Bansal could contribute around 40 percent of the fund and could finalise the venture by the end of the year.
Flipkart’s Co-Founder and former Chief Executive Officer (CEO) Sachin Bansal is planning a venture capital (VC) firm, according to a report by Mint. Bansal is considering raising a fund of $700 million to $1 billion for investing in startups.
Bansal could contribute up to 40 percent of the fund and is likely to take a final decision about the venture before the end of the year, the report suggests.
In May, global retail giant Walmart announced it would buy 77 percent of Flipkart for $16 billion as it tries to make an entry into India’s growing e-commerce market. Bansal announced his resignation following this deal.
Flipkart’s co-founder Binny Bansal said Sachin left because he wanted to do “different things”, and as a big investor like Walmart had acquired the firm, the time was right for him to exit.
However, there was not mentioned as to what “different things” led to the Sachin Bansal’s resignation.
The report suggests Sachin was forced out after differences with the company’s then board members over his role after the Walmart acquisition.
While announcing his exit from Flipkart, Sachin wrote on Facebook, “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart.”
Bansal is also considering investing in and running, an artificial intelligence (AI) startup, the report adds.
Sachin Bansal and Binny Bansal had started Flipkart in 2007 in Bengaluru, India. After the announcement of the deal in May 2018, Sachin is approximated to take $1 billion from the sale of his 5.5 percent stake.
