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Sachin and Binny Bansal have invested an undisclosed seed funding in online realty portal Housing’s former CEO Rahul Yadav’s new startup Intelligent Interfaces.
BENGALURU: Flipkart cofounders Sachin and Binny Bansal have invested an undisclosed seed funding in online realty portal Housing’s former CEO Rahul Yadav’s new startup Intelligent Interfaces.
The startup aims to bring efficiencies in the processes of the Indian government, Yadav said. “The startup will be an interface that will be used by government officials,” Yadav told ET. “I see very large businesses that can be created in partnerships with government,” he said.
Giving an example Yadav said one simple online rental agreement, can save the government Rs 2,000-3,000 crore.
Sachin Bansal confirmed the investment to ET, but declined to comment on the amount invested and other specifics. “He is doing something which is good for the country,” Bansal told ET.
After the ouster from Housing in July this year by the board of the company, Yadav’s moves have been increasingly been anticipated by the startup ecosystem. Speculation has been rife about Yadav raising capital from founders of India’s largest internet companies.
Yadav stated in a panel discussion at Flipkart’s annual tech event Slashn that that he doesn’t plan to raise funding from venture capital investors for his new startup.
When moderator Punit Soni asked the panel, what would they do differently if they were at Housing, Bansal said, “I would focus on customers rather than shareholders, agents, employees and all other stake holders.” Naveen Tewari, whose company InMobi has Softbank as a common investor with Housing, added that, “If i were housing CEO, I would hire less people, and if i were the investor, I would bring Rahul Yadav back.” Vijay Shekhar Sharma, CEO at PayTm said, “if a company is not run by the founder, it gets very difficult to scale the startup.”