Flipkart co-founder Binny Bansal working to launch AI start-up; to rival TCS, Infosys: Report

Billionaire Binny Bansal is set to launch an AI-as-a-service startup targeting a global clientele, marking his foray into this burgeoning sector following his success in the Indian e-commerce scene, as reported by Bloomberg.

Having co-founded the online retail giant Flipkart and subsequently selling it to Walmart, Bansal has reportedly assembled a team of 15 experts for his new venture, primarily consisting of artificial intelligence scientists. According to Bloomberg’s undisclosed sources, he intends to rapidly expand this team. His vision is to provide AI expertise, products, and services to corporate clients, emulating the business model of established outsourcing providers like Tata Consultancy Services and Infosys.

The startup's primary operational hub will be located in Bengaluru, with its headquarters in Singapore. As per the report, there are intentions to expand its reach to the United States.

Bansal, an alumnus of the Indian Institute of Technology (IIT) Delhi, entered the e-commerce arena in 2007 when he joined forces with his childhood friend, Sachin Bansal. Flipkart's humble beginnings can be traced back to a two-bedroom apartment in Bangalore, where the duo started selling books online.

As Flipkart continued to expand, Bansal took on the role of CEO in 2016, while Sachin Bansal remained involved in the company as Executive Chairman. Under Binny's leadership, the company diversified its product offerings, entering categories like electronics, fashion, and mobiles.

One of the defining moments in Flipkart's history was the acquisition of Myntra in 2014, a move that further strengthened its position in the fashion e-commerce sector. Flipkart's journey, however, hasn't been without its share of challenges. The company faced tough competition from international e-commerce giants and regulatory hurdles in India. In 2018, Walmart acquired a majority stake in Flipkart, marking a significant milestone in the company's history. Binny Bansal continued to be involved with the company but eventually resigned in 2018.

Since he departed from Flipkart, Bansal has been increasing his investments, with significant contributions to startups such as PhonePe and Curefoods. Earlier this month, he was reported to have invested $25-30 million into Curefoods, a venture spearheaded by his former associate Ankit Nagori. Curefoods specialises in cloud kitchens and dining establishments.