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Binny Bansal (born 1982/1983) is an Indian billionaire [2] [3] Internet entrepreneur. [3] As of February 2024, his net worth was estimated at US$1.4 billion. [1] In 2007 he co-founded the e-commerce platform Flipkart.
Flipkart was founded in October 2007 in Bangalore [11] by Sachin Bansal and Binny Bansal, alumni of the IIT Delhi and former Amazon employees. [12] [13] [14] The company was started from a two-bedroom apartment in Koramangala, Bengaluru. The initial investment was provided by their families, which was INR 2 Lakh from each family.
In 2018, Bansal exited Flipkart following the Walmart deal. [6] In 2007, Sachin Bansal and Binny Bansal (not related) founded Flipkart whose valuation in 2018 was $20.8 billion. [7] In 2018, Bansal held a 5.5 per cent stake in Flipkart, which he sold to Walmart and his net worth then was a little over $1 billion. [7]
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Myntra continues to operate as a standalone brand under Flipkart's ownership, focusing primarily on "fashion-conscious" consumers. [14] In 2014, Myntra's portfolio included about 1,50,000 products of over 1,000 brands, with a distribution area of around 9,000 pincodes in India. [15]
In the next batch of sales, the Mi 3 went out of stock in less than 5 seconds and it is believed that the stock consisted of 10,000 phones. [12] On 5 August 2014, Mi 3 was again sold out on Flipkart in just 2 seconds due to unprecedented demand. [13] On 12 August 2014, 20,000 units went out of stock in 2.4 seconds on Flipkart.
Following the unsuccessful plan to merge with Flipkart, Snapdeal pursued a new strategy it called Snapdeal 2.0. The initiative saw the sale of non-core businesses, Freecharge and Vulcan Express, to dedicate more resources to Snapdeal's e-commerce marketplace, which is its core business. [13] [14] The strategy yielded strong results.
The E3 was released in July 2016. The E3 Power was released through Flipkart in India in September 2016, [2] and sold a record 100,000 units on its first day of sale. [3] [4] The phones are available in black or white. Their batteries are larger than average for their price point.