Former Flipkart CEO, Binny Bansal, plans to launch a tech startup

Binny Bansal (File Photo)

A month after leaving from Flipkart, Binny Bansal is planning to launch a tech startup with former McKinsey consultant Saikiran Krishnamurthy.

The Flipkart cofounder resigned abruptly from his position as group CEO at India’s most valued ecommerce unicorn after allegations of ‘personal misconduct’.

ALSO READ: Flipkart co-founder resigns after allegations of personal misconduct

While he was cleared of the charge, parent company Walmart, which now owns more than 81% stake in the company said, ‘that the investigation revealed other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation.’

Bansal along with former McKinsey consultant Saikiran Krishnamurthy, is launching a Bengaluru-based tech company – XTo10X Technologies – offering technology tools, learning and consulting services to growth-stage startups which are looking to scale up, according to a report by Economic Times.

ALSO READ: Bowery, an indoor farming startup, raises $90 million from Alphabet, others

While Krishnamurthy’s LinkedIn profile was updated to founder of XTo10X Technologies in October 2018, Bansal’s profile shows no such signs yet.

Krishnamurthy has worked for a year with Flipkart, between 2015-16, and was the head of eKart (Flipkart supply chain business). Since then, he has held the position of head – Marketplace with Ola for 11 months starting September 2017.

ALSO READ: Ninjacart raises Rs 250 crore in series B funding from Accel US, Syngenta, others

Both the cofounders are said to have invested the initial funds into the new venture. “Still at the concept stage, the company is looking to hire a team by January next year, as it tests out its product with a clutch of startups,” an ET report said.

Newsmobile could not independently confirm the report.

The new startup will target Series B and Series C startups. It will offer them software tools, consulting on a self-serve model, and mentorship and learning – a mix of SAP, Coursera and McKinsey for startups, the ET report said.

 

Click here for Latest News updates and viral videos on our AI-powered smart news genie

LEAVE A REPLY

Please enter your comment!
Please enter your name here