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Sachin Bansal bids Flipkart farewell, says will catch up on gaming, coding

10 Mai 2018

Flipkart which gained as much as 50 percent on a YoY growth, will still be lead by their CEO, Binny Bansal, as the other founders step down from the once small startup. "We were the best of friends in that group", Binny's Bansal said at an Editors' roundtable in New Delhi.

Forging what one news outlet described as possible "one of the largest revolving credit facilities of recent times", Walmart Inc. announced it has signed definitive agreements to become the largest shareholder in Flipkart Group.

"Building Flipkart into one of the world's most-valued tech companies will certainly be one of Sachin's legacies".

The two Bansals are not related but came to know each other as they were passing out of Indian Institute of Technology, Delhi in 2005 and made a decision to move to Bangalore, now known as Bengaluru.

Last year, in exchange for an equity stake, eBay which is one of the biggest global online market players, invested 500 million United States dollars and sold to Flipkart. More than anything else it's a very emotional moment for all of us, not just me.

After Sachin stepped down from his position, during an employee townhall meeting, he was bold and honest enough to say, "I am replaced as the CEO of the company because of the lack of performance". With the influx of this much money, Flipkart will be looking to make use of the U.S. retailer's knowledge and strategy on retail, grocery, and general stores. Both of us moved to Bangalore.

Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on.

"A company of the sheer scale and value of Flipkart was almost unimaginable back in 2008", the blog said. "This investment aligns with our strategy and our goal is to contribute to India's success story, as we grow our business". The company being featured in the Times 100 List of 2016 was testimony to his achievements.

"If I go back 10 years, its just awesome how we started what we did. Flipkart Singapore also operates Flipkart Malaysia, Flipkart Middle East, and other companies outside India". Moreover, Flipkart had an email too to "select sellers" offering them an opportunity to sell on platform, but nothing significant took off.

Accel said that Flipkart's success was mostly due to the company building its own delivery network and pioneering cash-on-delivery models.

The story thus far includes a narrative of offline versus online, and the pressure that the offline retailers have felt due to the billions of dollars that the online commerce businesses, Flipkart, found at their disposal nearly entirely because deep-pocketed foreign investors backed them - from New York's Tiger Global Management to Japan's Softbank Group Corp.

Sachin Bansal bids Flipkart farewell, says will catch up on gaming, coding