Flipkart Co-Founder Binny Bansal is launching an AI startup
Billionaire Binny Bansal, known for his success in Indian e-commerce through Co-Founding Flipkart and selling it to Walmart Inc., is set to launch a startup that offers AI-as-a-service to a global clientele. In this endeavor, he has already recruited 15 AI experts, primarily AI scientists, with plans to further expand his team rapidly. The goal is to provide AI expertise, products, and services to corporate clients, following a business model similar to outsourcing providers like Tata Consultancy Services Ltd. and Infosys Ltd. These details come from anonymous sources since the initiative has not been officially announced yet.
The startup will primarily operate in Bengaluru, but its headquarters are currently located in Singapore, where it is operating discreetly at the moment. The startup intends to launch its offerings in a matter of months, and there are plans to expand to the United States. With the global demand for AI services on the rise, driven by tools like the ChatGPT chatbot developed by OpenAI Inc. with backing from Microsoft Corp., companies worldwide are seeking to leverage AI capabilities. This has created a significant demand for AI specialists, and Binny Bansal aims to capitalize on India's extensive English-speaking and youthful population by training more experts for various new AI services.
Although Binny Bansal has not disclosed the specific products he intends to provide, it has been revealed that he will initially concentrate on the legal and e-commerce sectors. Additionally, the startup has plans to extend its services to financial services, data science, and analytics. The goal is to introduce its products and services and commence marketing activities in the latter half of 2024. After selling his Bengaluru-based internet company, the billionaire relocated to Singapore and currently divides his time between the two cities. The AI startup will place its emphasis on training talent and delivering services from smaller Indian cities where the cost of living is lower.
Binny Bansal and Sachin Bansal, who are not related despite their shared surname, both graduated from the Indian Institute of Technology Delhi and had employment at Amazon.com Inc. before deciding to leave the company in their mid-twenties. They Co-Founded Flipkart, positioning it as a localized online retailer tailored for the Indian market, drawing inspiration from Amazon. Their venture was established almost six years prior to Amazon's entry into India's retail sector. Within Flipkart, Binny assumed the roles of Chief Operating Officer and subsequently Chief Executive Officer. In 2018, he sold a majority stake in the company to Walmart for a staggering $16 billion.
