Flipkart’s former co-founder, Sachin Bansal has registered a new non-government private company, BAC Acquisition Private Limited. According to the Registrar of Companies (RoC), Bansal with former investment banker Ankit Agarwal registered the company on 10th December. While the nature of the business of BAC Acquisitions is unclear, it seems to be a holding company.
After Walmart acquired Flipkart, earlier this year, Sachin Bansal resigned from the Position of Executive Chairman. This was the first successful exit for a start-up unicorn in the Indian start-up ecosystem. The co-founder left Flipkart after selling his 5.5% stake for a reported amount of $800 million-$1 billion. Soon after the acquisition, rumors surfaced that Sachin was forced to leave Flipkart over a disagreement about his role post-acquisition.
Also Read: Flipkart Co-Founder Binny Bansal All Set To Launch His New Startup
In November, just a few months after Sachin leaving, Binny Bansal too quit. He was the other co-founder and the then CEO of the company. Both major players and co-founders leaving the topmost start-up in the system created ripples in the Indian start-up ecosystem.
For over a decade now
For over a decade, Flipkart has been the company for the Indian start-up ecosystem. Sachin and Binny Bansal were looked up to by other entrepreneurs for inspiration. They were known to work in synergy. While Sachin was the visionary in the two, Binny was known as the operation guy. It is clearly evident that the duo was self-sufficient. They put their own money and founded Flipkart. And from being an online book retailer, they build it into the country’s largest e-commerce website. And not just that, they took blows but always put up competition from other foreign brands in the Indian market, and still stood strong.
Flipkart’s history is a legacy for young entrepreneurs to follow, and Sachin and Binny Bansal paved the way to put the Indian start-up on highlight in the global scene. They showed the global players about the growth opportunities in the Indian market.
Now that Sachin is back in the field, it will be very interesting to see how his new venture pans out.
