Flipkart Co-founder and former chief executive officer, Sachin Bansal, is planning to raise a venture capital fund of $700 million-$1 billion for investing in startups, reported Live Mint, citing two people aware of this development.
Sachin, who sold his shares in Flipkart to Walmart for about US$1 billion (Rs 6,700 crore) and exit the company, is also considering investing and launching an artificial intelligence (AI) startup, said the report. HOwever, the rePort also said that Sachin has yet to take the final decision about his next venture, which could only get clearer by the end of this year.
According to people close to Sachin, he is eager to move on to his next venture and prove his entrepreneurial skill all over again by launching either a fund or an another startup.
In May, post acquisition of Flipkart by Walmart, Sachin on Facebook posted about his exit, saying, “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,” he said.
Sachin Bansal, along with Binny Bansal, co-founded Flipkart in 2007. While Sachin left, Binny Bansal continue to serve as the group CEO and thereafter appointed as the next Executive Chairman.
It may also be recalled that in January this year, both Sachin Bansal and Binny Bansal, have had quietly incorporated a new company called ‘Sabin Advisors’, which was reportedly for new businesses and could include venture capital funding and insurance. But then Walmart came in to the scene and imperialised everything and eventually it didn’t took off as expected.
Meanwhile, in last month, Binny Bansal also revealed that Flipkart will now no longer invest in startups proactively as it used to do. The company will now however only invest in startups strategic to its business.