Indian Billionaire Binny Bansal is launching an AI-as-a-service startup

Indian billionaire Binny Bansal is planning to launch his new artificial intelligence firm. People familiar with the matter cited that the billionaire Flipkart pioneer will unveil an AI-as-a-service company soon. 

Bansal is reportedly expanding to the rapidly growing industry following his success in the Indian e-commerce sector. The 40-year-old billionaire is the co-founder of Flipkart and sold this online retailer to Walmart Incorporated in 2018 for US$16 billion.

Bansal’s AI-as-a-service startup will reportedly target international clients. It will offer AI products, services, and talent to corporate customers. The forthcoming company, currently in stealth mode, will copy the business models of successful outsourcing firms such as Infosys Limited and Tata Consultancy Services Limited.

In line with this latest venture, Bansal has tapped the services of 15 experts who are mostly AI scientists. The billionaire intends to add more specialists fast, per the individuals with information on the matter. These people requested to remain anonymous for the AI project has not yet been launched.

Bansal’s AI-as-a-service company is currently headquartered in Singapore and will introduce its offerings in a few months. The startup’s primary operations will be in Bengaluru, India, and it also reportedly intends to expand to the United States later on. 

Although the exact products Bansal’s startup will offer is yet to be known, the people familiar with the matter disclosed that the billionaire will initially target the e-commerce and legal sectors. Additionally, the company intends to provide services in data science, analytics, and financial services. The fledgling AI-as-a-service startup aims to launch its offerings and start marketing in 2024’s second half.

Companies worldwide today are eager to harness artificial intelligence technology. New tools like OpenAI’s ChatGPT chatbot have motivated this trend, which has led to a massive demand for AI experts. Bansal wants to leverage India’s vast English-speaking, young populace to educate more professionals for new kinds of AI services. His upcoming AI startup will concentrate on honing talents and providing services from India’s smaller urban areas where there is a lower cost of living. 

At the time of writing this report, Bansal refused to issue an official statement. The billionaire’s success story began when he and Flipkart co-founder Sachin Bansal finished their studies at the Indian Institute of Technology, Delhi.

Amazon.com, Incorporated employed the duo who quit when they were about 25 years old. Binny and Sachin founded Flipkart in 2007. This Amazon-inspired online retailer is more localized for Indian consumers. Binny and Sachin’s venture happened almost six years before the Seattle, Washington-headquartered retail behemoth entered India’s retail market. Binny then became Flipkart’s chief operating officer and chief executive officer.

Walmart acquired a majority stake in Flipkart in 2018, and Binny gradually sold his whole stake to the American retail giant. The millennial billionaire started to invest in technology startups in recent years. Bansal stays on Flipkart’s board and holds shares in PhonePe Pvt, a Walmart-owned financial technology firm. He has been a resident of Singapore since selling his Bengaluru-based Internet company and regularly travels between the two cities.

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