Early Life and Education
Binny Bansal was born in Chandigarh, India, in 1982 or 1983. His father was a bank manager, and his mother worked in the government sector. He attended St. Anne's Convent School in Chandigarh before pursuing a degree in Computer Science and Engineering at the Indian Institute of Technology (IIT) Delhi.
Rise to Success
Binny Bansal, along with Sachin Bansal, co-founded Flipkart in October 2007, initially as an online bookstore. The company quickly expanded into a full-fledged e-commerce platform, offering a wide array of products from electronics to fashion. Binny served as COO, CEO, and Group CEO, playing a key role in Flipkart's growth, becoming a dominant player in the Indian e-commerce market. In 2018, Walmart acquired a 77% stake in Flipkart for $16 billion.
Key Business Strategies
Flipkart's success was driven by a customer-centric approach, including innovative strategies like Cash on Delivery (COD) and easy returns, strategies that were new to the Indian market at the time. Flipkart also made several strategic acquisitions, including Myntra, which bolstered its position in the fashion segment.
Philanthropy
In 2019, Binny Bansal invested 125 crore in the endowment fund of the Indian Institute of Technology (IIT) Delhi.
