Sachin Bansal – Filpkart co-founder – OLA Cabs

Sachin Bansal, Co-founder of Flipkart has invested Rs.150 crore in home grown cab-hailing major ola cabs.  Bansal left flipkart following Walmart’s acquisition last year.  Sanchin Bansal  is in talks with many Start-up companies to invest.

Sachin Bansal

In October last year, the Bengaluru-based company had announced raising $1.1 billion funding from China’s Tencent Holdings and SoftBank Group. It had also stated that it was in “advanced talks” to close an additional $1 billion funding to take total mop-up to more than $2 billion.

Sachin Bansal :

Sachin Bansal, who co-founded Flipkart with his friend Binny Bansal in 2007, is estimated to have pocketed between $800 million (Rs. 5,381 crore) and $850 million (Rs.5,717 crore) from the acquisition, according to e-commerce analysts.

Bansal, who served as Flipkart’s CEO for nine years,  held a 5.5% stake in the Bengaluru-based company before Walmart bought a 77%  stake in  it for $16 billion on May 09. Aged around 36, he was until recently Flipkart’s executive chairman.

Sanchin Bansal – Investment in Ola :

Bansal has taken up 70588 fully & compulsorily cumulative series J preference shares.  The face value of the share is Rs.10 at a premium of Rs.21240 per share.

Ola cabs

Ola has raised Rs.520 crore from existing investor Steadview Capital.  Sanchin Bansal is also setup up a $1 billion fund, has invested in ola cabs in his individual capacity. 

This investment is to be one of the biggest of Sachin Bansal.  The investment comes at a time when ola is competing with the global rival Uber in India.

Sachin Bansal – other investments :

Investment in Ola is his larges disclosed investment till date.  Prior to this investment, Sachin Bansal has been an active Angel investor. 

Last month Sachin Bansal launched BAC Acquisition Pvt. Ltd. with investment Banker Ankit Agarwal.  This venture is said to develop and provide services through IT-driven internet and mobile platforms.  This venture also focus on energy, medial, retail, agriculture, financial services etc.

Sachin Bansal’s other investment include SigTuple, scooter startup Ather Energy and News aggregator Inshorts.

Sachin Bansal with Ather scooter

Flipkart promoter Binny Bansal quits

Flipkart promoter Binny Bansal quits

Flipkart Promoter and Group CEO Binny Bansal resigned with immediate effect over an allegation of “serious personal misconduct”.

India’s most valuable startup was acquired by Walmart, the world’s largest company by revenue 6 months back.  Walmart bought a 77% stake in Flipkart.

The 36-year-old Binny Bansal quit on 13.10.2018 as Chairman and Group CEO following an independent investigation into an allegation.

Though Walmart has not disclosed the nature of the allegations. Sources say the complaint was filed in July by one of the ex-employees of Flipkart. Following which an inquiry was conducted by an independent law firm at the behest of Flipkart board.

According to reports, a couple of factors forced Binny Bansal to exit his company. To begin with, the allegations were made by a former woman employee of Flipkart in 2016, who had already left the company in 2012. However, the charges could not be substantiated then. It was also around the time Binny Bansal had taken over the role of group CEO from co-founder Sachin Bansal.

In July 2018, the former employee approached Walmart Global that had just announced its 77% acquisition of the company.  According to a report, she wrote to Walmart CEO Doug McMillon about Bansal’s misconduct. Flipkart and Walmart then hired an international law firm to look into the matter. Meanwhile, the Walmart-Flipkart deal was sealed.

Binny Bansal co-founded Flipkart with IITian Sachin Bansal in 2007, denied all the allegations strongly.   He will continue to be a large shareholder in the company and serve as a member of the Board of Directors. Binny’s resignation marks the exit of the co-founder’s of India’s largest e-commerce company.