Billionaire Binny Bansal, former co-founder of Flipkart, is entering into AI industry with a new startup set to serve corporate clients globally in the legal and e-commerce industries.
Currently, the use and innovation of artificial intelligence is at its peak. Big national, multinational companies are therefore ensuring its use in technology. Now co-founder of Flipkart is launching an AI as a service startup that will expand into the fastest growing segments globally as well as make a fortune in Indian e-commerce.
• Flipkart invention
Binny Bansal co-founded Flipkart with IIT-Delhi alumnus Sanchin Bansal, who worked at Amazon Inc. They founded Flipkart as a local alternative to the American online retail giant. Then Binny Bansal was Flipkart’s CEO,, where he worked on strategic development, direction and business management.
According to Forbes India rich list of the year 2015, Binny Bansal along with Sachin Bansal, was named the 86th richest person in India with a net worth of $1.3 billion. In 2018, he sold a majority stake in the company to Walmart for $16 billion. Now he has a stake in Walmart- owned Flipkart’s acquired digital payment service PhonePe private limited. Binny Bansal has been in the news for investing in tech start-ups.
AI- Venture PLANS
The startup is poised to offer AI expertise, products and services to global corporations, following a business model similar to that of IT giants like TCS and Infosys. Currently, it is kept under stealth mode. A scheduled launching is expected in the later half of 2024. They are planning to expand to the US. Binny Bansal’s team has already hired in 15 experts, primarily AI scientists for more project related developments. The startup also plans to offer services in financial services and data science and analytics. One of the people said that he would first target the legal and e-commerce industries.
The 40-year-old billionaire moved to Singapore after selling his Bengaluru-based internet company. The startup will have its main operations in Bangalore and the start-up is reportedly headquartered in Singapore.
Major aims
The emersion of powerful AI tools has created a surge in AI-related services. As corporations explore the application of AI in various business domains, want for such services is expected to experience rapid enhancement.
The AI venture is expected to focus on training talent and providing services from small towns in India.
Bansal’s idea strategically focuses on training India’s English-speaking youth as experts in AI, especially in smaller cities where living standards are not elevated.
Although the startup has not disclosed specific product details yet, primary target industries are expected to include the legal and e-commerce sectors.
the startup’s initial goal will be on the legal and ecommerce sectors.
Additionally, it wants to offer services in the fields of financial services and data science.
