Really sad to see Sachin leave Flipkart, says co-founder Binny

New Delhi, May 10

They were considered the Jai-Veeru of the Indian startup panorama, and when one decided to finally exit the company they founded 11 years ago, it was really a sad moment for the other.

Sachin Bansal’s decision to exit Flipkart after its takeover by Walmart was a “very emotional moment”, said the company’s co-founder Binny Bansal. Asked if he didn’t try and convince Sachin to stay on, Binny, 35, said: “That’s an understatement.”

Editorial:

As US retailer Walmart acquired a majority stake in Flipkart, Sachin sold his 5.5 per cent stake for about $1 billion and exited the company.

The two Bansals, both from Chandigarh, are not related but came to know each other as they were passing out of Indian Institute of Technology, Delhi, in 2005 and decided to move to Bangalore, now known as Bengaluru.

They launched Flipkart in 2007 as the ‘Amazon of India’. It was valued at close to $21 billion as Walmart on Wednesday bought 77 per cent stake in it for $16 billion. While Binny decided to continue with the company, Sachin, 36, exited. “Sachin and I met in 2005 when we were passing out (of IIT, Delhi). Both of us moved to Bangalore. We were a group of eight friends from IIT-Delhi and we used to hang out together all the time,” said Binny. “I think both of us have been sort of a pillar of support to each other.”

In a Facebook post, Sachin said his work at Flipkart “is done” and “it’s time to hand over the baton and move on”.

After moving to Bangalore, Sachin joined Amazon and recommended Binny, earning an employee recommendation bonus. He, however, had to soon return it as Binny left Amazon in just eight months. The two then started a company together with Rs 4 lakh capital. 

Just like Amazon, it started with selling books online.

“He and I would ride my bike for 40-50 km every day, picking up books from distributors, coming back, packing them (for dispatch to customers),” Binny said. The company crossed 100 million registered customers in 2016. “Through the last 10 years, one thing which really held both of us together was the shared values and making sure we do the right thing for the customer,” he said, adding that both ensured that they thought big and audacious. — PTI