Meet Binny Bansal, one of the youngest billionaires who is likely to invest around $150 million in PhonePe
Binny Bansal, one of the youngest billionaires in India is an Internet Billionaire who co-founded the e-commerce platform Flipkart and served as the chief operating officer (CPO) until 2016 and was then promoted to chief executive officer (CEO).
According to reports, Binny Bansal is in talks to invest between $100 and $150 million in PhonePe. If completed, the acquisition will rank among the biggest one-off investments made by an emerging company. As per reports, Binny Bansal’s net worth is 140 crores USD.
About Binny Bansal:
Binny Dayal is originally from Chandigarh. He graduated from IIT Delhi in Computer Science and Engineering. He is presently an anchor investor in the venture capital firm 021 Capital, which invests mostly in the internet, agrotech, and biotech sectors.
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Binny Bansal and Sachin Bansal partnered in 2007 and founded Flipkart, though they have the same last name but are not related. They merged their funds, pooled $6,000, and began working out of their apartment. The duo were together in the same college.
Binny was rejected twice by Google before co-founding Flipkart, and he worked for Amazon for nine months before that. When Binny Bansal and his business partner Sachin Bansal first considered launching a comparative search engine, they quickly recognised that there was relatively little market for online shopping in India. As a result, they started an online retailer called Flipkart after quitting Amazon in 2007.
Walmart purchased a 77% share in the Flipkart group in 2018. Binny Bansal retained his position as group CEO and was appointed chairman following the transaction.
