Sachin Bansal was born on August 5, 1981 in Chandigarh. He was a student of computer science engineering at IIT Delhi. He wanted to become a professional gamer after his graduation, although nothing of this sort really happened in his life. Sachin joined Techspan Company and worked there for a couple of months. He belongs to a small family. His father runs a business and his mother is a housewife. He is married to a dentist, named Priya and has a child too. Keep reading to check out Sachin Bansal net worth and journey as a CEO of Flipkart.
He and Binny, together pooled $6000 and started operating out of their apartment. Now, Flipkart attracts $1.9 billion from the investors worldwide. Flipkart approximately claims 30 million products, 46 million registered users and 8 million shipments per month.
Sachin Bansal Net Worth
In the year 2015, Sachin Bansal and Binny Bansal, entered Forbes India Rich List with a net worth of $1.3 billion each.
Although, after the acquisition of e-bay India at $11.6 billion, Sachin Bansal net worth fell to $650-$750 million in 2017.
Sachin joined Amazon in the year 2006, where he met Binny Bansal, his current partner in Flipkart. After working there for a small period of time, they decided to leave Amazon and thus, launched Flipkart in the year 2007.
How it started?
The basic idea behind the same was the need of a proper e-commerce system in India. There was a huge scarcity of companies that provided the customers’ adequate services as well as ample satisfaction. Thus, realizing the urge and also with the view of grabbing the opportunity, an e-commerce company was started that gave the customers’ the best shopping experience that they could ever have.
In the early days, Sachin along with his friend Binny used to deliver books to the customers themselves via a scooter. Most important, their main focus was to provide the best customer services.
The success story of Sachin Bansal was quite challenging. He faced many difficulties. Finding a secure online payment gateway was a major obstacle for Sachin Bansal and Binny Bansal. Secondly, a customer-supplier confidence was yet another issue which needed attention.
In the year 2008, the portal went online and started selling books. Flipkart started to gain recognition since then. They sold around 5 lakh books; a book a minute to be more precise. Flipkart raised its funds through venture capital funding at the early stages. Eventually, as the company progressed more, more funding arrived.
Check out Sachin Bansal speaking about Flipkart when it was a startup.
By providing many lucrative deals and offering discounts, Flipkart increased its sales.
As per Sachin, the name ‘Flipkart’, meaning flipping things into your cart, was decided deliberately so that more products could be added in the future, which is what exactly happened. After a period of time, Flipkart not just only sold books online, but various other products were included in its domain such as mobiles, movies, cameras, computers and games.
Another interesting feature, known as the pre-paid wallet was introduced in the year 2011. This was the result of the creative skills of Sachin Bansal and his entire team. Furthermore, it allowed the buyers to shop online and store the money for future use. Thus, any item could be purchased at any point of time without using the debit/credit cards.
Sachin won the ‘Entrepreneur of the Year’ award in the year 2012-2013, for the wonderful work that he did for the company. The biggest quality that he possesses is that of taking things in a positive manner. His advice to all his colleagues and the youth is to take every challenge as an opportunity.
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