Binny Bansal is an Indian billionaire and entrepreneur who co-founded an e-commerce website, namely Flipkart. He co-founded Flipkart with his colleague Sachin Bansal in 2007. The two are not related. They founded the company with just ₹ 4 lakhs which now values around ₹ 1,35,000 crore after Walmart acquired a 77% stake in the company. Binny was the COO of the company until 2016 and then he got promoted to CEO. His net worth is estimated to be $1.1 billion as of Apr 2020.
Early Life and education
He hails from Chandigarh which is the capital city of Punjab and Haryana. He has completed his graduation from Indian Institute of Technology, Delhi with a degree in Computer Science and Engineering. His father is a retired chief manager of a bank and his mother works in the government sector. Binny began his career with Sarnoff Corporation in 2006 where he worked for more than a year. Later, in 2007, he was employed by Amazon web services where he worked for nine months and re-connected with Sachin as well. The two bonded over time and started thinking about start-up opportunities.
Journey as an entrepreneur
Binny Bansal’s journey as an entrepreneur has been a roller coaster ride. He co-founded Flipkart with his colleague Sachin Bansal with an investment of ₹ 4 lakhs. They started their door-to-door delivery of books with cash on delivery payment options to let the customers build trust in the brand. They wanted the customers to know that they are reliable and worth the trust. The two started their journey in a two-bedroom apartment. They founded Flipkart as they wanted to create something for the long-run. In the initial months, Flipkart only sold 5 books a day. Later they decided to add other products that included everything from electronics to home appliances, and even beauty and fashion. When the two founded Flipkart, they had no idea how to operate a business and have a strategic approach. They worked hard each day to make Flipkart what it is today. Binny and Sachin in an interview revealed that they didn’t draw their salaries from the company for at least for more than a year. They had graduated just two years ago before they founded Flipkart so it was challenging for them to make space in the market. After meeting ten vendors, they finally managed to get two of them on board. Flipkart, the biggest online bookstore in India now makes 1.5 crores a day and sells 15 products in a minute.
- “Take the plunge. The timing could not be better”.
- “Very importantly do not go at it alone. Have at least one co-founder”.
- “We first look at what we can do for the customer. We give more importance to the customer than our competitors. We always try to lead. If we follow the competition, we will not be leaders”.
- “Customer experience is the top metric at our level. Everybody is measured on that”.
- “Pursuit of excellence is one of our core values”.
Awards and Recognition
- Binny Bansal and Sachin Bansal were ranked as the 86th richest person in india by Forbes India Rich List.
- Binny Bansal and Sachin Bansal were ranked 26th in India’s most powerful people list of 2017 by India Today
- Nominated for IndiaMART Leaders of Tomorrow Awards