Binny Bansal, co-founder of Flipkart, has now become an active investor in the Indian startup ecosystem. The entrepreneur-turned-investor Bansal, is reportedly, planning to start a new venture fund to target a mass of $300- 400 million, reported Inc42.
According to sources, the fund’s primary focus will be on Indian startups and Bansal will be starting off as a general partner (GP) and anchor investor. With time and more deals, the company will be willing to take more investors on board, added sources.
The sources also revealed that Bansal has already started pulling up a team together, which also includes Flipkart’s former executive Rajneesh Baweja.
The remaining $14 million was sold to Tiger Global, reducing Bansal’s stake in Flipkart from 3.85 to somewhere closer to 3 per cent.
After co-founding India’s biggest e-commerce platform Flipkart, Binny Bansal left his role as the CEO of Flipkart in 2018, following an internal prove conducted to investigate an allegation of personal misconduct against him.
Later, he founded xto10x Technologies, a software and consulting venture, to help entrepreneurs. The platform offers tools, learning and counselling services to growth-stage startups.
Presently, he has turned himself as an all-time investor, and has infused capital in number of startups, including healthtech startup SigTuple, supply chain startup Increff, legaltech startup Spotdraft, and many more.