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’.
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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.
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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.
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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.