Binny Bansal | Pixr8 News

14Mar By AnkitaNo Comments

FUNDING

Acko raises USD 65 mn from Investors

Acko on Wednesday said it has raised USD 65 million from investors, including Flipkart co-founder Binny Bansal. The round of funding also saw participation from existing investors such as Amazon, Accel, SAIF and TechPro Ventures, the company said in a statement. Founded in 2016, Acko General Insurance claims to be the country's first digital native insurer, offers an intuitive purchase experience, cheaper prices and stress-free claims. The company uses a direct-to-consumer approach for distributing motor insurance, allowing for favourable risk selection and superior underwriting. Earlier, the company raised its largest seed rounds of $30 million. Founded by Varun Dua in 2016, Acko completed 12 months of operations and distributed over 20 million insurance policies to customer...

14Dec By Gauri SinghNo Comments

News

After Flipkart, Binny Bansal to Launch a new Startup

Flipkart co-founder Binny Bansal who stepped down from his position recently is all set to launch a new company along with former McKinsey consultant Saikiran Krishnamurthy that will offer technology tools, learning and consulting services to growth- stage startups which are looking to scale up. The company will be called xto10x Technologies and has been funded by Bansal and Krishnamurthy, who headed Flipkart’s logistics arm Ekart and later spearheaded taxi-hailing firm Ola’s marketplace business. Also, the company is looking to hire a team by January next year, as it tests out its product with a clutch of startups. “The idea is to disrupt traditional consulting firms with tech-backed solutions and tools which do not require hundreds of partners,” a person f...

Flipkart on a Hiring Spree, Looking for CTO & CPO

20Nov By Gauri SinghNo Comments

News

Flipkart on a Hiring Spree, Looking for CTO & CPO

Soon after co-founder Binny Bansal’s exit, the e-commerce giant Flipkart is on a hiring spree. The management is said to be in discussions with top headhunting firms to fill senior positions that have been vacant for a while, and thus, the company is looking for a new chief technology officer (CTO) and chief product officer (CPO). Flipkart’s CPO, Punit Soni left the company in 2016. In November last year, the e-commerce major had moved its chief of tech, Ravi Garikipati, to what it called the fin-tech department. Since then the tech team has been reporting to Krishnamurthy. Over the next two weeks, some expect Krishnamurthy to meet with some of the leading head hunters. Also, it was reported that the company had hired an HR head - Smriti Singh. The post was lying vacant for 18 months...

Flipkart Co-founder Binny Bansal Resigns Following Allegations of Misconduct

14Nov By Gauri SinghNo Comments

News

Flipkart Co-founder Binny Bansal Resigns Following Allegations of Misconduct

Binny Bansal, the co-founder and group CEO of India based e-commerce giant Flipkart has stepped down from the company with immediate effect. This step has been taken following an investigation into “serious personal misconduct.” This move has come up in less than six months after Walmart acquired a majority ownership in the company. In an email to Flipkart employees, Bansal said these allegations has left him stunned and strongly denies them. The latter founded Flipkart in 2007 with Sachin Bansal and he had served as its CEO since 2016, before going on to become CEO of the Flipkart Group. “For some time, I have been mulling over the right time to step away from an operating role at Flipkart Group. My plan was to continue in my current role for a few more quarters to continue the tra...

The Five Most Inspiring Young Indian Entrepreneurs You Must Know About

27Aug By Gauri SinghNo Comments

INSPIRATIONAL

The Five Most Inspiring Young Indian Entrepreneurs You Must Know About

In the last few years, India has been witnessing a huge growth in the number of startups and thus, the birth of entrepreneurs in the country has also risen. With this, our country has got such an amazing number of talented and hard-working entrepreneurs that have helped India to reach a different level of success. All the business spaces including technology, telecommunication, digital payment, edutech, hospitality among others have been seeing a good amount of expansion across various cities in India. The new-age entrepreneurs have been successful in proving themselves through their box thinking, leadership qualities, and execution styles. Here, we will talk about some of the most inspiring and hard-working young entrepreneurs of India who are changing the game for their generation ...

26Jun By Lavina TolaniNo Comments

FUNDING

SigTuple rasies $19 Mn Funding From Accel and IDG Ventures

SigTuple, an AI-based healthcare startup has raised 19 million i.e approximately Rs. 130 crores in a Series B round led by IDG Ventures and Accel Partners. The investment round also saw participation from pi Ventures, Flipkart’s executive chairman Binny Bansal, Endiya Partners, Axilor Ventures. The Bengaluru-based company plans to use the funds in the expansion of assembly and distribution of AI100 along with research and development of new solutions that can boost its reach and market presence. Rohit Kumar Pandey, chief executive at SigTuple said, The major chunk (of the money) will go into setting up a manufacturing pipeline so that we can put more devices in the market. We have applied for US FDA and CE certification. Once we go through the stage, it will require more clinical tr...

Agritech Startup Raises $14 Million From Gates Foundation & Others

31May By NitishNo Comments

FUNDING

Agritech Startup Raises $14 Million From Gates Foundation & Others

Bengaluru based Agritech startup Stellapps raises $14 million funding led by Bill and Melinda Gates Foundation and IndusAge Partners, among others. Stellapps Technologies have one of the largest dairy IoT platforms in India and they will use the current funding for product development and operation expansion including for monitoring the quantity and quality of milk, storage facilities, creating wearable devices for tracking cattle health and infrastructure for housing the cattle. Ultimately, the focus is on reducing costs for the farmer by ensuring there are higher milk yields and consistent health of their cattle. The company is also backed by Flipkart founder Binny Bansal and Omnivore Ventures. The Indian government currently holds 40% of the dairy space. In 2017, the comp...

I-T dept to Seek Share Purchase Pact from Flipkart

14May By Lavina TolaniNo Comments

News

I-T dept to Seek Share Purchase Pact from Flipkart

The Income Tax department will seek purchase agreement from Flipkart on the mega e-commerce USD 16 billion buyouts by US retail mammoth Walmart to assess the tax liability and also find out whether the General Avoidance Rule provisions can be invoked as informed by an official related with the matter. The department id presently is referring to Section 9(1) of the Income Tax Law, which deals with the indirect transfer provisions to seek if the benefits under bilateral tax treaties with countries like Singapore and Mauritius could be availed by foreign investors such as Walmart. Singapore registered Flipkart Pvt Ltd has majority stakes in Flipkart India. Post definitive agreement between the companies, Walmart will hold 77 percent stake in the Singapore entity for USD 16 billion. The ...

11May By Lavina TolaniNo Comments

News

Walmart to Open 50 New Stores in India in Next 4-5 yrs

Just after a day of officially announcing the $16 billion dollar deal in India's largest e-commerce unicorn Flipkart, Walmart Inc on Thursday has said that it will continue to grow its wholesale cash-and-carry business by adding 50 new stores in the next four-five years. US mammoth Walmart which so far had been handicapped by India’s retail policy that does not allow overseas companies to sell directly to consumers will now have an online presence, all thanks to Flipkart. Walmart India President and CEO Krish Iyer said, We currently have 21 stores and plan to open 50 stores in 4 to 5 years. Plans are on track. We have a pipeline of 20 stores and we expect to open 5 stores in the current year and then pick up the pace and eventually start opening 12-15 stores a year. Meanwhile, Doug...

Sachin Bansal, Co-Founder of Flipkart Will Leave Post Walmart Acquisition

8May By Sheldan RungasamyNo Comments

News

Sachin Bansal, Co-Founder of Flipkart Will Leave Post Walmart Acquisition

Sachin Bansal, Executive Chairman and co-founder of Flipkart is set to sell his entire 5.5% stake of his company to American brick-and-mortar giant Walmart as the acquisition of India’s largest tech company seems imminent. Three people close to the company reported the news which was subsequently shared on various platform. Indeed, Sachin Bansal might be living his last days at the company he co-founder and grew to reach the homes of almost every Indian as Walmart prepares its $12-15 billion bid to acquire the e-commerce business valued to be worth $20 billion. The 5.5% stake he stills owns in the company will be sold for a reported $1 billion, making him an instant billionaire. Sources close to the company suggested that Sachin was “not aligned with the strategy and operating struct...

Bengaluru Businessman Filed Complaint Against Fraud By Flipkart

27Nov By AdityaNo Comments

News

Bengaluru Businessman Filed Complaint Against Fraud By Flipkart

Flipkart founders Binny and Sachin Bansal and three other executives have found themselves into another legal battle. As per the recent report by TOI a Bengaluru businessman Naveen Kumar, owner of C-Store Company has filed an FIR against them for a Rs 9.96 crore fraud. The copy of FIR with TOI quoted sales director Hari, accounts managers Sumit Anand and Sharauque among other employees. In his complaint lodged on November 21, Naveen has said that he had entered into a contract with Flipkart to supply laptops and other electronic goods, and had supplied 14,000 laptops to the company between June 2015 and June 2016 for its Big Billion Day sale. "Flipkart returned 1,482 units but did not pay for the remaining units. TDS and shipping charges for those units too were not paid. When asked...

11Apr By Press Trust of IndiaNo Comments

News

Flipkart to Grow With Careful Considerations to Costs: Binny Bansal

Flipkart Co-founder Binny Bansal said while the latest funding round provides the fuel the company needs to reach its goal of transforming commerce in India through technology, it should continue to grow its business with careful considerations to costs. "I must stress that we still have some distance to go before fulfilling our mission - to transform commerce in India through technology. And, while this funding round provides the fuel we need need to reach that goal, we have to continue growing our business with careful considerations to costs," he said in a mail shot-off to his employees after raising USD 1.4 billion from Tencent Holdings, Microsoft Corp and eBay Inc. "I look forward to your continued support," he added. The announcement comes in the wake of Flipkart, India's la...