20 Rejections and 17 Years of Struggle Yield This Indian Techie $3.7 billion
I think that there is some deep relation between the name Bansal and Tech startups. After the Bansal duos of Flipkart, Rohit Bansal of Snapdeal, Mukesh Bansal of Myntra and Peyush Bansal of Lenskart, here is another Bansal who owns a tech company whose net worth is in billions.
Meet Jyoti Bansal, an IIT Delhi alumnus, founder and executive chairman of a US based company AppDynamics, has made it to the headlines after agreeing to sell his company to Cisco for a whopping $3.7 billion.
Story of Hope and Success
This man graduated from IIT-D in 1999 and like most software engineers moved to US to build a career of his dreams on an H-1B visa. “I wanted to come to Silicon Valley,” Jyoti told in an interview with Forbes. “I was fascinated with the concept of startups and creation, and wanted to work for a startup company in America.” He started working with startups with a belief in mind that someday he can also have his own company. But to open a company in America, one needs a green card. In spite of all the odds, this man worked hard and after 7 years of struggle, Bansal received Employment Authorization Document (EAD) as a part of the green card process in 2007.
In an interview with Forbes, he said, “I waited 7 years for my employment-based green card and I wanted to leave my job and start a new company but couldn’t. What is most frustrating about the green card process is you have no control over a major part of your life. I have friends who became frustrated with the uncertainty and after years of waiting they finally left the United States”.
After receiving EAD, he left his employer Computer Associates in 2008. To start his company, he needed a seed fund of $5 million. For this he met a number of people but to no use. He was rejected 20 times before he got the seed fund to start AppDynamics, the billion dollar enterprise.
As per a CNBC report, the company employs more than 1200 people. Designed for extremely large environment, AppDynamics describes its service as the equivalent of a 24 hour/7 days a week MRI for an organization’s website, picking up small problems before they debilitate a business and anger consumers.
According to Forbes and CNBC reports, the acquisition is expected to close by April 2017, subject to customary closing conditions. This is one of Cisco's largest acquisition after its 2013 acquisition of US-based security company Sourcefire for $2.7 billion and 2012 acquisition of video software maker NDS for $5 billion.
As per a report in Times of India, Bansal’s share in the company is 14% for which he will receive $520 million (INR 3400 crore) and that's a huge sum. Finally, his hard work has paid him off.
When asked about his future endeavours, Jyoti told that he will continue to create such companies and solve problems for the rest of his life. As of now, Jyoti holds more than 30 patents related to complex software systems.