Post Walmart-Flipkart deal announcement, Sachin Bansal bids adieu - News Summed Up

Post Walmart-Flipkart deal announcement, Sachin Bansal bids adieu


Following the announcement of Walmart's acquisition of a major stake in Indian e-commerce major, Flipkart, the latter's co-founder Sachin Bansal announced the end of his ten-year-long tenure wih the company. On Wednesday, the American retail major Walmart announced acquiring 77 percent stake in Flipkart against an initial payment of USD 16 billion (over 1 lakh crore). An ex-IITian, Sachin, along with Binny Bansal, founded Flipkart in 2006, with a starting investment of around Rs.4, 00,000. Also read Walmart get India foothold, Flipkart gets wingsHowever, Sachin was ousted as the company's chief executive officer in 2016. Meanwhile, Krish Iyer, the president and chief executive officer of Walmart India will continue to lead that part of operations.


Source: dna May 10, 2018 07:52 UTC



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