When Flipkart Co-Founder Sachin Bansal Had To Return Amazon Employee Recommendation Bonus
Sachin Bansal on Wednesday announced exit from Flipkart Sachin's decision to exit a 'very emotional moment', says Binny Bansal Sachin Bansal and Binny Bansal had co-founded Flipkart in 2007
Flipkart, the largest Indian unicorn today, was co-founded by Sachin Bansal and Binny Bansal in 2007. Both alumni of IIT-Delhi (Indian Institute of Technology, Delhi), Sachin Bansal and Binny Bansal had previously worked with Amazon before setting up Flipkart. Sachin Bansal, who has announced his exit from Flipkart, was already with Amazon for a year when he introduced Binny Bansal. Sachin Bansal earned an employee bonus for recommending Binny Bansal at Amazon, which Sachin had to return as Binny left Amazon in just 8 months, news agency Press Trust of India reported. Both Sachin and Binny left Amazon in September 2007.
Flipkart group chairman Sachin Bansal on Wednesday announced his exit from the e-commerce company. His exit came in the wake of US retail giant Walmart announcing a deal to acquire Flipkart. "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart. But I'll be watching and cheering from the outside - Flipsters, you better continue to do a good job!" Mr Bansal said in a Facebook post.
In a media briefing the next day, Flipkart group CEO Binny Bansal said Sachin's decision to exit the company was a "very emotional moment".
"More than anything else, it is a very emotional moment for all of us. Sachin and I go a long way. We met in 2005 when we were passing out (of IIT, Delhi). Both of us moved to Bangalore. We were a group of 8 friends from IIT Delhi and we used to hang out together all the time and we were best of friends," said Binny recalling the Flipkart journey. "I think both of us have been sort of a pillar of support to each other," he said, wishing Binny very best for his future endeavours.
Asked whether he tried to convince Sachin to stay with the company, Binny said: "That's an understatement."
Flipkart on Wednesday sold a 77 per cent stake to US-based Walmart group in a deal that valued the Indian e-commerce company at $20.8 billion. Sachin sold his 5.5 per cent stake for about $1 billion and exited the company, Press Trust of India reported. Binny decided to continue with the company.
Sachin Bansal and Binny Bansal had started Flipkart with a capital of Rs 4 lakh, according to PTI, initially selling books online.
"We would do whatever it takes to do the business. He and I would ride my bike for 40-50 km every day in Bangalore, picking up books from various distributors, coming back, packing them (for dispatch to customers who had ordered)," Binny said.