Bengaluru, October 17, 2025 – Sachin Bansal and Binny Bansal, two IIT alumni with a shared surname but no family ties, launched Flipkart in 2007 with just $6,000 and a vision to digitize India’s shopping habits. Acquired by Walmart for $16 billion in 2018, the platform now serves millions across 250 cities, driving double-digit revenue growth in Q2 FY25 and fueling Walmart’s international expansion in a market where e-commerce is projected to reach $350 billion by 2030, transforming retail access for underserved consumers.

Shared Ambitions: The IIT Roots and Early Hustle

Sachin Bansal, born on August 5, 1981, in Chandigarh, grew up in a business family and cracked the IIT JEE exam on his first try, securing an all-India rank of 2470 to study computer science at IIT Delhi. His classmate Binny Bansal, born in 1982 in Ludhiana, Punjab, shared a similar trajectory: both worked at Amazon India post-graduation, gaining insights into e-commerce logistics and customer service.

Frustrated by India’s nascent online retail scene, the duo quit Amazon in October 2007 and pooled their savings—about ₹4 lakh ($6,000)—to start Flipkart from a small apartment in Bengaluru’s Koramangala neighborhood. Initially an online bookstore, they handled everything from website coding to packing books themselves. “We started with books because they were easy to ship and had low return rates,” Sachin recalled in a 2018 Mint interview, highlighting their focus on building trust through cash-on-delivery, a novel feature in a credit-card-shy market.

Scaling the Dream: From Books to Billion-Dollar Bets

Flipkart’s growth was meteoric. By 2010, it expanded to electronics, apparel, and groceries, introducing innovations like Ekart logistics for same-day deliveries. The Bansals raised $12.1 billion over 22 rounds from 128 investors, including Tiger Global, Accel, and Naspers, achieving unicorn status in 2012 and a $36 billion valuation by 2024.

Sachin served as CEO until 2016, then Executive Chairman, while Binny focused on operations and strategy. Challenges like intense competition from Amazon tested them—Flipkart’s 2015 “Big Billion Days” sale crashed servers but boosted awareness. Investor pressure led to Kalyan Krishnamurthy’s CEO appointment in 2016, with the founders shifting to oversight roles. “Scaling required tough choices, but we prioritized customer obsession,” Binny told Inc42 in 2019, crediting the “Flipkart Mafia” alumni who spawned startups like Meesho and Udaan.

At its 2018 peak, Flipkart held 40% market share, employing 40,000 and serving 100 million users.

The Walmart Watershed: Acquisition and Founder Exits

In May 2018, Walmart acquired a 77% stake for $16 billion, valuing Flipkart at $21 billion—the largest e-commerce deal then. The infusion strengthened supply chains and countered Amazon’s advances, but marked the founders’ exit. Sachin sold his 5.5% stake for over $1 billion and signed a non-compete clause, restricting competing ventures for 18 months. He left the board in 2018, telling Mint the deal validated their decade-long grind.

Binny stayed as Group CEO and Chairman briefly, but resigned in November 2018 over personal misconduct allegations. A Walmart probe found no evidence of assault but cited lapses in judgment, per a Wall Street Journal report. He divested his remaining 1.8% stake by 2023 for $1-1.5 billion, fully exiting the board in January 2024. “Flipkart is in capable hands,” Binny stated in a LinkedIn post, praising the team’s evolution.

Walmart’s stake rose to 80.5% by 2023 via $3.5 billion buys from investors like Tiger Global.

Flipkart’s Funding Milestones

Source: Tracxn and Crunchbase data cited in Business Standard.

Post-Flipkart Paths: New Ventures and Lasting Influence

Sachin Bansal founded Navi Technologies in 2018, a fintech firm offering loans and mutual funds, filing for an IPO in 2022 (delayed by market conditions). With a net worth of $1.3 billion in 2025, he has invested in 18 startups, focusing on tech-driven finance.

Binny, now worth $1.2 billion, launched xto10x in 2021, a scaling accelerator for startups, and OppDoor in 2024 for e-commerce solutions. He serves on PhonePe’s board and invests in ventures like Acko and Infra.Market, amassing 75 investments.

Their exits yielded bumper returns for early backers like Accel and Tiger Global, who sold to Walmart by 2023.

Why Flipkart’s Legacy Endures

The Bansals’ Flipkart democratized shopping for India’s middle class, creating 100,000+ jobs and inspiring the “Flipkart Mafia.” It propelled Walmart’s India revenue to contribute 8.3% growth in Q2 FY25, with Flipkart’s double-digit gains in Q2 FY25 highlighted in Walmart’s earnings. The platform’s innovations—like voice search and AR try-ons—set e-commerce standards, though it faces antitrust scrutiny and competition.

Their story matters as India’s digital economy booms: from bootstrapped booksellers to billionaires, they showed how local insight can rival global giants, fostering a startup ecosystem valued at $500 billion.

Looking ahead, with Flipkart’s IPO eyed for late 2025 at $35-40 billion, the Bansals’ influence lingers through investments and mentorship. As Sachin reflected in StartupTalky, “Entrepreneurship is about solving real problems for millions.” Their garage gamble redefined retail, proving vision plus grit can flip the script on markets.

In a connected India, Flipkart’s chapters remind us that bold beginnings build enduring empires.