Flipkart Co-founder Binny Bansal Ventures into a New Startup
Binny Bansal, the co-founder of Flipkart is planning for a new startup which will cater to all the technology tools, learning and consulting services to looming startups. Owing to this, Bansal recentlyresigned from his current position as group CEO at India’s most admired e-commerce unicorn. And there is a hearsay about his new venture already, The Economic Times reported.
The brand-new startup initiated by Bansal is to be named xto10x Technologies which is currently in its concept stage. It was further decided that this set-up would be funded by Bansal and Saikiran Krishnamurthy, the former McKinsey consultant and head of supply chain unit, eKart from 2015 to 2017. The dyad is also looking to hire a team by January 2019, the news daily revealed.
What will xto10x Technologies aim to Offer?
Well, the xto10x Technologies will specialise in offering three kinds of products and services namely a product suite across strategy, data science and execution – a learning platform with curated courseware, events and reference cases and consulting and mentoring to help new founders.
One of the prime objectives of xto10x Technologies is to “disrupt traditional consulting firms with tech-backed solutions and tools which do not require hundreds of partners,” quoted a source.
Also, this startup is basically “a mix of SAP, Coursera and McKinsey for startups as they want to create a new-age consulting model”, a source reported the news daily.
Other Important Highlights
The reports also disclosed that the Chief Executive Officer (CEO) of xto10x Technologies would be Krishnamurthy while Bansal would take the place of the Executive Chairman.
Apart from this, Sachin Bansal, the former partner of Flipkart has set his focus on two thriving industries which include agriculture and finance technology. He has also plans of setting up a new holding company where he will soon instigate new business and fresh investments soon.
Sachin Bansal also publicly declared his resignation after the global retail giant Walmart in May said that it would buy 77 per cent of Flipkart for $16 billion to enter into India’s growing e-commerce market.
The Binny-Sachin Equation
Binny Bansal and Sachin Bansal shared a very good rapport while at Flipkart. Binny Bansal did share his views about Sachin recently in Business Today. He said “Going forward, there are different things [Sachin] wants to do and I want to do, so that’s the decision we took. I think it was a good time because a major investor had come in.”
According to The Economic Times, Binny also added that “Sachin played a very crucial role in building the company. He was the CEO for most of the time of the company, and his vision steered us to where we are,” he told. The latter, in fact, defined Binny as the “backend guy” and Sachin as the “vision” of Flipkart.
There are reports which also revealed as to how the IITians wanted to start a shopping comparison engine but later decided to start a shopping website because of the paucity of good online retail platforms in India over a decade ago.
In Binny’s words, “In the beginning, we hadn’t defined our roles. He was better at doing things like designing the website and (search engine optimisation), while I couldn’t get my head around it. On the other hand, I was more intuitive in meeting vendors and building the catalogue. These gradually became the roles. Sachin would think of how to grow the business and how to get customers, while I would think of how this could work at 10x the scale.”
Nevertheless, Binny reported that the future of Flipkart seems to be extremely bright as in the next 30 years it will outshine in the financial sector as well. Let us hope for the best.