Flipkart co-founder, Sachin Bansal is planning to resign from his post as Walmart nears a deal to pick up a majority stake in India’s most valued internet company. According to reports, Walmart is keen on retaining only one of the founders post the deal worth $2 billion.
Sachin, 36, was an Amazon employee before he founded Flipkart along with his college mate, Binny Bansal in 2007. The co-founders collectively hold 10% stake in Flipkart.
People familiar with the negotiations said Walmart has been keen on retaining only one of the two founders as they fine-tune the deal.
“Sachin is most likely to leave and Binny will stay. Walmart has to make sure it buys off his shares, which is what is being worked out,” said a source. However, Walmart may retain co-founder Binny Bansal and the CEO Kalyan Krishnamurthy.
“Binny and Krishnamurthy have backed the deal with Walmart and the two are seen leading the final negotiations, which will likely result in a share purchase agreement by Walmart by early next week,’ another person close to the deal said.
Walmart is buying majority stake in Flipkart through a whopping deal of $8-10 billion.