Sachin Bansal, Founder & Executive chairman of Flipkart (India’s largest e-commerce company ) may exit the company after Walmart deal as per reported by ET.
Sachin Bansal & Binny Bansal started Flipkart in 2007 after leaving Amazon. Sachin Bansal is also the longest servicing CEO of the company and currently hold 5.5 % shares in the company. If the deal with Walmart happens at a valuation of $20 billion will be worth over $1 billion.
As per some reports, Walmart may spend somewhere between $8 billion and $12 billion to buy a majority stake in Flipkart. A report by FactorDaily suggests the company could go as high as $14.6 billion. Some sources have said that Flipkart is valued at over $20 billion. Flipkart is yet to confirm the deal. Walmart will likely announce the deal over the coming days.
The exit of the founders cannot be decided until the deal is completely done but Walmart had said that it wants both Sachin and CEO Kalyan Krishnamurthy who have been actively running the day-to-day operations.
Over last 2-3 years, Sachin Bansal has been focusing on building out private label brand called ‘Billion’ under Flipkart, besides looking at government affairs.
According to TOI, Flipkart’s largest investor SoftBank and Bansal were aligned in pursuing a merger deal with Amazon, which didn’t get the backing of the majority shareholders.
Sachin Bansal if takes the exit will focus on a new startup again and mentor entrepreneurs.
As per a data from CB Insights, Sachin had invested in 13 Startups ( SigTuple, Pandorum Technologies, Unacademy, Intelligent Interfaces, PlaBro Networks, MadRat Games, Wrig Nanosystems, InShorts MediaLabs, Ather Energy, MadRat Games, Touchtalent, Team Indus )