Flipkart Group chief executive Binny Bansal explained a valid reason on co-founder Sachin Bansal’s exit in May.
since the $16-billion deal by Walmart to obtained the company, For the first time, Binny Bansal was spoken on the topic of Sachin Bansal’s exit.
In May, The Walmart deal had been announced after some time when Sachin Bansal left the company which was very surprising, and he was deeply connected with negotiation with Wallmart, Sachin Sachin Bansal started an online powerful e-commerce company Flipkart along with Binny Bansal in 2007 from an apartment in Bengaluru. it is supposed that Sachin Bansal is to make at least $1 billion after selling his 5.5% stake.
Sachin Bansal was The group chairman of Flipkart, In 2016, Sachin Bansal stepped down as the company’s CEO and get highly involved in the negotiations with Walmart.
On Saturday, over a fireside chat, Binny Bansal said Subrata Mitra, the partner at venture capital firm Accel that “Going forward, there are different things [Sachin] wants to do and I want to do, so that’s the decision we took. I think it was a good time because a major investor had come in,”
As per one of the source, Binny Bansal also accepted that his co-founder Sachin Bansal played a vital role to build this such a powerful organization and also added that he has his major contribution in building Flipkart into the behemoth it is today. it is also shared by Binny Bansal that he started the company from a 2BHK flat in Bengaluru and he has apparently told to Subrata Mitra that “Sachin played a very crucial role in building the company. He was the CEO for most of the time of the company, and his vision steered us to where we are,” even in the latter, it has explained that Binny as the “backend guy” and Sachin as the “vision” of Flipkart.
As per the report, what was happening in the company, created many issues and Sachin Bansal was very upset by all the things that was going in the company at that time , after that he decided to leave the company and according to a report that Walmart did not see a role for two cofounders on the board and wanted to maintain the prosperous partnership of Flipkart CEO Kalyan Krishnamurthy and group CEO Binny Bansal.
startup funding platform LetsVenture organized an event on Saturday in which Subrata Mitra told that “Every person has to decide for oneself what they want to do,” and he further added that “Even on the investor side, some are there (in Flipkart) and some are not. We each had to make up our minds,”