ITV

Tag: Binny Bansal

  • Rashmi Bansal pens India’s givers’ guide

    Rashmi Bansal pens India’s givers’ guide

    MUMBAI: Give and let live. That’s the mantra driving Live to Give, author and entrepreneur Rashmi Bansal’s latest book that celebrates India’s new-age philanthropists turning prosperity into purpose.

    Launched in Delhi in partnership with Accelerate Indian Philanthropy (AIP), the book captures the journeys of 16 visionaries who are redefining giving, from business magnates to healthcare pioneers and family foundations. Among those featured are Ajit Issac, Binny Bansal, Harsh Mariwala, Dr Sunita Maheshwari, Kumari and SD Shibulal, and Rekha Jhunjhunwala, each embodying a unique philosophy of generosity.

    Divided into three thoughtful sections: Prana (heart-led giving), Gyaan (strategic philanthropy), and Daan (trust-based giving), the book reveals not just how these leaders give, but why they do. Together, their stories form a powerful narrative of how India’s wealth creators are moving from success to significance.

    “Live to Give is not about wealth itself, but what wealth can achieve when guided by purpose,” said Rashmi Bansal at the launch. “True legacy begins when success is shared.”

    The book arrives at a time when India’s giving culture is evolving rapidly. With over 350 billionaires and a fast-growing pool of ultra-wealthy individuals, philanthropy is stepping out of the shadows of charity to become a catalyst for change.

    The Convergence Foundation founder-CEO and AIP core founder Ashish Dhawan said, “Giving has always been part of India’s DNA. What’s new is the opportunity to make it transformative.”

    Backed by Bushfair Publications, Live to Give will see follow-up launches in Mumbai and Bangalore this month, inviting readers to see wealth not as an end, but as a beginning.

     

  • Snitch partners with EcoReturns to reduce its returns using Gen AI

    Snitch partners with EcoReturns to reduce its returns using Gen AI

    Mumbai: In a strategic move, Snitch, the Shark Tank-featured fashion brand, has teamed up with EcoReturns to revolutionise its return processes. Led by Siddharth Dungarwal, the founder of Snitch, this partnership is a big step forward in making the fashion industry more efficient, sustainable, and satisfying for customers.

    Currently managing a 50,000 sq ft in-house warehouse and an extra 50,000 sq ft warehouse via a 3PL, the brand, according to information from ETRetail, is making a significant investment of Rs 5 crores to expand its warehousing capacity by an additional one lakh sq ft.

    In their growth plan, Snitch isn’t just adding more space; they’re using technology to boost efficiency. The goal is to handle a whopping 20,000 shipments daily during one work shift, and they plan to achieve this by adopting the latest technologies. One of the major technological enhancements Snitch is embracing is the integration of EcoReturns, an AI-powered returns management solution.

    EcoReturns utilises the advanced capabilities of Gen AI, ensuring a smooth and user-friendly process for customers initiating return and exchange requests. The innovative solution automates the returns and exchange process and marks a significant step towards reducing return rates.

    Snitch founder Siddharth Dungarwal emphasises the importance of technology in this strategic move. He states, “We are bringing in a lot of technology, including AI, to improve and make the processes efficient. EcoReturns has been instrumental in our journey to elevate customer satisfaction while optimising our operations.”

    “Our fundamental goal has always been to deliver outstanding experience to our customers. Leveraging EcoReturns’ AI capabilities, we’ve significantly improved the customer experience, particularly in terms of returns and exchanges”, Snitch CMO Chetan Siyal added.

    The collaboration between Snitch and EcoReturns is set to create new standards in the retail world, showing great possibilities when brilliant strategies are combined with smart AI solutions. As the fashion brand gears up for an exciting phase of growth, this partnership demonstrates how innovation and customer-centric approaches can redefine industry standards. EcoReturns developed by Saara, is supported by prominent VC firms such as Binny Bansal-backed 021 Capital and 9Unicorns.

  • Binny Bansal steps down as Flipkart group CEO

    Binny Bansal steps down as Flipkart group CEO

    MUMBAI: Flipkart group CEO Binny Bansal has stepped down following an investigation into alleged "serious personal misconduct”, although he has denied the allegation.

    Walmart Inc, in a press statement, said, “His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct, He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough."

    About the investigation, Walmart said that it did not find evidence to corroborate the complainant’s assertions against Bansal but it did reveal other lapses in judgement, particularly a lack of transparency, related to how he responded to the situation. "Because of this, we have accepted his decision to resign," the statement read.

    Kalyan Krishnamurthy will continue as the CEO of Flipkart, including Myntra and Jabong, confirmed Walmart. Ananth Narayanan will continue as the CEO of Myntra and Jabong and will report to Krishnamurthy.

  • PhonePe acquires PoS platform Zopper

    PhonePe acquires PoS platform Zopper

    MUMBAI: Flipkart-owned digital payments platform PhonePe, yesterday, announced that it has acquired Zopper Retail, a hyperlocal point-of-sale platform for small and medium businesses. As part of the acquisition, Neeraj Jain, founder-CEO, Zopper will join the PhonePe team as head of product, offline merchant solutions.

    The acquisition of Zopper is part of PhonePe’s aggressive strategy to build its offline payments business and thereby expand its customer base. With this acquisition, the Flipkart-owned digital payments company will hope to merge the value-added service capabilities of Zopper into its platform, thereby strengthening its offline proposition for merchants.

    “Zopper has a very strong technology and innovation DNA, and Neeraj and team are also a great culture fit for PhonePe. Zopper Retail is specifically designed to meet the needs of millions of small retailers in India, and their strategy ties in very well with our overall vision of making digital payments universally accepted across the country,” said PhonePe CEO Sameer Nigam as quoted by Inc 42.

    Flipkart’s co-founders Binny Bansal and Sachin Bansal had also made angel investments in Zopper in 2012. Founded in 2010, Zopper was initially a community-based product review site which then pivoted into a hyperlocal e-commerce site. In 2015-16, Zopper pivoted again and split its business into two distinct divisions – a Point of Sale (Pos) platform for offline merchants (Zopper Retail) and an extended warranty solutions unit for electronics purchased at offline outlets (Zopper Assure).

    Last year, Flipkart made a commitment that it will invest $500 million in PhonePe to fight off competition. The acquisition will help the firm in the intensely competitive payments platform segment. Amongst its biggest competitors are India’s biggest payment company Paytm and Google’s Tez.

  • Walmart sells $16 billion worth of bonds for Flipkart acquisition

    Walmart sells $16 billion worth of bonds for Flipkart acquisition

    MUMBAI: American multinational retail corporation, Walmart, has decided to sell $16 billion worth of bonds to help finance its investment in Indian e-commerce giant Flipkart. 

    Walmart offered fixed- and floating-rate notes in nine parts to Flipkart. The longest bond, a 30-year security, yields 1.05 per cent points above Treasuries, less than the initial 1.2 per cent points that was being pitched earlier in the day. According to a report by Bloomberg, the deal edged out an offering Bayer AG completed two days ago.

    The American giant announced in June that it will acquire 77 per cent stake in the Flipkart Group for $16 billion. This will leave Binny Bansal and other shareholders with 33 per cent of the stake in the company.

    India is the most active and favourite playing field for most e-commerce giants today. With Walmart and Flipkart coming together as one, it will directly compete with Amazon in India. The international e-commerce website has the biggest market share in India which is the fastest growing e-commerce market today.

    Walmart and Flipkart’s deal was led by JPMorgan, Barclays and Citigroup.

  • ‘Disruptors’ Bansals named ‘Asian of the Year’ by Straits Times

    ‘Disruptors’ Bansals named ‘Asian of the Year’ by Straits Times

    MUMBAI: Sachin Bansal and Binny Bansal, founders of Flipkart, have been chosen for the prestigious 2016 ‘Asian of the Year’ by Straits Times of Singapore as part of a group called the ‘The Disruptors’. Flipkart claims to be India’s largest e-commerce marketplace with over with over 60% market share of mobile commerce.

    The Asian of the Year 2016 awards recognises entrepreneurs “operating at the frontiers of technology’s interface with business” who have launched companies that have disrupted traditional business model for the benefit of end consumers. The other disruptors include the founders of Tencent, Go-Jek, Grab and Razer.

    Sachin Bansal and Binny Bansal, in a joint statement, stated: “It validates our commitment to creating a world-class internet company that is transforming the lives of Indians by making a better quality of life both accessible and affordable to them.”

    Awarded since 2012, the ‘Asian of the Year’ award recognises “a person or people who have contributed significantly to improving lives at home or in the wider region”. In 2014, the award was given to India’s prime minister Narendra Modi and, in 2015, it was awarded posthumously to Lee Kuan Yew, Singapore’s founding father.

    According to the award citation for 2016, The Disruptors have “made the inevitable march of technology easier to understand and accept by millions of people concerned about their old ways of life yielding to an unfamiliar new one.”

    2016 has been a year of accolades for Flipkart. Earlier this year, Time Magazine put Sachin Bansal and Binny Bansal on the list of 100 Most Influential People in the world. In September 2016, Flipkart has emerged as the ‘E-commerce company of the year’ in a nationwide consumer study conducted by Business World Group in association with Nielsen. Flipkart also emerged as the top-ranked Indian brand in the Ipsos study of India’s most influential brands in April.

  • ‘Disruptors’ Bansals named ‘Asian of the Year’ by Straits Times

    ‘Disruptors’ Bansals named ‘Asian of the Year’ by Straits Times

    MUMBAI: Sachin Bansal and Binny Bansal, founders of Flipkart, have been chosen for the prestigious 2016 ‘Asian of the Year’ by Straits Times of Singapore as part of a group called the ‘The Disruptors’. Flipkart claims to be India’s largest e-commerce marketplace with over with over 60% market share of mobile commerce.

    The Asian of the Year 2016 awards recognises entrepreneurs “operating at the frontiers of technology’s interface with business” who have launched companies that have disrupted traditional business model for the benefit of end consumers. The other disruptors include the founders of Tencent, Go-Jek, Grab and Razer.

    Sachin Bansal and Binny Bansal, in a joint statement, stated: “It validates our commitment to creating a world-class internet company that is transforming the lives of Indians by making a better quality of life both accessible and affordable to them.”

    Awarded since 2012, the ‘Asian of the Year’ award recognises “a person or people who have contributed significantly to improving lives at home or in the wider region”. In 2014, the award was given to India’s prime minister Narendra Modi and, in 2015, it was awarded posthumously to Lee Kuan Yew, Singapore’s founding father.

    According to the award citation for 2016, The Disruptors have “made the inevitable march of technology easier to understand and accept by millions of people concerned about their old ways of life yielding to an unfamiliar new one.”

    2016 has been a year of accolades for Flipkart. Earlier this year, Time Magazine put Sachin Bansal and Binny Bansal on the list of 100 Most Influential People in the world. In September 2016, Flipkart has emerged as the ‘E-commerce company of the year’ in a nationwide consumer study conducted by Business World Group in association with Nielsen. Flipkart also emerged as the top-ranked Indian brand in the Ipsos study of India’s most influential brands in April.

  • Flipkart’s Myntra acquires Jabong for USD 70 million

    Flipkart’s Myntra acquires Jabong for USD 70 million

    MUMBAI: Flipkart’s Myntra has acquired Jabong in a cut-price deal at USD 70 million, thereafter claiming the number one spot in India’s fashion e-commerce marketplace in the face of an onslaught by Amazon India.

    Beating strong contenders like Snapdeal, Snapdeal, Future Group, Aditya Birla Group and Amazon which also bid to buy Jabong, Flipkart will pay cash for the acquisition, according to a statement by Jabong’s parent company Global Fashion Group (GFG).

    GFG has been looking for a buyer for Jabong for more than a year now. “Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith,” said Flipkart co-founder Binny Bansal.

    “This acquisition is a continuation of the group’s journey to transform commerce in India. I am happy that we will now be able to offer to millions of customers a wide variety of styles, products and a broad assortment of global as well as Indian brands,” he added, as reported by media.

    The sale marks one of the most dramatic declines in India’s online retail business. At the end of 2013, Jabong was worth as much as €388 million (about $508 million). In that financial year (year ended March 2014) Jabong reported sales of Rs438 crore. Even though its sales increased to Rs 869 crore in the last financial year, Jabong’s value collapsed because of a combination of leadership issues, market share losses and a funding crunch.

    For Flipkart-Myntra, the acquisition of Jabong will boost sales at a time when Flipkart is struggling to revive growth, and struggling to protect its leadership in a market where Amazon has made rapid strides.

  • Flipkart’s Myntra acquires Jabong for USD 70 million

    Flipkart’s Myntra acquires Jabong for USD 70 million

    MUMBAI: Flipkart’s Myntra has acquired Jabong in a cut-price deal at USD 70 million, thereafter claiming the number one spot in India’s fashion e-commerce marketplace in the face of an onslaught by Amazon India.

    Beating strong contenders like Snapdeal, Snapdeal, Future Group, Aditya Birla Group and Amazon which also bid to buy Jabong, Flipkart will pay cash for the acquisition, according to a statement by Jabong’s parent company Global Fashion Group (GFG).

    GFG has been looking for a buyer for Jabong for more than a year now. “Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith,” said Flipkart co-founder Binny Bansal.

    “This acquisition is a continuation of the group’s journey to transform commerce in India. I am happy that we will now be able to offer to millions of customers a wide variety of styles, products and a broad assortment of global as well as Indian brands,” he added, as reported by media.

    The sale marks one of the most dramatic declines in India’s online retail business. At the end of 2013, Jabong was worth as much as €388 million (about $508 million). In that financial year (year ended March 2014) Jabong reported sales of Rs438 crore. Even though its sales increased to Rs 869 crore in the last financial year, Jabong’s value collapsed because of a combination of leadership issues, market share losses and a funding crunch.

    For Flipkart-Myntra, the acquisition of Jabong will boost sales at a time when Flipkart is struggling to revive growth, and struggling to protect its leadership in a market where Amazon has made rapid strides.

  • ‘Young Turks’ to inspire next-gen entrepreneurs

    ‘Young Turks’ to inspire next-gen entrepreneurs

    MUMBAI: Young Turks is not only one of the most popular shows but also has been one of the longest running shows on Indian business news channel CNBC-TV18. It is hosted by the channel’s managing editor Shereen Bhan who recently launched a book commemorating 13 years of the show by the same name- Young Turks: Inspiring Stories of Tech Entrepreneurs.

    Talking about the long running stint of the show Bhan says, “For 13 years we have interviewed close to 2000 people who have displayed new ideas through their entrepreneurship, received legitimate funding from different sources and are showing positive signs of sizeable revenues.”

    She informs that as she did not have a compelling story to tell, she decided to narrate the encouraging tales of 13 tech entrepreneurs like Red Bus’ Phanindra Sama and Charan Padmaraju and shopping portal Flipkart’s Binny Bansal and Sachin Bansal among others. The book has been co-authored by Syna Dehnugara. “Through our long conversations we tried compiling up the stories on the entrepreneurs. We wanted to narrate their story from their eyes rather than just our opinions,” she adds.

    Published by Random House, Infosys co-founder Narayana Murthy launched the book in New Delhi. As to the book’s focus on just tech entrepreneurs, Bhan says, “We wanted the book to have a diverse range of stories but decided to focus on tech entrepreneurs as these companies have shown a certain amount of scale and feedback in terms of business growth and revenues. We also reached out to investors and industry experts to find out how well these companies were performing and then zeroed down on the final tally.”

    Bhan’s compelling reasons for someone to pick the book are: “Firstly this is for those who are mostly interested in business.  Secondly there will be many people who want to start one on their own but would not have a clear sense of idea how to go about. This book showcases how first gen entrepreneurs who without a very large bank balance and in the absence of a business background started their companies. Thirdly, the book contains exciting stories of how the founders of these start ups were prisoners of circumstances but managed to outgrow themselves due to their optimism and the fact that they wanted to live their dream.”

    According to her, reading books exposes an individual to opportunities and insights as it broadens one’s thinking horizon. She also feels that today it is far easier to publish a book and an exciting time for the industry as young students are reading books of diverse genres.

    On her favourite books, she says, “I enjoy reading books by Rohinton Mistry. My personal favourite is his book A Fine Balance. I also enjoy reading autobiographies such as that of Vinod Mehta and Warren Buffet.”

    The choice to put Bhan as the face of the book was that of the publishers who also provided the option of publishing the title as a series but for now decided to stick to just one edition of the 304 page book. The marketing for the book is being done by the publishers while the news presenter and her team are promoting it on the show and on social media.

    The kindle edition of the book has been priced at Rs 380 on Amazon. On Flipkart, the hardcover edition is priced at Rs. 447 while the e-book is priced at Rs 380.