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Sachin Bansal resigns as Navi CEO, to continue as executive chairman

Navi announced Rajiv Naresh and Abhishek Dwivedi as the CEOs of Navi Technologies and Navi Finserv, respectively.

business

Published on Feb 14, 2025 08:15 PM IST

ByHT News Desk, New Delhi

Flipkart co-founder’s fintech startup cheated out of ₹14 crore by scammers

Flipkart co-founder Sachin Bansal’s new fintech startup, Navi Technologies, was cheated out of ₹14.26 crore last month.

Flipkart co-founder Sachin Bansal's new startup cheated out of <span class='webrupee'>₹</span>14.26 crore.

trending

Published on Jan 21, 2025 01:45 PM IST

BySanya Jain

Kamath brothers, Bansals India's youngest billionaires, according to Forbes

Zerodha founders Nithin and Nikhil Kamath, and Flipkart founders Sachin and Binny Bansal are on the Forbes Billionaires List 2024.

Nithin Kamath, Nikhil Kamath, Sachin Bansal and Binny Bansal are all in their 40s.

trending

Updated on Apr 03, 2024 01:51 PM IST

ByHT Trending Desk

Sachin Bansal on fintech startup Navi after Flipkart: ‘Working 80-100 hours…'

Sachin Bansal founded Navi in 2018, just months after quitting Flipkart. Here's what he said on his startup and working from home.

Flipkart co-founder Sachin Bansal talked about his fintech startup Navi.

business

Updated on Apr 03, 2024 12:06 AM IST

ByHT News Desk

Sachin Bansal's Navi Technologies lays off 20% employees: Reports

The number of those impacted is estimated to be around 200, with one publication putting the figure at ‘more than 250.’

Navi Technologies co-founder Sachin Bansal (File Photo/Mint)(Mint)

business

Published on Jul 13, 2023 06:15 PM IST

ByHT News Desk, New Delhi

Flipkart co-founder Sachin Bansal challenges ED probe in violation case

Court records and media reports on Saturday showed Sachin Bansal has urged a state court in the southern state of Tamil Nadu to quash the agency's notice on violation of foreign investment laws, arguing that it was issued after an inordinate delay.

business

Updated on Sep 04, 2021 04:20 PM IST

Reuters | | Posted by Sharangee Dutta, Hindustan Times, New Delhi

Navi MF set to bring Vanguard Funds to India

The proposed scheme will feed into Vanguard Total Stock Market Index Fund ETF.

Sachin Bansal’s Navi Mutual Fund also focuses on passive investing.(Mint)

business

Published on Sep 01, 2021 07:19 AM IST

ByNeil Borate, Mumbai

Bharat Mukti Morcha’s nationwide march begins today

The organisation members made the announced at a press conference at Patrakar Bhavan, Navi peth on Tuesday

Police personnel at Koregaon Bhima Vijay Stambh. Workers of Bharat Mukti Morcha have organised a nationwide march that will begin on January 1 from Bhima Koregaon Vijay Stambh(Pratham Gokhale/HT Photo)

cities

Updated on Jan 01, 2020 05:23 PM IST

Hindustan Times, Pune | ByHT Correspondent

Walmart got a $10 billion surprise after buying Flipkart

Flipkart’s board recently authorized the PhonePe Pvt Ltd. unit to become a new entity and explore raising $1 billion from outside investors at a valuation of as much as $10 billion, according to people familiar with the matter.

PhonePe has grown into one of India’s leading digital payments companies(Getty Images)

business

Updated on Jul 10, 2019 12:47 PM IST

Bloomberg | BySaritha Rai

Flipkart billionaire Binny Bansal breaks his silence after Walmart ouster

Binny Bansal, who departed after Flipkart’s new owner Walmart Inc. investigated alleged personal misconduct, is now focused on xto10x Technologies, a startup he co-founded with former colleague Saikiran Krishnamurthy.

business

Updated on Feb 05, 2019 05:11 PM IST

Bloomberg | BySaritha Rai

Flipkart seeks to soothe employee nerves after Binny Bansal’s exit

According to sources, various heads at the e-commerce giant have been engaging with their teams to answer any queries and address concerns related to business and operations after Bansal’s exit.

Binny Bansal, Group Chief Executive Officer of India's largest e-commerce firm Flipkart, poses at the company's headquarters in Bengaluru, India July 7, 2017.(REUTERS)

india news

Updated on Nov 14, 2018 08:55 PM IST

Press Trust of India | ByPress Trust of India

Why India’s investors need to get over their inferiority complex

Flipkart tried hard to raise money locally but was ridiculed and turned away, leaving only the foreign giants to rescue it. This pattern will repeat itself until India’s investors realise that the best opportunities are not in Silicon Valley but at home.

Walmart’s acquisition of Flipkart has created shockwaves in India, with the realisation that the vast majority of its $16 billion price will go to foreign investors, namely Tiger Global, SoftBank, Naspers, and Accel Partner(Reuter File Photo)

analysis

Updated on May 24, 2018 07:46 AM IST

ByVivek Wadhwa

Tax dept to seek share purchase pact from Flipkart to ascertain tax liability

To ascertain the exact tax liability, the revenue department will write to Flipkart seeking the share purchase agreement that the company had entered into with Walmart.

Singapore-registered Flipkart Pvt Ltd holds majority stake in Flipkart India. As per the definitive agreement between the companies last week, Walmart will acquire about 77 per cent stake in the Singapore entity for $16 billion.(Reuters File Photo)

business

Updated on May 13, 2018 01:12 PM IST

Press Trust of India, New Delhi | ByPress Trust of India

Walmart says Flipkart could go public in as early as 4 years

Walmart announced earlier this week that it will pay $16 billion for a roughly 77 percent stake in Flipkart in what is the US retail giant’s largest-ever deal .

Minority shareholders after the deal include co-founder Binny Bansal, China’s Tencent Holdings, US hedge fund Tiger Global Management and Microsoft Corp.(AP)

business

Updated on May 12, 2018 11:21 AM IST

Reuters, Mumbai | ByReuters

Many newly minted millionaires: Who gets what in the $16 billion Flipkart-Walmart deal

A round-up on how employees, founders, and investors in Flipkart will be impacted by its deal with Walmart

business

Updated on May 11, 2018 06:17 PM IST

Hindustan Times | ByAlisha Sachdev

Sad to see Sachin leave, says co-founder Binny Bansal as he looks back at Flipkart’s journey

A lot of Flipkart’s values, Binny Bansal said, come from the strong belief in the company that Sachin brought and helped build a strong foundation.

The two Bansals are not related but came to know each other as they were passing out of Indian Institute of Technology, Delhi in 2005 and decided to move to Bangalore, now known as Bengaluru.(Hemant Mishra/Mint)

business

Updated on May 10, 2018 04:25 PM IST

Press Trust of India | ByPress Trust of India

Flipkart share buyback to turn hundreds of employees into crorepatis

The ESOP (employee stock options) buyback from Walmart will be the biggest ever in the Indian start-up ecosystem and is expected to turn a few hundred Flipkart employees into crorepatis.

People walk past a signage at the Flipkart headquarters in Bangalore, India.(AP Photo)

business

Updated on May 10, 2018 03:57 PM IST

Livemint, Bengaluru | ByAnirban Sen, Madhurima Nandy and Mihir Dalal

Will catch up on gaming, brush up my coding skills, says Sachin Bansal as he exits Flipkart

Sachin Bansal said he will be “cheering from the outside” and urged Flipkart team to continue with their momentum.

Sachin Bansal, Flipkart.com will exit the company post the Walmart deal. He has sold his entire stake in the company.(Hemant Mishra/Mint)

business

Updated on May 10, 2018 02:48 PM IST

Press Trust of India | ByPress Trust of India

Walmart’s $16 billion deal makes Flipkart’s Bansals billionaires again

Flipkart’s founders have been billionaires before, but they lost that status as the firm’s valuation dipped. It was valued at about $12 billion last year, according to researcher CB Insights.

Flipkart co-founders Binny and Sachin Bansal (who aren’t related) were both Amazon.com Inc. employees who quit to start their own e-commerce firm.(Hemant Mishra/Mint)

business

Updated on May 09, 2018 11:45 PM IST

Bloomberg | ByTom Metcalf and Saritha Rai

Flipkart sale to Walmart confirmed as SoftBank strikes deal to sell stake for $4 billion

Walmart will invest $2 billion in fresh capital into Flipkart, and buy the remaining stake from the company’s existing investors, thus valuing it around $18-$20 billion

business

Updated on May 09, 2018 03:18 PM IST

Hindustan Times | ByHT Correspondent

Flipkart, Walmart set to announce world’s biggest e-commerce deal today

Walmart will buy roughly 70% of Flipkart; it will invest $2 billion in fresh capital and buy the rest from existing Flipkart investors

Flipkart’s group CEO Binny Bansal, who will also take on the role of chairman after Sachin Bansal’s exit, and CEO Kalyan Krishnamurthy (pictured here) are expected to remain at Flipkart after the deal goes through.(REUTERS File Photo)

business

Updated on May 09, 2018 10:52 AM IST

Livemint, Bengaluru/New Delhi | ByAnirban Sen, Shrutika Verma and Mihir Dalal

Walmart likely to announce Flipkart deal before end of week: Report

Flipkart will hold a townhall for employees on Friday, with Walmart CEO Doug McMillon likely to attend, one of the person familiar of the matter said. Other top Walmart executives will also be in India for the announcement, the other person added.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.(Reuters File Photo)

business

Updated on May 08, 2018 03:28 PM IST

Reuters, Mumbai/Bengaluru | ByHT Correspondent

Amazon offers to buy 60% stake in Flipkart, says report

Amazon also offered Flipkart a breakup fee of $2 billion, according to CNBC-TV18. Amazon’s bid is likely to be on par with Walmart Inc’s bid for the Indian e-commerce company, the report added.

Amazon.com Inc has made a formal offer to buy a 60% stake in online retailer Flipkart, CNBC-TV18 said.(Reuters File Photo)

business

Updated on May 02, 2018 06:27 PM IST

Reuters | ByReuters

Katraj-Kondwa road tenders fail state probe

The office of the principal accounts general sent two assistant audit officers to the PMC on March 14 for verification. The officers raised various errors in the letter written to the PMC.

The officers raised various errors in the letter written to the PMC.(Getty Images/iStockphoto)

cities

Updated on Mar 29, 2018 03:29 PM IST

Hindustan Times, Pune | ByHT Correspondent

Flipkart looks to sell movie tickets, expand online groceries business

Flipkart will also launch consumables and FMCG (fast moving consumer goods) products under its Billion private label, which is the brainchild of founder and executive chairman Sachin Bansal.

Flipkart, which is in talks with Walmart to sell a majority stake to the American retailer, is expected to leverage Walmart’s capabilities in the grocery business after the deal is completed.(REUTERS File Photo)

business

Updated on Mar 29, 2018 01:12 PM IST

Livemint, Bengaluru | ByAnirban Sen and Mihir Dalal

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sachin bansal news

Latest from sachin bansal

Navi announced Rajiv Naresh and Abhishek Dwivedi as the CEOs of Navi Technologies and Navi Finserv, respectively.

Flipkart co-founder Sachin Bansal’s new fintech startup, Navi Technologies, was cheated out of ₹14.26 crore last month.

Zerodha founders Nithin and Nikhil Kamath, and Flipkart founders Sachin and Binny Bansal are on the Forbes Billionaires List 2024.

Sachin Bansal founded Navi in 2018, just months after quitting Flipkart. Here's what he said on his startup and working from home.

The number of those impacted is estimated to be around 200, with one publication putting the figure at ‘more than 250.’

Court records and media reports on Saturday showed Sachin Bansal has urged a state court in the southern state of Tamil Nadu to quash the agency's notice on violation of foreign investment laws, arguing that it was issued after an inordinate delay.

The proposed scheme will feed into Vanguard Total Stock Market Index Fund ETF.

The organisation members made the announced at a press conference at Patrakar Bhavan, Navi peth on Tuesday

Flipkart’s board recently authorized the PhonePe Pvt Ltd. unit to become a new entity and explore raising $1 billion from outside investors at a valuation of as much as $10 billion, according to people familiar with the matter.

Binny Bansal, who departed after Flipkart’s new owner Walmart Inc. investigated alleged personal misconduct, is now focused on xto10x Technologies, a startup he co-founded with former colleague Saikiran Krishnamurthy.

According to sources, various heads at the e-commerce giant have been engaging with their teams to answer any queries and address concerns related to business and operations after Bansal’s exit.

Flipkart tried hard to raise money locally but was ridiculed and turned away, leaving only the foreign giants to rescue it. This pattern will repeat itself until India’s investors realise that the best opportunities are not in Silicon Valley but at home.

To ascertain the exact tax liability, the revenue department will write to Flipkart seeking the share purchase agreement that the company had entered into with Walmart.

Walmart announced earlier this week that it will pay $16 billion for a roughly 77 percent stake in Flipkart in what is the US retail giant’s largest-ever deal .

A round-up on how employees, founders, and investors in Flipkart will be impacted by its deal with Walmart

A lot of Flipkart’s values, Binny Bansal said, come from the strong belief in the company that Sachin brought and helped build a strong foundation.

The ESOP (employee stock options) buyback from Walmart will be the biggest ever in the Indian start-up ecosystem and is expected to turn a few hundred Flipkart employees into crorepatis.

Sachin Bansal said he will be “cheering from the outside” and urged Flipkart team to continue with their momentum.

Flipkart’s founders have been billionaires before, but they lost that status as the firm’s valuation dipped. It was valued at about $12 billion last year, according to researcher CB Insights.

Walmart will invest $2 billion in fresh capital into Flipkart, and buy the remaining stake from the company’s existing investors, thus valuing it around $18-$20 billion

Walmart will buy roughly 70% of Flipkart; it will invest $2 billion in fresh capital and buy the rest from existing Flipkart investors

Flipkart will hold a townhall for employees on Friday, with Walmart CEO Doug McMillon likely to attend, one of the person familiar of the matter said. Other top Walmart executives will also be in India for the announcement, the other person added.

Amazon also offered Flipkart a breakup fee of $2 billion, according to CNBC-TV18. Amazon’s bid is likely to be on par with Walmart Inc’s bid for the Indian e-commerce company, the report added.

The office of the principal accounts general sent two assistant audit officers to the PMC on March 14 for verification. The officers raised various errors in the letter written to the PMC.

Flipkart will also launch consumables and FMCG (fast moving consumer goods) products under its Billion private label, which is the brainchild of founder and executive chairman Sachin Bansal.

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