Flipkart co-founder Binny Bansal’s next act is aimed at helping the next generation of startup founders in India.
Bansal already etched his name into India’s startup history after U.S. retail giant Walmart paid $16 billion to take a majority stake in Flipkart’s e-commerce business to expand its rivalry with Amazon. Things turned sour, however, when he resigned months after the deal’s completion due to an investigation into “serious personal misconduct.”
In 2019, 37-year-old Bansal is focused on his newest endeavor, xto10x Technologies, a startup consultancy that he founded with former colleague Saikiran Krishnamurthy. The goal is to help startup founders on a larger scale than the executive could ever do on his own.
“Person to person, I can help 10 startups, but the ambition is to help 10,000 early and mid-stage entrepreneurs, not 10,” Bansal told Bloomberg in an interview.
Bansal, who started Flipkart in 2007 with Sachin Bansal (no relation) and still retains a four percent share, told Bloomberg that India-based founders are bereft of quality consultancy and software services to handle growth and company building.
“Today, software is built for large enterprises and not small startups,” he told the publication. “Think of it as solving for startups what Amazon Web Services has done for computing, helping enterprises go from zero to a thousand servers overnight with no hassle.”
“Instead of making a thousand mistakes, if we can help other startups make a hundred or even a few hundred, that would be worth it,” Bansal added.
Bansal served as Flipkart’s CEO from 2007 to 2016 before becoming CEO of the Flipkart Group. He declined to go into specifics of the complaint against him at Flipkart — which reports suggest came about from a consensual relationship with a female employee — and, of the breakdown of his relationship with Sachin Bansal, he said he’s moved on to new things.
It isn’t just xto10x Technologies that is keeping him busy. Bansal is involved in investment firm 021 Capital, where he is the lead backer following a $50 million injection. Neither role at the two companies involves day-to-day operations, Bloomberg reported, but, still, Bansal is seeding his money and experience to shape the Indian startup ecosystem.
Source: New feed