Flipkart co-founder Sachin Bansal claimed that Indian financial services are still working in the “web 1.0” era and argued that the state is ready for technology-driven changes.
Recently, Bansal announced that he is betting on developing a mobile-first bank for India using his years of expertise and introducing consumer-tech thinking to financial services.
In 2018, the tech entrepreneur and an ardent gamer, Bansal left the company after the deal with Walmart that pegged at $16 billion. After his departure from Flipkart, he acquired firms that provide financial services.
Last month, Bansal also resigned from the board of Ujjivan Small Finance Bank Ltd. Apart from acquiring DHFL General Insurance, Bansal’s owned and controlled Navi Technologies also acquired non-bank lender Chaitanya India Fin Credit last year. He has now applied for a universal bank licence through that entity under the Reserve Bank of India’s on-tap licensing policy.
He plans for building numerous in-house technologies that will be flexible in nature. There would be physical outlets, which will be a support to the mobile channel, rather than the other way round.
Post his exit from Flipkart, Bansal started BAC Acquisitions with his friend, Ankit Agarwal in 2018. He also made various investments in the Indian startup ecosystem through his new venture, which was named as Navi Technologies. Bansal has also made a series of investments in startups such as Ola Cabs, Ather Energy, Unacademy, Inshorts and others.
The inspirational entrepreneurial story of Sachin Bansal has motivated the generation of techies to start up. During his 11 years of tenure with Flipkart, he held the positions of the Chief Executive Officer and Executive Chairman. In finance, the role of information technology allows financial institutions to attain new info at the same rate as their rivals. Use of updated technology also enhances data storage, file management, and data reporting through digitized and network services.