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Co-founder Sachin Bansal quits Flipkart following Wallmart takeover

11 May 2018

However, Assocham Secretary General D S Rawat has said he sees the Walmart-Flipkart deal as a salute to the success of an Indian start-up that pioneered the fledgling online retailing in a country where bulk of the trade is in the unorganised sector. Now the story changes though, from an Indian and American firm fighting it out, to India being the new battleground for the Walmart vs Amazon contest.

Revenue officials said the buyout transfer amount would be taxable based on the indirect transfer-related provisions under Section 9 (1)(i) of the income tax act introduced in 2012.

The Walmart-Flipkart deal, said to be the largest e-commerce deal in the world, has set the ball rolling for renewed investment into the Indian company, which is losing money with no short-term path to profits. "Only about 15% of India's 1.3 billion people shop online, according to research firm Gartner", Sarah Nassauer and Corinne Abrams write for the Wall Street Journal. Both have contested the tax demands. "It is pretty clear that this (deal) is good for customers and would create jobs and help society", he said at a select media roundtable here. "We deal with the government at all kinds of levels all the time. we have met before and I am sure will meet again".

"Flipkart's scale of business will grow immensely post the deal with Walmart as the U.S. retailer has deep pockets and better experience in handling global market", said Nrusingha Charan Barik, who is in charge of the delivery partner of Flipkart in Odisha.

RSS affiliate Swadeshi Jagran Manch has alleged that United States retail giant Walmart was "circumventing" rules for a "back-door entry" into India with its USA $16 billion majority stake acquisition of Flipkart and sought Prime Minister Narendra Modi's intervention to safeguard "national interest".

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Flipkart and Walmart will maintain distinct brands and operating structures post this investment, he said promising that Flipkart will continue to remain a marketplace where sellers from around the country can connect with customers. More than anything else it's a very emotional moment for all of us, not just me.

"When I met Sachin for the first time, he had been mandated to work through the summer to fulfil course requirements, while I was on a project at the FPGA hardware lab". We met in 2005 when we were passing out (of IIT, Delhi).

Three investors in particular will see quick and big windfalls as part of the deal, even as some hold onto shares in the Walmart-guided e-commerce company.

Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on.

According to industry experts, it could use its Best Price stores as pickup and delivery points to service online sales made on Flipkart. It will now open around 50 new stores over the next 4-5 years. Plans are on track. Through the last 10 years the one thing that helped both of us was shared values and making sure that we do the right thing for the customers, solve every problem, the technologies.

Co-founder Sachin Bansal quits Flipkart following Wallmart takeover