The Flipkart founder Sachin Bansal has decided to sell his stake for $1 billion to Walmart and move on from the company he founded eleven years back. According to the media reports, Sachin Bansal has already resigned and the Co-Founder, Binny Bansal is the new CEO. Sachin held 5.5 per cent of stake in Flipkart.
Announcing his decision in a social media post, Sachin wrote, “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."
He further 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.”
Earlier today, Global retailer Walmart announced that the company is taking a majority stake of 77 per cent in the Indian e-retailer for a whopping 16 billion dollars.
Commenting on the development, Judith McKenna, President and CEO of Walmart International, said, “Flipkart has established itself as a prominent player with a strong, entrepreneurial leadership team that is a good cultural fit with Walmart.”
This investment is of immense importance for India and will help fuel our ambition to deepen our connection with buyers and sellers and to create the next wave of retail in India, said Binny Bansal, Flipkart’s co-founder and Group Chief Executive Officer.
He added, “Walmart is the ideal partner for the next phase of our journey, and we look forward to working together in the years ahead to bring our strengths and learnings in retail and eCommerce to the fore.”
Founded in 2007, the company has grown rapidly and earned customer trust, leveraging a powerful technology foundation, including artificial intelligence, and emerging as a leader in electronics, large appliances, mobile and fashion and apparel. Flipkart’s supply chain arm, eKart, serves more than 800 cities, making 500,000 deliveries daily.
Pic Courtesy- She The People TV