Flipkart co-founder Binny Bansal is India’s youngest philanthropist; donated this much in FY20

By: |
November 10, 2020 6:34 PM

Around a month after stepping down from Flipkart as its CEO, Bansal had launched xto10x Technologies that help startups with scaling capabilities across multiple areas.

Bansal had to quit Flipkart in November 2018 after allegations of sexual misconduct. (File)

Flipkart co-founder Binny Bansal, who has debuted on the 2020 Hurun India and EdelGive list of top philanthropists, is also the youngest on the list. Among the leading philanthropists in the country, startup consultancy xto10x Technologies’ Co-founder Bansal was ranked 109th with a donation of Rs 5.3 crores during the financial year 2020 for education as the primary cause. Importantly, Bansal was the only leader from the startup ecosystem to make it to the year’s list. “Binny Bansal is the first philanthropist under the age of 40 to enter the philanthropy list. This is possibly one of the best news from the EdelGive Hurun India Philanthropy List 2020. I hope this will inspire more young wealth creators to not only donate but also to speak more about their donations,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Bansal who launched Flipkart along with Sachin Bansal back in 2007 had to quit the company in November 2018 after allegations of sexual misconduct even as Bansal had strongly denied them. The resignation came months after Walmart had announced the acquisition of a 77 per cent stake in Flipkart for $16 billion. Around a month after stepping down from Flipkart as its CEO, Bansal had launched xto10x Technologies that help startups with scaling capabilities across multiple areas including business design, leadership, customer experience, branding, product growth, work culture and more. It has worked with over 80 companies including Capillary, Vedantu, Razorpay, Zoomcar, and more. According to Crunchbase, Bansal had also made 38 investments into various startups as an investor.

Also read: SoftBank commits $5b more to ‘not that popular’ Vision Fund 2 even as Rajeev Misra, 3 others quit board

According to the Hurun list, Wipro’s Azim Premji, 75, was the ‘India’s most generous’ philanthropist who donated Rs 7,904 crore during the year – Rs 22 crore per day. Donations by India’s top leaders were measured by the value of their cash or cash equivalents between April 1, 2019, to March 31, 2020. Other top philanthropists on the list were HCL’s Shiv Nadar and family (Rs 795 crore donation), Reliance IndustriesMukesh Ambani and family (Rs 458 crore), Aditya Birla’s Kumar Mangalam Birla and family (Rs 276 crore), Vedanta’s Anil Agarwal and family (Rs 215 crore) and more. The total number of philanthropists this year had increased to 112 from 100 last year. In terms of top five sectors attracting maximum donation were education (Rs 9,324 crore), healthcare (Rs 667 crore), disaster relief and management (Rs 359 crore), rural transformation (Rs 274 crore), and environment and sustainability (Rs 181 crore).

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