Sachin Bansal Goodbye Note : US retail behemoth Walmart has formally announced that it is buying home-grown e-retailer Flipkart. The $16 billion acquisition, the biggest ever in the e-commerce world will see Walmart acquiring a controlling 77 per cent stake in Flipkart with co-founder Sachin Bansal formally exiting the company. Binny Bansal, who co-founded Flipkart along with Sachin Bansal in 2007, will meanwhile stay on as the group CEO. Binny will, in addition, also serve as the executive chairman of the group.
The deal values the 11-year old Indian e-commerce firm at $20.8 billion, provided it gets regulatory approval, something that is expected to happen later this year.
The deal that’s being said to be impending since September 2016 is a fresh attempt by the Bentonville company to take on Amazon, in one of the biggest emerging markets in the world. Walmart was initially planning to pick a minority stake in Flipkart, however earlier this year, the talks pivoted to acquiring a larger share. And with the formal announcement, it’s clear, Walmart owns Flipkart now.
Sachin Bansal’s exit isn’t surprising since there have been reports that say he didn’t particularly approve the strategy and operating structure that was being proposed post the Walmart deal. He has now taken to Facebook to say goodbye to all the “Flipsters” wishing them all the luck for the future.
Here’s the full text of Sachin Bansal goodbye note:
Flipkart truly upheld audacity and customer centricity and I got to work with the best people. We took on some of the biggest challenges and solved many complex problems for India.
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!
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.
I will always cherish the relationships I’ve built and amazing experiences I’ve had.
Wishing all the best to the whole team.