New Delhi: Flipkart co-founder Sachin Bansal exited the business by selling his entire stake of over 5 percent for around Rs 7,000 crore to Walmart. US retail giant Walmart has formally announced that it is buying 77 percent of Flipkart's stake for USD 16 billion (Rs 1.02 lakh crore).
Sachin had once categorically said in an interview that he will never sell Flipkart, but after seeing ups and downs in business through 11-years, the e-commerce co-founder has finally quit.
He wrote a very emotional post on Facebook, hours after the formal announcement was made saying that he will be “watching and cheering from the outside”.
Sachin and Binny Bansal started Flipkart in 2007 with Rs 4 lakh, going door-to-door to deliver books, they had no intention to sell their company irrespective of the valuation.
Binny, not related to Sachin, will retain his 5.5 percent stake and will be Chairman of the company's Board. After working for e-commerce giant Amazon, the two friends set up Flipkart.
Sachin comes from a business family, while Binny's father was a banker and mother a public servant.
He started his career with an IT firm Techspan in 2005 and then joined Amazon Web Services in January 2006. Binny joined Amazon in January 2007 after working for an IT firm Sarnoff.
The Chandigarh duo envisaged making shopping easier. Sachin started operations of Flipkart in August 2007 and was joined by Binny Bansal about a month later.
In January 2016, Sachin had to give up his role as Chief Executive Officer at the company reportedly due to performance related issues.
Flipkart rejigged its management and Binny took over as CEO. A year later, Kalyan Krishnamurthy was elevated to the position of CEO of Flipkart.