Five founders of e-commerce start-ups, four of them Bansals, say they had alternative ambitions chalked out.
After all, talk of Amazon buying into Flipkart has been doing the rounds for long, although the two Bansals have denied it many times before.
According to experts, the company might be trying to ape Amazon, the largest e-commerce player in the world.
Flipkart aims to double the total value of goods it sells to $8 billion in the next three years.
Flipkart co-founders Sachin Bansal and Binny Bansal, who were ranked 86th last year dropped out of the list
Walmart-owned Flipkart on Thursday said the company is in compliance with Indian laws, including FDI regulations, and will cooperate with the Enforcement Directorate on the notice sent to the e-commerce major. The Enforcement Directorate (ED) has issued a show cause notice of Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. When contacted, Flipkart said it is in compliance with Indian laws and regulations, including FDI regulations.
With this round of funding, Flipkart's valuation has reached USD 11.6 billion, and US IT major Microsoft joins the marketplace as a strategic investor.
Sources said the fresh batch of profiles include students whose date of joining has been delayed by Flipkart.
A 2014 study had ranked IITs as fourth among the top 50 universities globally, whose graduates were entrepreneurial.
The identity of the new investor could not be ascertained.
'Big Billion Day' scheduled for October 6 is inspired by flat number where co-founders began their journey.
In an email to customers they say 'Big Billion Day' sale today to eclipse all other multi-day festive sales.
After raising $2.5 billion from SoftBank's Masayoshi Son and his Vision Fund, Sachin Bansal and Binny Bansal are back in the driving seat at Flipkart, the company they founded over a decade ago.
Prime Minister Narendra Modi and industrialist Mukesh Ambani feature amongst the most searched personalities online this year, according to search engine Yahoo.
Some companies are already seeking review of the new norms.
Prime Minister Narendra Modi had announced the policy last month.
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
Most of Flipkart's business came from consumer electronics.
At that time, co-founders Sachin Bansal and Binny Bansal had made a public announcement at a Bengaluru hotel, about a $1-billion fund raising, largest so far in the Indian e-commerce sector. A day later, Amazon issued a statement that it was investing $2 billion in India.
Amazon has emerged a competition for posterboy of Indian e-commerce Flipkart.
The e-commerce firm said 1.5 million people shopped at its portal on October 6.
The community has taken offence to being wrongly stereotyped as watchmen in the ad which also plays on an exaggerated Hindi accent to seem funny
These start-ups are different from the ones that have made it big in India.
Internet entrepreneurs are the next big thing in India.
On Tuesday, while several consumers took to social media to share their grievances about the Snapdeal site crash, many others said they visited the website to either compare prices or for window shopping.
With the festive season approaching, e-tailers are going all out to woo consumers.
Investing in start-ups can be highly rewarding, but direct investing is not meant for everyone. For the majority of wealthy investors, taking the private-equity route could still be the better option.
The deal that promises to make Flipkart a leading force in fashion segment - estimated at Rs 3 lakh crore - came after hectic weekend parleys.
With regard to his investment in Ola, Bansal said that on the one hand, the ride-hailing major had emerged as a global force in the mobility space and on the other it continued to build deeper for various needs of a billion Indians through its platform. This is the largest funding by an individual in the app cab.
For now Walmart has said it remains optimistic about India. But that could change without prior notice, says Nivedita Mookerji.
The Bansals losing out operational control of Flipkart comes at a time when global rival Amazon, in which Tiger Global holds a minority stake, is stepping up investment in India in an attempt to overtake the Bengaluru-based e-commerce firm.
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
No longer an in-house task; hiring legal eagles is now becoming norm for M&As, fundraising
CCI investigation into predatory pricing likely
In spite of the mega IPO of Alibaba, Flipkart-Myntra is not thinking of a public offering at this point
Chinese e-commerce giant planning to enter India this year, will take on global e-retailer
The company did not disclose its new holding pattern.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Where Binny slipped up badly was in gauging the level of transparency and governance that is expected by a global strategic investor, says Indrajit Gupta.
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