In Brief: Binny Bansal offloads Flipkart stake; data protection bill may get cabinet approval

In Brief: Binny Bansal offloads Flipkart stake; data protection bill may get cabinet approval
Binny Bansal
4 Dec, 2019

Walmart-owned ecommerce company Flipkart’s co-founder Binny Bansal has decided to sell some of his shares in the company once again, The Inc42 reported. Bansal’s stake in Flipkart has reduced from 3.8% to 3.3%. He had a 4.2% stake in Flipkart at the time of Walmart’s acquisition of the company.

Bansal quit as group CEO of Flipkart last year and is reportedly launching a venture capital fund with a target corpus of $300-400 million. The Singapore-based fund will focus mostly on Indian and Southeast Asian startups.

Also Read: Binny Bansal sells Flipkart shares to Tiger Global, nets $14 mn: Report

Cabinet may approve Data Protection Bill tomorrow

The Union Cabinet led by the prime minister of India Narendra Modi may approve the Personal Data Protection Bill. The bill is expected to put up a framework that will include processing of personal and private data by public and private entities, The Mint reported. A government official told the Mint that the cabinet will take up the data protection bill tomorrow. Last week, IT minister Ravi Shankar Prasad had said that the government will soon introduce a robust and balanced Personal Data Protection law in the Parliament, adding that India will never compromise on data sovereignty.

Pegasystems expands cloud choice guarantee program with Kubernetes 

US-based software services firm Pegasystems Inc has announced its support for Kubernetes to provide its clients with a new option for cloud containerisation orchestration on Amazon Web Services (AWS), Microsoft Azure, Google Cloud, Pivotal, and Red Hat. Pegasystems will now expand its program Pega Cloud Choice Guarantee, Pegasystems said in a statement. The program offers services that include no penalty for migration to or from any supported cloud environment, reference architectures, related configuration, and support documentation for deploying and managing Pega technology and continuous certification of Pega solutions.

Zeta ropes in former Visa executive Murali Nair as president for its banking arm

Bengaluru-based fintech company Zeta has roped in Murali Nair as president for its banking business. Murali will come on board this month. Prior to the current role, he served as the head of the client relationship for Visa India. Nair has over 26 years of experience and has worked with companies like Mastercard, Pinpoint India, Barclays, Deutsche Bank, and Citibank. An alumnus of the National Institute of Technology Tiruchirapalli and an MBA from IIM-Calcutta, he is currently pursuing a senior executive leadership program at Harvard Business School, Zeta said in a statement. Bhavin Turakhia, co-founder and CEO of Zeta said that Murali is going to be instrumental in our aim towards establishing  Zeta as the de-facto platform for the banking and fintech sector in India, the statement added.