Finally, Sachin Bansal back off in the startup Game
By MYBRANDBOOK
Sachin Bansal, the co-founder and CEO of Flipkart for nine years, back off in the startup Game by Bringing up a Non-govt company BAC Acquisitions Pvt. Ltd.,along with one his close batch mate from IIT Delhi, the investment banker Ankit Agarwal by an Authorized Capital of Rs 1 crore and paid up capital of the same amount, as per the RoC filing. However, there is not much information about the nature of its business. Ankit Agarwal is Sachin’s batchmate from IIT Delhi. He has served as the director at Bank of America in the past.
Before this, we are witnessed that Binny and Sachin together gave India the largest online shopping portal. These two took Flipkart from strength to strength in such a way that, now this made in India e-retailer is in a position to give stiff competition to even Jeff Bezos' Amazon in India.
Soon after US retailer Walmart acquired Flipkart for $16 billion, Sachin resigned and sold his stake, about 5.5 per cent worth about $1 billion, in the company.According to Sachin, India’s problems are unique and the country needs to apply AI in the ecosystem to solve Indian problems. He plans to contribute 40 per cent to the fund in his own capacity.
Flipkart co-founder and former executive Chairman Sachin Bansal is back in the startup game. This time he has teamed up with investment banker Ankit Agarwal and registered his new firm, BAC Acquisitions Private Limited.
In September, he had also expressed his keen interest in investing around $100 million in Bhavish Agarwal-led mobility firm Ola. Till Feb this year, Sachin had invested in seven ventures including Unacademy, Inshorts, Ather Energy, SpoonJoy with total funding of $26 million.
Leaving unceremonious exit from the firm he co-founded behind, Sachin has finally moved on.
From the above struggle of Flipkart and its fame of becoming India's largest online shopping portal was surely given to Sachin's hardwork. However, now Flipkart stands without its maker and being led by US-based Walmart.
It would be interestingly to see what is being destined the BAC Acquisitions Pvt. Ltd. by this iconic start up gamer.
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