Sachin Bansal will reportedly be selling his entire 5.5% stake in the company for $1 billion to Walmart.

My work here is done Sachin Bansal exits from Flipkart to focus on personal projects
Atom Flipkart-Walmart Thursday, May 10, 2018 - 09:55

Confirming his exit post the Walmart-Flipkart deal, co-founder and executive chairman, Sachin Bansal took to Facebook to announce his departure from the over 10-year old ecommerce major that he co-founded and built.

“Flipkart truly upheld audacity and customer centricity and I got to work with the best people. We took on some of the biggest challenges and solved many complex problems for India. 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!” he said in the post.

Sachin Bansal will sell his entire 5.5% stake in the company for $1 billion to Walmart after the latter acquired a controlling stake in Flipkart.

Reports suggest that Sachin wasn’t happy with the strategy and operating structure that would be put in place post the deal.

Sachin said in his post that he will be taking a long time off to focus on finishing a few personal projects that he hasn’t been able to find time for.

“Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills. I will always cherish the relationships I’ve built and amazing experiences I’ve had. Wishing all the best to the whole team,” he said.

Apart from Sachin’s exit, Walmart CEO has said that there wont be any more major changes to the management of Flipkart.

In a deal announced on Wednesday, Walmart has acquired roughly 77% stake in Flipkart for approximately $16 billion.

Walmart’s investment includes $2 billion of new equity funding. Walmart and Flipkart are also in discussions with additional potential investors who may join the round, which could result in Walmart’s investment stake moving lower after the transaction is complete. 

Apart from Sachin, SoftBank and Naspers too have exited fully.

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