Flipkart co-founder Sachin Bansal faces dowry harassment charges: Report

In the complaint, she adds that Sachin Bansal physically assaulted her and demanded money

A dowry harassment complaint has been filed against Flipkart co-founder Sachin Bansal by his wife Priya Bansal in Bengaluru, according to LiveMint. Four persons have been named in the FIR — Sachin Bansal, his father Satprakash Aggarwal, mother Kiran Bansal and brother Nitin Bansal. The FIR was filed at Koramangala police station under two sections of the Indian Penal Code- 498A (dowry harassment), 34 (criminal intent) and under section 3 and 4 of the Dowry Prohibition Act.

Priya Bansal has alleged that the harassment began prior to their wedding. In the complaint, she said, her father had spent Rs 50 lakh on the wedding and had given Sachin Rs 11 lakh in cash. She also alleged that her husband was pressuring her to transfer properties in her name to him, and after she refused to do so, she was harassed by her in-laws.

In the complaint, she adds that Sachin Bansal physically assaulted her and demanded money. According to the complaint, he allegedly physically assaulted her after demanding that the properties they owned jointly be signed over to him. Sachin Bansal exited Flipkart after its acquisition in 2018 by Walmart. After his exit from Flipkart, Bansal is betting big on the financial services space. He has also made several investments in startups, including $100 million in Ola…

Sachin Bansal puts Rs 888 cr in investment vehicle, renames it Navi Tech

Since exiting Flipkart last year, he has invested in start-ups, including Ola, Ather, Vogo, privately and through his investment vehicle BAC Acquisitions

Billionaire entrepreneur Sachin Bansal has infused more money into his investment vehicle BAC Acquisitions and renamed it Navi Technologies, company filings reveal.

The Flipkart co-founder has invested Rs 888.50 crore, approximately $123 million, in Navi Technologies, which was set up as BAC Acquisitions in December 2018. Documents from the Registrar of Companies sourced through Tofler show Sachin Bansal bought 68.3 million shares at Rs 130 apiece over two tranches in October. Of these, 11.5 million shares were bought with cash (approximately Rs 150 crore), which comes as fresh infusion in the company. The rest were issued against financial securities, according to the documents.

“The funds have been infused in Navi Technologies to enable the company to scout for growth opportunities, organic and inorganic, in the broad financial sector space. With funds in the balance sheet, Navi Technologies will be able to move quickly to capture opportunities as they arise,” said a spokesperson of Sachin Bansal, in an emailed response.

The development comes close on the heels of Bansal buying a microfinance, which he now leads. In September, he announced his second innings as an entrepreneur by buying majority shares in Chaitanya Rural Intermediation Development Services, which runs the microfinance institution, Chaitanya India Fin Credit. The company is 10 years old and headquartered in Bengaluru.

Flipkart billionaire Binny Bansal breaks his silence after Walmart ouster

He’s moving on from an episode that roiled India’s tech arena

Companies News: It’s been less than three months since Binny Bansal’s shock ouster from Flipkart, the e-commerce giant he founded over a decade ago. The entrepreneur once celebrated for jumpstarting India’s internet retail industry is now dedicating himself to helping other founders get their startups off the ground.

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. It’s aimed at helping entrepreneurs navigate the often-tricky Indian startup scene. Binny Bansal’s already put together an early team, set up an office at a co-working space and even snagged several “leading” startup customers.

“I’m looking forward to the next chapter of my life,” the 37-year-old said in his first interview since the episode. “Person to person, I can help 10 startups but the ambition is to help 10,000 early and mid-stage entrepreneurs, not 10,” he said, seated across a table at a restaurant in a Bangalore neighborhood, not far from where he and Sachin Bansal (no relation) set up Flipkart in a two-room apartment to sell books. While Binny Bansal was his usual loquacious self, he mostly clammed up when the topic of his 2018 departure came up. That followed Walmart’s $16 billion acquisition of the company, a deal that stunned the domestic tech industry and made him and Sachin billionaires…

Flipkart's Bansals are officially out of the billionaire club

Net worth may have dropped to $870 mn after Flipkart's latest funding

 

Flipkart co-founders Sachin Bansal and Binny Bansal are no longer a part of the billionaire club after the company closed a $1.4-billion funding round.

The two men, in their mid-thirties, became India’s first start-up billionaires after Flipkart closed a $700-million round, at a valuation of $15.2 billion, in July 2015. Forbes had then reported they owned 7.5 per cent each in the company, making each of them worth $1.15 billion.

However, with Flipkart’s latest funding round seeing its valuation drop by a little over 23 per cent to $11.6 billion, and if the shareholding of each founder hasn’t changed, their net worth will drop to around $870 million. 

Considering that the company was forced to go in for a fresh funding round, the founders’ shareholding is likely to have been diluted further. Hence, it’s clear they are out of the billionaire club.| read more...

Tata will be back with startups this month, advocates open market in India

BREAKING NEWS| Ratan Tata, who will resume working with startups from February 23 after handing over the reins of Tata Sons to N Chandrasekaran, has called for India to remain an open market but with more with regulatory intervention to curb unfair competition.

"The regulators need to focus on areas where there is unfair competition, which is done to kill the newer startups but ensure that there is enough latitude and enough of a playing field that everyone has a chance," said Tata responding to a query on protectionism and capital dumping at a startup event organised by Kalaari Capital.

Tata, who is an advisor to Kalaari, has invested in over 20 startups including firms such as Urban Ladder, Ola, Madrat Games, Nestaway and Snapdeal. Since October, when the Tata Sons board sacked Cyrus Mistry as chairman, Tata had temporarily his involvement with startups and instead focused on finding a new head of the software to salt conglomerate.

Chandrasekaran, CEO of TCS will take over as the Tata Sons chairman on February 21.

Kalaari's founder Vani Kola, who was interviewing Tata on Tuesday, along with the founders of India's two most successful startups Flipkart and Ola have called for protection against so-called "capital dumping" by global rivals such as Amazon and Uber, who have committed to invest billions of dollars in India.

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