Ambition is to help 10,000 start-ups, not 10: Bansal
It’ s been less than three months since Binny Ban sal’ s shock ouster from Flip kart, the ecommerce giant he founded over a decade ago. The entrepreneur once celebrated for jump starting India’ s internet retail industry is now dedicating himself to helping other founders get their start-ups off the ground. Bans al, who departed after Flip kart’ s new owner W al mart Inc. investigated alleged personal misconduct, is now focused on x to 10x Technologies, a start-up he co founded with former colleague Saik iran Krishn amur thy. It’s aimed at helping entrepreneurs navigate the often-tricky Indian start-up scene. Ban sal’ s already put together an early team, setup an office at a co-workingspace and even snagged several“leading” start up customers. “I’ m looking forward to the next chapter of my life ,” the 37year-old said in his first interview since the episode. “Person to person, I can help 10 start-ups but the ambition is to help 10,000 early and mid stage entrepreneurs, not 10,” he said, seated across a table at a restaurant in a Ben ga lu ru neighborhood, not far from where he and Sac hi nB an sal( no relation) setup Flip kart in a two-room apartment to sell books.
While Binny Bans al was his usual loquacious self, he mostly clam med up when the topic of his 2018 departure came up. That followed W al mart’ s $16 billion acquisition of the company, a deal that stunned the domestic tech industry and made him and Sa chin billionaires.
Barely had the ink dried on the deal when all hell broke loose. The US retail titan initiated an investigation into an allegation of“serious personal misconduct ”. Walmart was said to have begun an inquiry into a consensual relationship Bans al had with a woman. The probe looked into claims that the woman had been paid off, possibly in return for her silence, Bloomberg reported at the time.
Bansal, who still holds 4 per cent of Flipkart and a board seat, has since kept a low profile. During the interview, he quelled attempts to discuss the woman’s identity or investigation findings, all which have been the subject of intense speculation. There’s also the matter of a reported falling-out with Sachin -- to the point they’re no longer on speaking terms. Bansal determinedly puts a lid on it all: “Now, it’s all in the past. I have moved on.”
But his demeanor shifts when discussing his passion project. Bansal’s new company will build technology tools to help startups grow, offering on-tap consulting and services from legal and finance to communications, HR and management mentoring.
“Today, software is built for large enterprises and not small startups,” he said. And while venture capitalists mentor and nurture founders, there is nothing structured out there, he argued. For example, when startups raise funds, they need to know where they should park the money, how to set a high bar for talent and how to build a viable company culture.