Former Flipkart employees turn bosses, own more than 40 startups: Report

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Hindu Business Line, based on the data by PrivateCircle Research, around 44 startups have been founded by former Flipkart employees (popularly known as 'Flipkart Mafia or Flipsters), having a cumulative valuation of $25 billion. According to the English Business Daily, of the 44 startups, more than a third (15) of them are e-commerce only. The list includes Udaan, Spinny, and RentoMojo.

Then, there are eight fintech companies. How India's first VR-based ed-tech startup is disrupting education landscape Besides, six of them have achieved 'Unicorn' title, such as PhonePe ($12 billion valuation), Groww ($3 billion valuation), Udaan ($1.75 billion valuation), Spinny ($1.55 billion valuation), and cult.fit ($1.3 billion valuation) and Slice ($1.3 billion valuation). A ‘Unicorn company’ has a valuation of over $1 billion.

However, the data is available only of 44 firms publicly but the real numbers could be higher, the report mentioned. Sachin and Binny Bansal worked at Amazon Web Services, and within a period of around six months, both of them quit their job and created their own company in 2007 Flipkart in Bengaluru. Now, two decades later, several of Bansals' former employees have followed similar paths by starting their own ventures.

Telangana tech startups funding declines 78% to $99 million in 2023: Report Among the 44 startups, eight are backed by Binny Bansal. Binny Bansal's earliest investment was in the health and fitness platform cult.fit, founded by ex-Fliokart employee Mukesh Bansal in 2018. Binny invested $41.8 million in the cult.fit.