Sachin Bansal’s new plans after Flipkart-Walmart Deal
On Wednesday, Walmart acquired Flipkart for $16 billion; it is the world’s largest ecommerce deal and the US retail giant has acquired 77% of the Sachin and Binny Bansal Company. Co-founder Sachin Bansal will bid adieu to the company, let us know what his future plans are.
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Sachin Bansal?s new plans after Flipkart-Walmart Deal
On Wednesday, Walmart acquired Flipkart for $16 billion; it is the world?s largest ecommerce deal and the US retail giant has acquired 77% of the Sachin and Binny Bansal Company. 11 year old company Flipkart is now valued at $20 Billion.
Walmart?s acquisition has generated one of the largest pools of wealth for employees in India?s corporate history. The deal has lifted the total worth of Flipkart?s employee stock ownership plans, including unvested shares, to $2 billion (about Rs 13,455 crore)
Sachin Bansal will sell his remaining 5.5% stake for about $1 billion (Rs 6,700 crore) and exit the company. However, Sachin is seen to be less than happy, probably due to his sudden departure even though Binny Bansal will stay on. Company insiders say Walmart did not see a role for two cofounders on the board. So, Binny was the one who had to carry on.
Also Read: Why are Indian Startups Acquired Easily?
Sachin Bansal in a sentimental farewell note wrote;
"Sadly my work here is done and after 10 years, it?s time to hand over the baton and move on from Flipkart?
The co-founder also revealed his future plans, he plans to catch up on gaming and brush up his coding skills as he takes time off to finish a few pending personal projects.
Sachin in a facebook post wrote that, ?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.?
Hopefully, Sachin Bansal may come up with something that will surely be appreciated by all. Let us see and hope the wait will be worth it.
Recalling the cherished relationships and amazing experiences, Bansal said 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 said.
Speaking about Sachin?s exit, Binny Bansal said,
?Sachin and I go a long way back. For me it?s an emotional time that Sachin will not be part of the next phase of Flipkart?s journey."
After his decision to sell the entire 5.2 per cent stake to the US retail behemoth Walmart, Flipkart co-founder Sachin Bansal would likely take away around $1 billion from the mega deal. But, he would also have to pay around 20 per cent capital gains tax, if he sells his stake.
Walmart Flipkart Deal
Sachin Bansal Exits
Sachin Bansals New Plans