Binny Bansal was born in Chandigarh. He did his graduation in computer science engineering from IIT Delhi. Binny started his professional life by working at Sarnoff India for a duration of one and a half years. He was rejected twice by Google after which he joined Amazon and worked there for a period of 8 months. Keep reading to know Binny Bansal Net Worth and his journey as a co-founder of Flipkart.
Binny Bansal Net Worth
Binny Bansal and his partner Sachin Bansal, were named as the 86th richest person in India by Forbes India Rich List. At that time, Binny Bansal’s net worth was more than $1.3 billion. He was ranked at the 26th position in India’s most powerful people of 2017 list by the India Today Magazine. He recently purchased a house worth $5 million in Bengaluru. Flipkart’s valuation fell from $15 billion to $10 billion because of some investors. Both, Binny and Sachin have a hold of around 7% stake in the company. Currently, Binny Bansal Net Worth is at $700 million.
How it started?
Finally, he and Sachin Bansal (school friend), both of them decided to leave Amazon and start something of their own. The need for an online book store in India was the major reason behind the establishment of Flipkart. Binny’s main focus was to introduce a systematic and comprehensive e-commerce system in India which gave customer’s what they exactly wanted. Binny joined Flipkart as the Chief Operating Officer and later he was appointed as the Chief Executive Officer of Flipkart because of his remarkable performance and hard-work.
Flipkart, today, has a great reputation in the market. Not only does the company sells books, but many other lifestyle products are also available. The journey of making Flipkart a huge success was not at all easy. Binny Bansal along with his entire team worked hard day and night to overcome various obstacles that they faced. Getting the approval of the credit card payment gateway was a major challenge which the entire team faced. Establishing tie-ups with different book vendors was also a difficult task for the founders of Flipkart.
Reaching out to a large number of people with minimum budget was exactly what Binny wanted to achieve from the beginning and fortunately, which he had achieved in a perfect manner. Today, there is hardly any person in India who is not aware about the brand.
Binny Bansal strongly believes that to be a successful business man one has to win the trust of the customers. Thus, he made sure that his website contains all the information that a customer should know related to the product. For example, the return-refund policies, shipping details, secure online payments etc. were all clearly stated.
Binny Bansal’s journey has been full of ups and downs. His only advice to the young entrepreneurs is that, though capital investment really matters for the business, but what is more important is an individual’s vision. According to him, it is very important to have a positive approach for starting anything new. Considering failures as a part of the journey will really help to overcome the hurdles in a more easy and simplified manner. In this video he talks about his journey as a co-founder of Flipkart.
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