How IIT Delhi grads, rejected by Google, started e-commerce site in 2BHK flat, turned into Rs 3.27 lakh crore company
IIT Delhi graduates Sachin and Binny Bansal started this company from a small flat, which soon became a household name in India and is worth over Rs 3.27 crore.
Flipkart is one of the biggest e-commerce platforms and websites in the country, with everything from electronics to clothing available at your fingertips. However, not many people know about the success story of Flipkart founders Sachin Bansal and Binny Bansal.
Sachin Bansal and Binny Bansal, both Flipkart founders who now have net worth in billions, are both graduates of the prestigious Indian Institute of Technology (IIT) Delhi. Both entrepreneurs were from the 2005 batch of IIT Delhi.
At the time when Sachin Bansal and Binny Bansal graduated from IIT Delhi, they decided to target the 50 million internet users in India at the time with an online store. Though they have the same last name, Sachin and Binny are not related.
Flipkart started out as an online bookstore after co-founder Binny Bansal got rejected by Google twice. Binny and Sachin pooled their funds – Rs 2,71,000 – and founded Flipkart. What started out as an online bookstore soon become a competitor of Amazon in India.
Flipkart was first launched from a small 2BHK flat in Bengaluru in 2007 by founders Sachin and Binny Bansal. While Sachin served as the CEO of Flipkart, Binny assumed the position of the COO of the fast-growing e-commerce website.
Flipkart soon became India’s 2nd Unicorn company in 2012 after it raised USD 150 million. However, both Binny and Sachin soon exited the company after taking it to a never before seen height after Walmart acquired over 77 percent of the company shares.
Walmart acquired 77 percent shares of Flipkart in a landmark deal of USD 16 billion, making it the biggest deal related to an internet firm. Despite cashing out and leaving the company, Sachin and Binny Bansal still remain billionaires.
Sachin Bansal’s net worth is USD 1.3 billion, which comes out to Rs 10,648 crore, while Binny Bansal’s net worth is Rs 11,467 crore.