Sanjay Bansal, the co-founder of Flipkart has paved his way to one of his interests. Flipkart which is known to be an e-commerce website is intensely associated with Bansal’s name as he was one of the two to literally give birth to the shopping venture. However something definitely pushed him to start fresh and give something new a try.
It has not been long since Bansal has started stepping forward in different directions. Recently, he had invested about 150 crores in a cab service-based-online app, Ola and now he has planned to start a bank. In order to be literate enough about how a bank works he has been meeting various fintech executives.
What provoked Bansal to sell his 5% stake in Flipkart is assumed to be a US based retail Titan who had picked up a 77 per cent stake in Bengaluru-based online retail company for USD 16 Billion in May 2018. The idea of building a bank to assumed to be suggested by the same billionaire. Nevertheless, Bansal is reported to have received USD 1 Billion in return of his 5% stake.
Bansal in fact, easily fits in the eligibility criteria for having a bank licence as RBI laws makes it mandatory for the promoters to have an experience of 10 years of successfully running a business and also to bring in equity of at least INR 500 crores. Both the ways, Bansal is the one to have the experience as well as the capability to fulfil the monetary needs for getting a banking licence as he has also cashed in about $1 Billion from his decade-old-venture Flipkart.
All that we can say is a very good luck to Mr. Sanjay Bansal for following his interests and bringing new features in the banking block.