai Krishna V K and Ajay P V, who earlier co-founded Scapic, a tech platform acquired by Flipkart in 2020. After the acquisition, they helped launch Flipkart Labs, focusing on deep tech and AI in commerce. They are joined by Karan Sonawala, who previously led AI and immersive commerce projects at Flipkart. “The friction in content creation and personalization are significant drags on growth. Our previous startup journey taught us the importance of solving hard problems, and with ShopOS, we are focused on delivering what AI agents can truly do for brands. We are building from India for the globe and with this funding milestone, we wish to tap into the smartest AI minds in India to build the future of Commerce,” said the co-founders in a joint statement. ShopOS is targeting a global customer base with early adopters already onboarded in India, Europe, and the UAE.
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Binny Bansal’s Three State Ventures Backs His New Startup OppDoor
Inc42
·
1y ago
Medial
Binny Bansal, co-founder of Flipkart, has invested $2 million (INR 16.5 crore) into OppDoor through investment vehicle Three State Ventures. OppDoor is a SaaS platform that assists e-commerce companies with expanding into new regions, offering services in advertising strategies and enhanced catalogues. Bansal resigned from the board of Flipkart due to a conflict of interest with OppDoor. Despite not operating in India, OppDoor serves clients in several countries. Bansal has also invested in other startups and launched B2B startup XTo10X Technologies.
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Former Facebook execs’ South Park Commons raising $40 mn for India fund
VCCircle
·
7m ago
Medial
South Park Commons (SPC), founded by former Facebook engineers Ruchi Sanghvi and Aditya Agarwal, is raising $40 million for an India-focused fund to support early-stage startups. SPC expanded into India in 2022, partnering with Flipkart co-founder Binny Bansal and appointing Prateek Mehta to lead SPC India. Founded in 2015, SPC provides support to startup founders and has invested in over 150 startups. The new fund aims to invest in pre-seed and seed-stage Indian companies.
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Mithun Sacheti And Binny Bansal Join Xeed Ventures As Anchor LPs
Inc42
·
1y ago
Medial
CaratLane founder Mithun Sacheti and Flipkart co-founder Binny Bansal have become anchor limited partners in Bengaluru-based Xeed Ventures, an early-stage fund managed by Sailesh Tulshan. The INR 600 Cr fund, previously called as 021 Capital, has also secured Premji Invest as another limited partner. Xeed, focusing on enterprise, B2B, and fintech deals, aims to invest amounts below $1 Mn and has already deployed 70% of its capital. Some of its investments include Charcoal.inc and Kredit.pe. This news comes at a time when several prominent founders have launched or backed venture capital funds.
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