Blog CNBC’s Managing Asia @ Global Supertrends Conference with Binny Bansal
Together with co-founder Sachin, Mr. Bansal started Flipkart as an online bookstore in 2007, helping to lay the foundation for the e-commerce market in India. In May 2018, Walmart Inc. acquired majority stake in Flipkart for US$20 billion.
In a wide ranging interview, Mr. Bansal touched on the success of Flipkart as well as the future of online retail in India, one of the world’s fastest growing e-commerce markets. He attributed the success of Flipkart to three factors: Its initial focus on a single category (books); taking a technology first approach in all aspects of the company’s operations; and setting a high bar for talent. “You cannot scale if you don’t have the right people,” he said.
He advised other start-up entrepreneurs to keep their focus on their customers even during times of high growth when other challenges may emerge. Today, Mr. Bansal’s passion is to help other entrepreneurs and start-ups grow and succeed through his venture, xto10x Technologies. He said: “My vision is to help thousands of start-ups make less mistakes.”