Flipkart co-founder Sachin Bansal quit as Walmart wanted only one founder on the board: Report
Recently Walmart Buys Major Stake In Flipkart. Walmart was engaged in a race with e-commerce giant Amazon to acquire majority stake in Flipkart, and the two firms have been negotiating a deal for more than a year. While Walmart's investment in Flipkart is a good sign for India's startup ecosystem, it did come with one big surprise. Flipkart co-founder Sachin Bansal decided to leave the startup he co-founded with Binny Bansal in 2007. Bansal is selling his 5.5 percent stake for about $1 billion, and will exit the company.
Now, ET claims Bansal was deeply engaged in the negotiations with Walmart, and was even planning to buy more shares and not sell his stake. However, his exit seems to have been driven by the fact that Walmart did not see a role for both the co-founders on the board of the e-commerce startup.
"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 wrote in a Facebook post. "I'll be taking some long time off and focus on finishing a few personal projects.