After an inglorious exit from Walmart-acquired Flipkart, Binny Bansal has moved on to work in a startup he has co-founded with a former colleague. Bansal, Flipkart Group CEO and co-founder resigned in November following a probe into an alleged "serious personal misconduct", the firm's new parent Walmart said. Bansal, 37, strongly denied the allegation, the American retail giant said in a statement.
Bansal is now focused on xto10x Technologies, a startup he has co-founded with former colleague Saikiran Krishnamurthy, according to a Bloomberg report. The platform is said to be a mix of SAP, Coursera and McKinsey for startups, media reports said. The startup is focussed on helping other startups. Bansal has set up an office in Bengaluru and put together a team as well with a few startup customers, the report said. Bansal's ambitious dreams include helping 10,000 early and mid-stage startups, the Bloomberg report said.
The startup, funded by Bansal and Krishnamurthy, aims to help other startups across the world transform product-market fit and initial business momentum into at-scale, world-class companies, according to the xto10x website.
He refused to dwell on the unsavoury episode that led to his ouster from Flipkart. Instead, he told Bloomberg that he has 'moved on'.
Bansal invested in Crio.do, a learning platform for developers. The platform raised $1 million in seed funding led by Bansal along with other prominent members who were earlier employees of Flipkart, according to The Economic Times report.
Bansal, a former employee at Amazon, continues to be a large shareholder in the company and serve as a member of the board of directors. He had co-founded Flipkart in 2007 with his IIT-Delhi batchmate Sachin Bansal. Sachin left the company following its $16-billion acquisition by US retail behemoth Walmart in May 2018.
Hailing from Chandigarh, Bansal is one of India's best-known entrepreneurs after starting Flipkart in 2007 with Sachin Bansal. The duo, who hail from the same city but who are not related, formed Flipkart shortly after quitting Amazon.
Originally an online bookstore run out of a two-bedroom apartment in India's technology hub of Bengaluru, Flipkart grew over the next decade to become India's most valuable technology start-up. Its units include Flipkart, which sells general merchandise, the clothing and accessories retailer Myntra, the fashion portal Jabong and PhonePe payments app. Walmart has said it may make an initial public offering of Flipkart publicly within the next four years.
--With inputs from agencies