Flipkart's Binny Bansal's Resignation Is Startup India's Moment of Reckoning
News

Flipkart's Binny Bansal's Resignation Is Startup India's Moment of Reckoning

Gopal Sathe |
November 14, 2018

Walmart pushed out founder after rumours of sexual harassment, suggesting need to focus on corporate governance


BENGALURU, Karnataka— When 38 year-old Sachin Bansal sold his stake in Flipkart for around a billion dollars to Walmart in May this year, he left India's most famous "start-up" as an icon of the country's second wave of tech entrepreneurs, who shook up a sector long dominated by giants like Infosys and TCS.

On Tuesday, his co-founder, Binny Bansal (37) followed him out the door, but his departure has left Flipkart employees stunned by the abruptness of his exit, and the 11 year-old company scrambling to contain rumours, innuendo, and gossip about possible allegations of sexual harassment behind his resignation.

For the first few hours after Walmart—the American retail giant who bought a controlling stake in the Flipkart this August—issued a statement announcing Bansal's departure, most people including senior investors, were caught off guard: A senior investor told HuffPost India he was stunned by Bansal's resignation; a former competitor said much the same. Company sources who had spoken at length when Sachin Bansal left simply clammed up.

Eventually, a source told Moneycontrol that Bansal's departure was related to a complaint from a female colleague a few months ago. The existence of the allegation was corroborated by HuffPost India sources.

Credit by - HUFFPOST

Read More


If you like the story and if you wish more such stories, support our effort Make a donation.



Loading...

If you believe investigative journalism is essential to making democracy functional and accountable support us. »