One rational and the other intuitive, is the simplest one word definition for Binny and Sachin Bansal, the co-founders of Flipkart. At the start of their successful venture they had the simplest of philosophies in mind – Books are a man’s best friend. They wanted to start an onlinestore for new books and today Flipkart, has managed to raise $1bn in equity in order to expand their ecommerce dream. The deal has broken all previous records of single fundingin the Indian market. The value of Flipkart as we speak is at a staggering $7bn, and they give employment to over ten thousand people.Let’s read on about some factsrelated to the cofounders Sachin and Binny Bansal –
Sachin and Binny Bansal were born and brought up in Chandigarh. They went to the same school but never good friends while young. They got to know each other better, while studying in IIT Delhi. Duo were residents of Jwalamukhi hostel and passed out in 2004.
Despite what people think, due to their similar surnames, they are not related to each other at all. Except for their common passion to be the most successful ecommerce store in India.
Binny was actually rejected twice by Google, before he joined Amazon. Sachinand Binny had actually crossed each other’s path thrice before they started Flipkart. They first met in school, and then they were good friends at IIT Delhi and finallyrealizedtheir common dream when they both joined Amazon. However, Sachin joinedin 2006 and Binny in 2007.
Binny is the COO of the company and is quiet and reserved when compared to Sachin. Between the two he is the original book buff, with Salman Rushdie his favorite author. But images can be deceptive as we found out that he was the captain of the basketball team in his school and college. He is also a huge fan of Chicago Bulls.
Binny also likes the outdoors and loves to go for white water rafting adventures. He is also an accomplished tech guy, as while working for Sarnoff Corporation he had developed a lane senor device for cars.
He likes to talkstraight and can be candid about it. When askedifhe would liketo become the Amazon of India, he said no he would like to be the Flipkart of India. His intuition and gut along with the numbers of Binny has driven the company to the success that it has achieved in just a few years.
There are business men who make modules and ponder on the risks more than the gains. He is actually quite the opposite. He likes to strike a deal once he sees a good one, without wasting anytime. He is not obsessed with eliminating risks, instead likes to achieve the impossible.
Expanding its wings in Indian e-commerce market, recently Flipkart acquired Myntra for a staggering amount of $300m. Credit should be given to both the co founders for having the guts to acquire a company that was one fourth in size in comparison to them. To enter the fashion industry was one of their boldest moves. It’s a risk that most entrepreneurs will ideally not take. But kudos to the duo who listened to their guts and had full confidence on their dreams.