Following his exit from India’s e-commerce major Flipkart, after world’s largest retailer Walmart picked up a 77% stake for $16 billion, co-founder Sachin Bansal said that his work is done, and it’s time to move on.
Walmart-Flipkart $16 billion deal: Following his exit from India’s e-commerce major Flipkart, after world’s largest retailer Walmart picked up a 77% stake for $16 billion, co-founder Sachin Bansal said that his work is done, and it’s time to move on. Walmart CEO Doug McMillan confirmed Sachin Bansal’s exit from the firm, adding that there are no other major changes in the leadership. “Don’t see more changes in leadership apart from Sachin Bansal’s exit,” Doug McMillan, CEO, Walmart said while addressing the Flipkart employees after the deal.
Notably, Sachin Bansal will sell his entire 5.5% stake for about $1billion and exit the company he co founded with IIT Delhi college mate Binny Bansal, leaving behind questions on his abrupt departure. “Flipkart truly upheld audacity and customer centricity and I got to work with the best people. We took on some of the biggest challenges and solved many complex problems for india,” Sachin Bansal said in a Facebook post.
Taking stock of his decade long stint in the e-commerce major, Basal said, “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart. But I’ll be watching and cheering from the outside — Flipsters, you better continue to do a good job!”
While there are various rumours regarding his decision to move on, with media reports suggesting that Sachin not agreeing to Walmart’s terms could be a factor, Sachin Bansal said that he will be taking the time off to complete some personal projects. “I’ll be taking some long time off and focus on finishing a few personal projects which I haven’t been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills,” he said.
Even as Sachin Bansal moves on, co-founder Binny Bansal will stay on as Flipkart Group CEO, along with Flipkart CEO Kalyan Krishnamurthy. Tencent and Tiger Global will continue on the Flipkart board, joined by new members from Walmart. The company said that the final make-up of the board has yet to be determined, but it will also include independent members.