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Sachin Bansal bids adieu to Flipkart in the emotional Facebook post stating he plans to catch up on gaming and brush up his coding skills as he takes time off to finish few pending personal projects.
Walmart Inc on Wednesday bought 77 per cent stake in Flipkart for 16 billion, valuing the company at $21 billion, which is the world’s biggest e-commerce deal ever. Sachin Bansal will sell his 5.5 percent stake in Flipkart for an approximate value of Rs 7650 crore.
According to reports, Sachin Bansal started having differences with the management while the Walmart and Flipkart deal was getting finalised.
Sachin Bansal said in a Facebook post, “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,”
This is the emotional time for Sachin Bansal as he co-founded Flipkart with Binny Bansal in 2007 from an apartment in Bengaluru. He would now exit the company, while Binny will continue as group CEO with the company.
Sachin said in his Facebook post “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart …But I’ll be watching and cheering from the outside Flipsters, you better continue to do a good job!”
Remembering the 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.
Walmart yesterday stated in the press release, “The remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp.” It excluded the name of Sachin Bansal who currently holds more than 5.5% stake in the company.
With inputs from PTI
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