Sachin Bansal, co-founder and former CEO of Flipkart, is planning to raise $1 billion startup-focused fund.
Sachin would contribute 40 percent of the fund, said a Mint report quoting people aware of the development. He is likely to start the venture within next four months, they added.
Former Flipkart co-founder has also expressed his interest in AI blockchain and drone startups. He might invest in some of these startups.
India’s problems are unique and we need to apply AI in the ecosystem to solve Indian problems, he had said.
Till Feb this year, Sachin has invested in seven ventures with a total funding of $26 million. Along with Flipkart incumbent co-founder Binny Bansal, Sachin invested in startups including Inshorts, Ather Energy, Unacademy and SpoonJoy.
In May, the Walmart-Flipkart deal made an exit way for Sachin who, along with Binny Bansal, founded Flipkart in 2007. Sachin, who was instrumental in bringing in Walmart, was later reported to have differences with board members, which led to his exit.
Walmart acquired 77 percent in Flipkart for $16 billion. Sachin reportedly will make around $1 billion for his 5.5 percent stake.
In a Facebook post announcing his exit, Sachin had said he would take time off for some personal projects and brush up his coding skills.
Not looking back, Sachin wants to leave bitter chapter behind him and make fresh beginning as an entrepreneur.