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Binny Bansal, 37, the youngest newcomer to Singapore’s 50 Wealthiest this year (net worth: $1.1 billion), has a tough act to follow– his own. In 2018, Walmart acquired a 77% stake for $16 billion in Flipkart, the Indian business he cofounded, in what was reportedly the largest amount ever paid worldwide to acquire an e-commerce business.
“With Amazon’s aggressive entry into India, we required a strategic partner,” says Bansal of the deal. Though holding a 3% stake and a board seat, he’s no longer involved in running Flipkart, which he started in Bangalore as an online bookseller in 2007 with Sachin Bansal (no relation).
Last year, Binny Bansal transferred to Singapore. In addition to offering a good quality of life for his 4-year-old twin sons, he says it is an ideal place for his second serve as an endeavor capitalist. Up until now, Bansal has bought more than 40 endeavors, such as Indian fintech Acko, U.S.-headquartered AI company GreyOrange and Singapore-based software application attire Mobikon. Bansal says he is industry-agnostic, but searches for innovations that might disrupt large markets, “just like we did at Flipkart.” Bansal says the majority of his portfolio companies have endured– and even flourished– in the pandemic. “The digital world has actually been sped up thanks to the pandemic, offering an increase to endeavors in edtech, digital financing and health care innovation,” he states.
Mentoring business owners is another enthusiasm. With 2 previous Flipkart coworkers, Bansal established Bangalore-based xto10x Technologies, which supplies advisory and seeking advice from services to assist startups scale. “There’s not a lot of aid readily available to new business owners because there aren’t a lot of people who’ve existed, done that,” he states.