Binny Bansal, who co-founded the Indian e-commerce behemoth Flipkart with Sachin Bansal, is reportedly joining the AI race with a planned launch of a new AI-as-a-service startup.
The startup will serve global corporate clients with AI talent, products, and services, following a business model similar to IT service giants TCS and Infosys.
Currently, the team comprises 15 members, primarily AI scientists, with plans to expand and roll out services in the coming months, the report said.
The startup reportedly aims to tap into India's English-speaking youth in smaller, cost-effective cities to build AI expertise, starting with e-commerce and legal sectors before expanding into analytics, data science, and financial services.
While specific product details remain under wraps, the launch is anticipated in the second half of 2024. The venture will operate out of Bengaluru with its headquarters in Singapore, where Bansal has been residing post-Flipkart.
Interestingly, Bansal also has plans to penetrate the US market, leveraging the growing demand for AI solutions.
In 2018, Binny Bansal sold his majority stakes in Flipkart after Walmart acquired the company for $16 billion. He continues to serve on the Flipkart board and holds shares in PhonePe, a digital payments service acquired by Flipkart.
Over time, he sold his remaining shares in Flipkart to Walmart and has since been investing in various tech startups. In September 2023, It was reported that Walmart paid $3.5 billion or nearly Rs 29,000 crore to acquire the remaining stake in Flipkart from shareholders, including co-founder Binny Bansal, Accel, and Tiger Global, among others.