Flipkart Group CEO Binny Bansal shared some details on co-founder Sachin Bansal’s exit in May. “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,” he told Subrata Mitra, partner at venture capital firm Accel, over a fireside chat at an event on Saturday. Startup
According to The Economic Times, Binny also acknowledged his co-founder’s contribution in building Flipkart into the behemoth it is today, starting out from a 2BHK flat in Bengaluru.
Sachin Bansal and Binny Bansal CEO of Flipkart
“Sachin played a very crucial role in building the company. The latter, in fact, defined Binny as the “backend guy” and Sachin as the “vision” of Flipkart.
The report added that the CEO also reminisced about how the duo decided on their venture and how they came about their respective roles in it. The IITians initially wanted to start a shopping comparison engine but eventually decided to start a shopping website because of a dearth of good online retail platforms in India over a decade ago.
Startups of Bansal’s is Flipkart
“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,” Binny said, adding, “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.”
Following this, Sachin had to sell his entire 5.5 per cent stake in Flipkart, sign a non-compete clause with the company and bow out, albeit a much richer man.
But I’ll be watching and cheering from the outside – Flipsters, you better continue to do a good job!”