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<ul><li>Walmart had acquired <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> for a whopping $16 billion, giving exits to both founders Sachin and Binny Bansal.</li><li><keyword id="225032" type="General" weightage="20" keywordseo="sachin-bansal" source="Orion">Sachin Bansal</keyword> went on to found his financial products and services company Navi Technologies, which is now looking to go public.</li><li>Yet Sachin Bansal is still dealing with eight lawsuits related to his tenure at the ecommerce titan Flipkart.</li></ul>It has almost been four years since Sachin Bansal formally gave up all leadership responsibilities of Flipkart, yet he is still dealing with eight lawsuits related to his tenure at the ecommerce titan. The <a href="https://www.businessinsider.in/stock-market/news/flipkart-cofounder-sachin-bansals-latest-venture-navi-files-draft-papers-for-3350-crore-ipo/articleshow/90172988.cms">draft red herring prospectus (DRHP) of Navi Technologies</a>, Bansal’s latest entrepreneurial venture, revealed that there are currently thirteen lawsuits and litigations filed by or against the 40-year-old. While some of these matters are related to Bansal’s personal life, others are all around his stint at Flipkart. The <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">latest one of this is by Enforcement Directorate</a> (ED), where the state-run financial investigation agency issued a show cause notice against <keyword id="2119269" type="General" weightage="20" keywordseo="flipkart-founders" source="Orion">Flipkart founders</keyword> Sachin and Binny Bansal in July 2021. The agency asked both the founders why they shouldn't face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act (FEMA) between 2009 and 2015. The notice was also sent to investors Accel, Tiger Global, Accel nominee director Subrata Mitra, and Tiger Global nominee director Lee Fixel, who had invested in Flipkart before it was acquired by Walmart in 2018. In response, Sachin Bansal filed a <a href="https://www.businessinsider.in/business/news/flipkarts-sachin-bansal-moves-madras-high-court-challenging-ed-notice/articleshow/85903371.cms">writ petition before Madras High Court </a>in August to challenge the show cause notice. The matter is currently pending before court. However, ED has not taken any steps in the matter so far. “...If any adverse order is passed against the Promoter [in this matter], such outcome may have an adverse impact on the reputation of our Company and may also affect the business prospects of our Company [Navi],” the DRHP noted. There are six matters where petitions have been filed against Flipkart between 2015 to 2021, where Bansal has been made a party “due to his past associations with Flipkart”, the DRHP read. “Our Promoter has not received any notice or summons nor has any access currently to any information pertaining to these matters,” it further added. Flipkart has also filed a case in Madhya Pradesh High Court against an individual. Bansal is mentioned as a petitioner. All these matters are currently pending in court. US retail giant Walmart had acquired Flipkart for a whopping $16 billion, in exchange for 77% stake in the ecommerce giant, in May 2018. Sachin Bansal had exited the company soon after the acquisition, whereas Binny Bansal still holds around 2.4% in the company. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a> <a href="https://www.businessinsider.in/business/corporates/news/ebixcash-has-four-businesses-but-only-one-of-them-is-pulling-in-big-money-for-the-company/articleshow/90190010.cms" data-type="tilCustomLink">EbixCash has four businesses but only one of them is pulling in big money for the company</a>

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

<ul><li><keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, <keyword id="6354742" type="PERSON" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s Founder, is expected to sell all his shares. </li><li><keyword id="80487" type="ORGANIZATION" weightage="100" keywordseo="walmart">Walmart</keyword> will get 60% of the acquisition. </li><li>The remaining 15% will go to <keyword id="6357623" type="ORGANIZATION" weightage="20" keywordseo="alphabet">Alphabet</keyword>, Google’s parent company. </li></ul> One of the largest acquisitions involving an Indian company might be finalised as soon as <a href="https://www.moneycontrol.com/news/business/walmart-to-likely-announce-flipkart-deal-this-week-may-acquire-70-75-stake-2564503.html">tomorrow</a>. American multinational retail corporation Walmart has been in the process of acquiring Flipkart, India’s second largest e-commerce portal, for a while and it seems the deal may finally be made official tomorrow. <a href="https://www.businessinsider.in/Sudden-dust-storms-in-northern-India-have-killed-over-120-people/articleshow/64027810.cms">Reports</a> last week indicated that Flipkart’s board approved the deal for Walmart to acquire 75% of the company. Keep in mind that Walmart isn’t alone in this venture. While the company will get around 60% stake in Flipkart, Google’s parent company, Alphabet, will get the other 15%. Overall, this is expected to be a $3 billion dollar expense between the two. Walmart is expected to get three seats on Flipkart’s board of directors. The company will also have a say in the how Flipkart handles it’s financial and legal matters, a source told <a href="https://www.ndtv.com/india-news/walmart-likely-to-announce-flipkart-deal-by-this-week-report-1848670">NDTV</a>. Winds of change Sachin Bansal, Flipkart’s founder, is set to leave the company altogether. As per reports, Flipkart’s co-founder will sell his 5.5% stake in the company to Walmart, resulting in around $1 billion. Sources revealed to <a href="https://timesofindia.indiatimes.com/people/sachin-bansal-to-sell-entire-5-5-to-walmart-as-he-exits-flipkart/articleshow/64073757.cms">Times of India</a>, that Bansal “wasn’t aligned with the strategy and operating structure that was being proposed post Walmart coming on board.” This isn’t entirely new information since rumours of his departure have been circling for a while. After Walmart’s acquisition comes through, <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> will stay on as the group CEO and also be given the title of executive chairman. Kalyan Krishnamurthy, Flipkart’s current CEO, will also stay with the company but won’t have a seat on the board. Sachin Bansal won’t be the only one leaving. <keyword id="163404" type="ORGANIZATION" weightage="20" keywordseo="Softbank">SoftBank</keyword>, currently Flipkart’s largest investor, is rumoured to want to back out as well, that too completely. Even Tiger Global and Accel, two other investors, maybe looking to sell a majority of their stakes.

Walmart might announce acquisition of Indian e-commerce giant tomorrow

He is no longer the CEO of India’s biggest online marketplace, but who cares! He has built a billion dollar business, has topped the list of India's most wanted entrepreneurs in 2015, and most importantly look at that queue for selfies! Even the organizers want some. That’s when you know he’s a star. 
 Business Insider got chatting with <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> former-CEO <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, much to the disgust of the ringing phones, lapel mike and white balance sheet holders. Sorry Boss, but we had to do it! 
 
Life post-CEO 
 
I still have a pretty active role. I’m just 34, so definitely not a full-time ‘mentor’. My role might be slightly more external facing than before, that’s all. 
 
I’ll be focusing on shipping the ecosystem outside, working with industry peers and so on. I am also jointly looking at strategy with Binny. I’m also keeping an eye out for key investment areas, expansion and acquisitions for Flipkart. 
 
Expansion? What expansion? 
 
We’re constantly thinking about what category to expand to next. I was looking into that ever since we started. We’re also building a lot of warehouse space for our sellers. 
 
Any target for Profitability? 
 
We don’t have any timeline as of now. 
 
The market is big, and we’ll continue to grow the business. It still requires more investment. That’s what we’re focusing on right now. We’re not so much worried about profitability. 
 
So Mr. Puneet Soni is leaving Flipkart? 
 
These are complete rumours. 
 
Any plans of launching Physical stores? 
 
None, really. 
 
Plans to list in India 
We don’t have any specific plans as of now. However, we’ll what to be a public company sometime later. 
 
On what best defines Flipkart 
 
It’s a digital-first, customer-first company. We spend our time trying to understand and solve customer problems creatively. Also, although we’re small, we believe in audaciousness. 
 
We think big and we live to change things, sometimes permanently. 
 
On Modi’s Startup India Policy 
 
It shows the right intent from the Government’s side. They’ve recognized startups as one of the focus areas. We’re ready to contribute in whichever way we’re asked. 
 
Stand on Net Neutrality 
 
I’m a big supporter. It’s the reason why we’ve come up, really. 
The Internet shouldn’t be made partial, ever. 
 
His role as an Investor 
 
I’m going after people who’re after big ideas. Big ideas excite me. 
India is amidst a big transformation in terms of smartphone penetration. Our country has a lot of problems, and the Internet can be used to solve a lot of these problems. 
 
E-commerce Vs. Brick-n-Mortar Tussle 
 
E-commerce is an unfounded sphere. It’s growing, but is still very small in India. E-commerce is at 8-10%, even in developed markets. 
 
Vision for Indian E-commerce 
 
E-commerce will solve a lot of access problems for a lot of customers. It’ll also sort problems of sellers and brands to reach out to customers across India. 
 
The E-commerce edge: 
 
By bringing down the cost of supply chain, we’re able to give access to a large number of consumers at a very low cost. Brands and consumers also get access to large consumer bases. That’s the big value we provide. 
 
His idea of Success 
It’s a measure of impact. If you’ve gone from 0 to 1 in terms of impact, you’re successful. There’s no end, just a journey. 
 
Message to Young India 
Constantly have a goal to grow bigger as times progress. 
 
Strategy to trump <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> 
We don’t obsess over competition. We’re more focused on our strategy, and what works best for our consumers, sellers, and for the market. 
 
Sachin Bansal the Entrepreneur, the Investor, the Innovator? 
What do I choose? *Laughs* Um…maybe Sachin Bansal the Entrepreneur. 
 
Message to Young Entrepreneurs 
Be focused on what you want. Stay true to your mission. There will be difficult times, but you must constantly focus on what needs to be done to move ahead. That’s most important. 
 
(Image: Indiatimes)

Exclusive: Sachin Bansal- ‘Growth over Profits’

<ul><li><keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> likely to purchase 75% stake in <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, making it the largest <keyword id="30334" type="ORGANIZATION" weightage="20" keywordseo="acquisition">acquisition</keyword> deal for the company. </li><li>Alphabet Inc., Google’s parent company may also be looking to invest in Flipkart. </li><li><keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, Flipkart co-founder, might be stepping down.</li></ul>Update: Flipkart's board has <a href="https://www.bloomberg.com/news/articles/2018-05-04/flipkart-board-is-said-to-approve-15-billion-deal-with-walmart" data-type="tilCustomLink">reportedly</a> approved a deal for Walmart to acquire 75% of the Indian e-commerce company. The Walmart-Flipkart drama deal is <a href="http://www.bgr.in/news/walmart-acquires-flipkart-buys-73-percent-stake-usd-14-billion-amazon-binny-sachin-bansal-ceo-kalyan-krishnamurthy/">reportedly</a> finalised. The American company has apparently agreed to purchase a 73% stake in the Indian online shopping portal, taking Flipkart’s <a href="https://factordaily.com/walmart-to-buy-73-per-cent-of-flipkart/">valuation</a> to somewhere between $20-22 billion. This means the American giant will be spending at least $14.6 billion in the cash-and-stock buyout. Both the companies have signed tentative agreements on May 3, 2018, and the deal will apparently involve a mixture of cash and stock, with the cash component amounting to around 55%. Event Alphabet Inc., Google’s parent company, might a part of this agreement by way of a $3 billion investment. But there’s more to this merger than just the two company’s coming together. While <keyword id="6379357" type="PERSON" weightage="20" keywordseo="kalyan-krishnamurthy">Kalyan Krishnamurthy</keyword> will continue as Flipkart’s CEO, the company’s founder, Sachin Bansal will <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/walmarts-entry-into-flipkart-may-see-sachin-bansals-exit/articleshow/64023197.cms?from=mdr">probably</a> be stepping down. Not only will he be leaving the company’s day-to-day activities, he will also be giving up his seat on the board of directors. Co-founder, <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>, will probably remain after the merger since reports have indicated that Walmart is keen on keeping one of them. The Walmart-Flipkart deal has ruffled a lot of feathers but despite the turn out, the company’s biggest investor, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, will be leaving the foray. They weren’t particularly amped about the deal when it was being initiated and now that it seems to be final, SoftBank plans on selling off its 25% stake in the company to earn nearly $5 billion. Essentially, SoftBank’s doubled their investment of $2.5 billion in less than a year. Flipkart’s other investors, like Tencent, Microsoft and Tiger Global aren’t looking to cash out just yet. The conclusion of this deal will ideally result in one of the largest acquisitions involving an Indian company. It will also be one the biggest acquisition deals by Walmart.

Indian unicorn Flipkart's board approves $15 billion deal with Walmart

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Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

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Walmart might announce acquisition of Indian e-commerce giant tomorrow

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Indian unicorn Flipkart's board approves $15 billion deal with Walmart

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