Flipkart is a startup that paved the way for e-commerce in India. The e-commerce company, founded by two young engineers, Sachin Bansal and Binny Bansal, has set records for us. Starting with Rs 4 lakh in 2007, Sachin Bansal was rewarded with $ 1 billion in 2018 for selling his stake in the company. In our currency alone, it is over Rs 73,000 crore. But what is Sachin Bansal doing after selling Flipkart? How do you do all this cool stuff?
Flipkart was born out of a problem
While studying engineering at IIT Delhi, Sachin Bansal, a bookstore keeper for essential books, found every book in every shop. Had to sift through the markets in the city for some puzzles. Occasionally he would ask friends and even fetch books from a neighboring village. Flipkart was born to think of a solution to his problems. Flipkart started as an online bookstore to make books all available in one place without having to turn around.
Four lakh investment
India IT Sector Capital is headquartered in Bangalore for just Rs. Launched in 2007 with an investment of 4,00,000. Gradually, Flipkart became a must-have app on every smartphone. Flipkart services have expanded from metro cities to district centers and small municipalities. Finally, in 2018, Walmart acquired the company for $ 16 billion. Just then Sachin Bansal came out of Flipkart.
Do banks work like this!
Having lived as a founder of Flipkart and as an entrepreneur as a technocrat, I had to live another life after that. Lots of money from the sale of Flipkart. Until then, Sachin Bansal had been using the app of a big bank to manage his financial affairs. At that point, the app crashed. Did not work for four days. All financial transactions were halted for four days. It was then that Sachin began to think about banks, their performance, and their management methods.
For six months
For six months after leaving Flipkart, he carefully observed the banks’ choice of customers, lending methods, and collection methods. He concluded that almost all the banks were following the same procedure and were making huge delays in giving loans. It is also understood that it is difficult for many eligible people to get loans through banks. He noted that banks’ digital transactions are becoming more complex.
Designed for navigation
Sachin Bansal has designed a digital financial services app called Navi to enable everyone from commoners to business tycoons to manage their financial affairs. Navigator is derived from the word navigator. Navi specializes in providing home loans, personal loans as well as health insurance services.
Within 20 minutes
Hundreds of signatures and tens of documents need not be submitted around banks and officials to get loans through Navi. Tendulkar says that in less than five to 20 minutes, all the work can be done through the Navi app and you can get a loan immediately. With the help of Artificial Intelligence and Machine Learning technology in their app, they guarantee that the work will be completed quickly. Recovery is also done online.
To one hundred crore people
By the end of the next financial year, Navi Digital Financial Services will have raised Rs. 4200 crore as loan. Already through this company Rs. 900 crore loans. The target is to give Rs 1,500 crore to microfinance alone. Navi Bank is also trying to make it available soon. However, most of these banks do well as an online platforms. Navi is moving forward intending to serve one billion people.
The future is digital
Once upon a time when we bought an item, we used to touch it, hold it tight and buy it if we were satisfied. With the advent of Flipkart, people are buying goods worth thousands of rupees with confidence. Has become a billion-dollar company in ten years. In the same vein, Sachin Bansal is confident that Navi will also reach out to everyone in the future. Because with the advent of 5G, Sachin Bansal says, there will be revolutionary changes in the digital sector.
