Flipkart’s co-founder, Binny Bansal, is gearing up to launch an AI-as-a-service startup aiming to compete with renowned firms like TCS and Infosys. Following his successful journey in India’s e-commerce landscape, Bansal, the billionaire entrepreneur, is reportedly embarking on a new venture in the thriving AI domain, as reported by Bloomberg.
After co-founding and selling the online retail giant Flipkart to Walmart, Bansal has already formed a team of 15 experts for his new initiative, predominantly comprising AI scientists. His objective is to swiftly scale up this team and offer AI expertise, products, and services to corporate clients, following the business model of established outsourcing providers like Tata Consultancy Services and Infosys.
The startup’s primary base of operations will be in Bengaluru, while its headquarters is planned for Singapore, with intentions to further expand into the United States.
Bansal, an alumnus of the Indian Institute of Technology (IIT) Delhi, entered the e-commerce space in 2007 by teaming up with his childhood friend, Sachin Bansal. Flipkart’s origins date back to a small two-bedroom apartment in Bangalore, where the duo began by selling books online. As Flipkart grew, Bansal assumed the role of CEO in 2016, while Sachin remained involved as the Executive Chairman. Under Binny’s leadership, the company diversified its product range, venturing into electronics, fashion, and mobiles.
An important milestone for Flipkart was its acquisition of Myntra in 2014, which fortified its standing in the fashion e-commerce domain. Despite its accomplishments, Flipkart faced challenges from global e-commerce giants and regulatory obstacles in India. In 2018, Walmart acquired a majority stake in Flipkart, marking a significant turn in its journey. While Bansal remained connected with the company, he eventually stepped down in 2018.
Post his departure from Flipkart, Bansal has been actively investing, with considerable contributions to startups like PhonePe and Curefoods. Recent reports suggest his substantial investment of $25-30 million into Curefoods, a venture led by his former associate Ankit Nagori, specializing in cloud kitchens and dining establishments.
