Wanted Sachin to stay on: Binny Bansal

Flipkart Chart2

"Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart's license to use the eBay.in brand", said the company in a statement.

South African Internet and entertainment firm Naspers has sold its entire 11.18% stake in Indian e-commerce firm Flipkart to Walmart for $2.2 billion. Sachin Bansal earned an employee bonus for recommending Binny Bansal at Amazon, which Sachin had to return as Binny left Amazon in just 8 months, news agency Press Trust of India reported. Sachin and I go a long way.

While Binny chose to continue with the company, Sachin, 36, exited. "We were a group of 8 friends from IIT Delhi and we used to hang out together all the time and we were best of friends", said Binny recalling the Flipkart journey. Its latest acquisition thus pits the veteran brick-and-mortar retailer directly in opposition to arch-rival and global online retailer Amazon, both in India and overseas. The move will see a boost in funds for the Indian e-tailer which will work under Walmart to accelerate the USA retailers Indian business. As a company, we are transforming globally to meet and exceed the needs of customers and we look forward to working with Flipkart to grow in this critical market.

Meanwhile, Sachin Bansal himself bid adieu to his colleagues at Flipkart in an emotional post on Facebook saying: "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart".

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For its India operations, the company's focus will be initially on cross-border trade, assisting domestic buyers and sellers to connect with global businesses on their platform. We took on some of the biggest challenges and solved many complex problems for India. He and I would ride on my bike 40-50 kms a day in Bangalore picking up books of various distributors, coming back packing them.

The company has since grown and crossed 100 million registered customers in 2016. At present, Flipkart CEO Kalyan Krishnamurthy is and he will remain in this role. In the fiscal year ended 31 March, Flipkart reported sales of $4.6 billion.

On January 9, 2017, Kalyan was declared Flipkart CEO - the first non-founder CEO of an Indian startup Unicorn, while Binny became Flipkart Group CEO.

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