Binny Bansal, co-founder and chief executive of India’s largest e-commerce company, Flipkart, has bought a 10,000 sq ft property for Rs 32 crore in Koramangala, an upmarket residential-cum-business locality in south east Bengaluru.
A senior Flipkart executive confirmed the purchase, but the company’s spokesperson said Flipkart will not comment on Bansal’s personal transactions.
One source close to Bansal said he had taken a “huge loan” from two banks to finance the purchase. Koramangala is among the most favoured residential locations for the city’s super-rich, including Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan.
In September 2015, Flipkart’s co-founders Binny and Sachin Bansal (the two are not related), were ranked 86th on the Forbes global rich list, with an estimated net worth to be around $1.3 billion.
Binny Bansal took over as CEO of Flipkart from Sachin in January this year. An IIT Delhi graduate, Sachin and he founded Flipkart in 2007.