Binny Bansal negotiates $100 Mn payout from Walmart after Flipkart exit
Flipkart former group CEO and Chairman Binny Bansal has been negotiating fresh terms to receive cash payouts from Walmart.
Bansal, who has a 4.24 per cent stake in Flipkart, after his exit might get an immediate payment of about $100 million, according to sources close to the development.
The rest of the amount will be paid by August 2020, they added.
As per his contract before exit, Flipkart co-founder will receive cash from Walmart for half of his stake in Flipkart after two years. Binny Bansal is said to use the payments from Walmart to invest in his second startup, said a Mint report.
After Flipkart exit, Binny is teaming up with former Flipkart executive and Mckinsey consultant Saikiran Krishnamurthy to launch another startup called xto10x.
The startup will be a combination of SAP, Coursera and McKinsey for startups as they want to create a new-age consulting model, persons close to the development were quoted as saying to ET.
Bansal‘s second venture is aimed to disrupt traditional consulting firms with tech-backed solutions and tools for strategy and operation solutions. It will serve series B and C startups. Apart from offering mentoring and helping startups with scaling, it will also create and curate courseware, events reference cases and access to mentors, they added.
Saikiran is reported to don the role of CEO in the venture whereas Binny will be serving as Chairman. Besides, Bansal has made the investment in over 20 startups, including SigTuple, Roposo and Ather Energy.
In November, Binny had quit from his group CEO and chairman roles at Flipkart following allegations of sexual assault, lack of due diligence, and evidence of lapses in judgement.
However, Binny had denied all the charges against him.
In May, Flipkart’s another co-founder Sachin Bansal had also quit abruptly. Sachin has started up his own VC firm with the money he made through the very deal.
Source: Entrackr
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