Sachin Bansal plans $1 billion to setup venture capital

Tinuku - Flipkart co-founder and former CEO Sachin Bansal is considering raising a fund of US$700 million to US$1 billion for investing in startups. Bansal, who is set to make US$1 billion in cash after leaving Flipkart in May, could contribute up to 40% of the fund, also considering investing in and running an artificial intelligence startup, a source said.

The 37-year-old entrepreneur is likely to take a final decision about next venture before the end of the year, the people cited above said. In May, Walmart agreed to buy 77% in Flipkart for US$16 billion. As part of the Flipkart-Walmart deal, Bansal left the company, one of the most controversial developments in the short history of the Indian start-up ecosystem.

Tinuku Sachin Bansal plans $1 billion to setup venture capital

Bansal started the company with his business partner, Binny Bansal, in 2007 from an apartment in Koramangala, was the vision behind Flipkart. He was forced out after differences with the company’s then board members over his role after the Walmart acquisition

Though his exit from Flipkart was bitter, for millions he remains the defining face of Indian entrepreneurship, especially after it became public that he was set to pull in US$1 billion in cash from the sale. Bansal said he is eager to move on to next venture and prove entrepreneurial skill all over again by launching either a fund or another startup.

“Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart. But I’ll be watching and cheering from the outside, you better continue to do a good job! I’ll be taking some long time off and focus on finishing a few personal projects which I haven’t been able to find time for. Will catch up on gaming and brush up on my coding skills,” Bansal said in May.

Comments

  1. Dear Sachin welcome to EV AUTOMOTIVE BUSINESS ERINA WITH AI AND E COMMERCE OPTIONS..

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