Binny Bansal, the co-founder of the Indian e-commerce giant Flipkart, is entering the world of artificial intelligence by launching a new AI-as-a-service startup that aims to cater to a global clientele. Bansal, who made a substantial fortune from the sale of Flipkart to Walmart Inc, is now turning his attention to the burgeoning field of AI.
Read More: WeWork files for bankruptcy: Decoding its meteoric rise and fall from glory
For his latest venture, Bansal has assembled a team of 15 experts, primarily composed of artificial intelligence engineers and scientists. The startup will focus on providing AI talent, products, and services to corporate clients, following a business model similar to that of outsourcing providers like Tata Consultancy Services Ltd. and Infosys Ltd. While the effort has not been made public yet, it is expected to be headquartered in Singapore, with its main operations centre in Bengaluru, India.
Bansal’s startup is currently in stealth mode but plans to launch its offerings within the next few months, with future expansion into the United States on the horizon. With the ever-increasing demand for AI solutions worldwide, Bansal aims to leverage India’s large English-speaking and youthful population to train more experts and develop new AI services.
Read More: Gold Rate In Dhanteras-Deepavali Week: Check Latest Price In Your City On November 7
Although the exact products and services offered by Bansal’s startup are not yet disclosed, it is reported that the initial target industries will be legal and e-commerce. The company also intends to extend its services to financial services, data science, and analytics. The official launch and marketing efforts are expected to begin in the second half of 2024.
Binny Bansal, who is 40 years old, relocated to Singapore after selling his Bengaluru-based internet company and splits his time between the two cities. His AI startup will concentrate on talent development and service provision, particularly in India’s smaller cities, where the cost of living is more affordable.
Bansal and his co-founder Sachin Bansal (no relation) both graduated from the Indian Institute of Technology Delhi and worked at Amazon.com Inc. before founding Flipkart, which became a prominent online retailer in India.
Read More: Business Idea: How To Open Store At Railway Station; Check Tender, Rent And Application Process
Binny later served as the chief operating officer and CEO of Flipkart, ultimately selling a majority stake in the company to Walmart in 2018 for $16 billion. He gradually divested his entire stake in Flipkart to Walmart and has since become an active investor in various tech startups, including shares in Walmart-owned fintech PhonePe Pvt and continued involvement on the board of Flipkart.
