After Binny Bansal, Sachin may exit from Flipkart

Posted May 04, 2018

India is a critical market for both Walmart and Amazon and a deal with Flipkart would help either player in consolidating their position in the booming e-commerce market here.

Amazon has emerged as new contender for Indian e-commerce giant Flipkart.

Although Sachin's exit from Flipkart looks imminent, Walmart is holding on to Kalyan Krishnamurthy, the web retailer's present chief executive, TOI further said citing sources. According to reports all major investors in Flipkart, including SoftBank of Japan, are on board with Walmart's purchase and the deal could be announced in the coming days.

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Another senior executive at Flipkart who spoke to Moneycontrol on the condition of anonymity said that the top management has not communicated anything about any deal to the employees, and even if a deal was to happen, employees are not expecting any visible change in the way the company operates.

Apart from a 60 percent stake, Amazon also offered Flipkart a breakup fee of USA $2 billion, the channel further said in its report.

The sources added that Sachin Bansal, founder of Flipkart, was in the U.S. last week to oversee final lap negotiations with Walmart.

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People familiar with the negotiations said Walmart has been keen on retaining only one of the two founders as they fine-tune the deal. The valuation is said to be what was making rounds on the internet, i.e. $20 Billion. SoftBank and Tiger Global are the two largest investors in Flipkart, with the likes of Naspers, Accel Partners, and DST Global being the other key shareholders.

The newspaper report that Walmart wants Group CEO Binny Bansal and Krishnamurthy to have more crucial rules in the company.

US-based fund house Valic, which holds around 4,502 shares in Flipkart, and Vanguard World Fund, which has four lakh shares, have pegged the valuation of the e-commerce company between United States dollars 15 billion and USD 19 billion.

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