Flipkart’s co-founders Sachin and Binny Bansal have invested an undisclosed amount of seed funding in erstwhile Housing CEO Rahul Yadav’s new venture called Intelligent Interfaces, reports the Economic Times. The startup aims to make online government processes more efficient.
Yadav was speaking in a panel discussion at Flipkart’s annual tech event Slashn and said that he does not plan to raise funding from venture capitalists this time. Sachin Bansal confirmed the investment in the startup but declined to give details about the funding.
In July, Yadav was removed as CEO of Mumbai-based realty site Housing after a series of controversial incidents which brought the company under bad light. Housing’s board had said that that he would no longer be an employee or be associated with the company in any way.
Yadav wrote a ‘scornful’ resignation letter on the 30th of April to board members and investors, criticising their intellectual capabilities and giving them a one week deadline to ‘help the transition’. The investors responded the next day with an acknowledgement of the resignation through the law firm Morrison & Foerster. The following day, he withdrew his resignation and apologized for his ‘unacceptable comments about the board members’. A detailed timeline of events leading to his exit can be found here.
Sachin and Binny Bansal’s other investments
– Sachin and Binny Bansal have invested $1 million in Ather Electric Scooters. The startup aims to design high speed electric two-wheelers. Along with Bansals, Raju Venkatraman, CEO of Medall Healthcare have also invested in this startup.
– In June 2014, Sachin and Binny Bansal participated in an investment round worth $700,000 in TouchTalent, along with SAIF Partners and 13 other investors which includes Deep Kalra, founder of MakeMyTrip, Amit Ranjan, co-founder of SlideShare and more.
– Binny Bansal and Seed Fund India Quotient invested $1 million in Roposo, which is a fashion focused social network, powered by a recommendation engine for gifts and accessories.
– Along with Times Internet, Sachin and Binny Bansal invested in News In Shorts.
– In November 2014, Bangalore-based offline & online game maker MadRat Games raised around $1 million investment from a series of investors including Flipkart founder Sachin & Binny Bansal, Pine Labs and GlobalLogic.