News

After pocketing a billion dollars, Sachin Bansal to take a break

Sangeetha Chengappa Bengaluru | Updated on May 10, 2018 Published on May 10, 2018

Sachin Bansal

Sachin Bansal, former co-Founder and Executive Chairman, Flipkart, has decided to take time off following the deal between Walmart and Flipkart which saw him walk away with $1 billion.

Bansal plans to pursue an Artificial Intelligence-led project, a source told BusinessLine. And given that he is an ‘avid gaming enthusiast,’ as described by his batchmate from IIT-Delhi, Bansal might work on a gaming venture, said the same batchmate.

In video games, artificial intelligence (AI) is used to generate responsive, adaptive or intelligent behaviours primarily in non-player characters (NPCs) similar to human-like intelligence. The techniques used typically draw upon existing methods from the field of AI.

In a post on Facebook on Wednesday, soon after the deal was announced, the 36-year-old said: “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. I will catch up on gaming and see what kids are playing these days, and brush up on my coding skills.”

Leaving a company he co-founded over 10 years ago, could not be easy, a sentiment he expressed in the Facebook post. “Sadly my work here is done and after 10 years, its 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!,” he said.

Sabin Advisors

BusinessLine had reported on January 2, that Sachin Bansal and co-founder and Group CEO of Flipkart Binny Bansal had incorporated a new company called Sabin Advisors on December 7, 2017 for new businesses, which could include venture capital funding and insurance.

“With a big haul of $1 billion, Sachin will most likely invest in promising start-ups and boost his existing investment portfolio through Sabin Advisors,” said an analyst. Sachin has invested approximately $26 million already in seven ventures, while Binny has invested in 17 ventures with an investment of approximately $32 million.

Billion, the Made in India, for India brand that Flipkart launched under Sachin’s stewardship last July will now be led by Binny Bansal. His Facebook post says, “We took on some of the biggest challenges and solved many complex problems for India. Flipkart truly upheld audacity and customer centricity and I got to work with the best people.” On a more emotional note, he said, “I will always cherish the relationships I’ve build and amazing experiences I’ve had. Wishing all the best to the whole team.”

A few hours after the Walmart-Flipkart deal was announced, Punit Soni, one of Flipkart’s most high profile hires from Silicon Valley who was taken in as Chief Product Officer and quit in just over a year, tweeted that he is, “Happy about Flipkart. But China has Alibaba, Tencent, Xiaomi etc. The US has too many to name. Hope one day, India also has a home-grown global internet giant of its own.” A sentiment echoed by many in the e-commerce industry.

Published on May 10, 2018
This article is closed for comments.
Please Email the Editor