Bansal is also considering investing in and running an Artificial Intelligence startup.
The cofounder and former chief executive officer of Flipkart, Sachin Bansal, is set to create a fund of up to $1 billion to invest in startup companies. According to two people familiar with his decision, Bansal will look to contribute upwards of 40% of the total fund. In addition to all this, he aims to invest in and run an unnamed artificial intelligence startup.
While Bansal declined to comment about the new developments in his world, the 37-year-old will likely take a final decision on the next steps for his venture by the end of the year.
In May, Walmart agreed to purchase 77% in Flipkart for $16 billion. The deal also saw Bansal leave the company as its CEO completely. While he did not reveal the exact reason for leaving, people familiar with the situation said he was forced out due to disagreements with the board over his role in the company after Walmart’s investment and acquisition. As of now, both Walmart and Flipkart are still awaiting the go ahead from India’s competition regulator.
Bansal’s next move has been highly anticipated by many since his exit from Flipkart in May. For millions of people in India, he remains the definition of entrepreneurship within the country. His status is especially certain now since it became public he would pull in $1 billion in cash from the sale to Walmart.
In May, Bansal announced his exit with the following statement on Facebook,
“Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart. But I’ll be watching and cheering from the outside—Flipsters, you better continue to do a good job! I’ll be taking some long time off and focus on finishing a few personal projects which I haven’t been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills.”
Bansal is not yet fully set on any single idea for the future. Indeed, for someone who built the largest internet company in India, he could be full of many great ideas. Whatever Bansal decides to do in the future, one thing is certain, that he will continue to be an advocate for entrepreneurship in India and his next venture could be just as big or bigger than Flipkart.