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US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about $16 billion in its biggest acquisition till date. The deal values the 11-year old Indian e-commerce firm at $20.8 billion.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on.
Sachin and Binny, who are not related and formerly worked for Amazon.com Inc, like their US rival began by selling books when they founded Flipkart. Flipkart sealed the world’s largest e-commerce deal yesterday with Walmart, cementing India’s place in the global e-tailing league.
“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,” Bansal said in a Facebook post.
The emotional farewell post went on to say: “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart”.
Sachin Bansal said he will be “cheering from the outside” and urged Flipkart team to continue with the momentum.
“…But I’ll be watching and cheering from the outside — Flipsters, you better continue to do a good job!” he said.
Recalling the cherished relationships and “amazing experiences”, Bansal said that Flipkart had truly upheld customer centricity and that he got to work with the best people.
“We took on some of the biggest challenges and solved many complex problems for india,” Bansal reminisced.