From H-1B Visa Holder To $2.3 Billion Net Worth: How Jyoti Bansal Became the Newest Billionaire in Silicon Valley
From H-1B Visa Holder To $2.3 Billion Net Worth: Indian-origin entrepreneur Jyoti Bansal has become the newest billionaire in Silicon Valley, a milestone that highlights the disproportionate role immigrant founders play in America’s digital industry at a time when the US is still debating immigration and tightening scrutiny surrounding H-1B visas. After spending years on a work visa and coming to the US from India with just a few hundred dollars, Bansal is now assessed by Forbes to be worth USD 2.3 billion.
His 30% ownership in Harness, an AI-powered software delivery business that was recently valued at USD 5.5 billion after obtaining USD 240 million in new investment, is a major source of his fortune.
Jyoti Bansal’s Childhood
Bansal started his career studying computer engineering at the Indian Institute of Technology (IIT) in Delhi. Bansal focused his eyes on Silicon Valley after being inspired by the success of alumnus Sabeer Bhatia, the co-founder of Hotmail, and by visits from Microsoft co-founder Bill Gates.
He navigated the years of uncertainty typical of foreign IT professionals after moving to the US on an H-1B visa. “The problem, which I find very ironic, is that if you’re on an H-1B visa, you’re not allowed to start a company and create more jobs,” Bansal said.
Constructing AppDynamics
In 2008, after receiving a green card, Bansal established AppDynamics. As more firms went online, the company created software that aided large digital platforms in promptly identifying and fixing technological issues. Priceline and Netflix were among the first customers.
Bansal said, “Netflix was just getting started with their streaming business.” Consider a disgruntled customer who is watching a video that keeps buffering. We assisted engineers in ensuring that bugs were either avoided or quickly repaired.
Just before to a scheduled IPO, Cisco paid USD 3.7 billion to purchase AppDynamics in 2017. AppDynamics currently brings in over $1 billion a year for Cisco, while Bansal made hundreds of millions.
A Second Harness Act
Bansal established Harness with the goal of automating and streamlining software testing and deployment after a short attempt at retirement at the age of 39. “Banking, airlines, transactions, and the entire world rely on code, and that code requires a safety harness,” he said.
Institutional Venture Partners, Menlo Ventures, and Goldman Sachs Alternatives led the most recent fundraising round. Bansal, who has been a citizen of the United States since 2016, supports laws that draw in talent from across the world. He said, “Anything that eliminates that advantage is short-term thinking and not good for the country.”