After his unceremonious exit, the ex-CEO of Flipkart is back in action with a new tech company xto10x. He is teaming up with Saikiran Krishnamurthy, a former McKinsey consultant, to launch the company. The company targets growing start-ups and will provide technology tools, learning and consulting services to enable scale up. The new venture which provides a mix of mentoring and consultation combines elements of SAP, Coursera, and McKinsey.
The business model, which is still in the concept stage, will be assisting start-ups in identifying the right product-market fit. The Indian start-up ecosystem has welcomed the idea of offering structured and precise solutions to their various challenges. The tech-backed solutions of xto10x are bound to disrupt the traditional consultation scene. The company is currently testing out its products with various start-ups and is expected to have a full-fledged team by January of next year.
- xto10x is aiming to provide solutions to the challenges faced by growing Indian start-ups
- The new venture is targeting companies looking to scale up
- Companies can expect a host of products and services from software tools to mentorship and learning.
What happened to Binny Bansal?
Binny Bansal left Flipkart on November 13, amidst allegations of improper conduct, rendering it the most high-profile exit of 2018.
The allegations which led to his dramatic exit was first put forward by a former woman employee of Flipkart. Binny Bansal’s relationship with the said employee who left the company in 2012 began in 2016. They broke off the relationship after a few months. After the Walmart acquisition in May 2018, the woman approached Mr. Bansal demanding money. When he refused, in July, she reached out to Walmart CEO Doug McMillon alleging sexual assault.
Walmart wasted no time to look into the allegation, they hired an international law firm, Gibson Dunn, to inquire into the issue. Though he was given a clean chit on the sexual assault allegations at the end of the investigation, Binny was accused of “lapses in judgment” and “lack of transparency” forcing him to resign. The higher-ups at Walmart was unhappy with the fact that Bansal did not disclose this matter during the negotiation process.
Soon after resigning from the post, Binny Bansal registered a complaint against the woman for blackmailing and leveling false allegations against him. He then decided not to pursue the complaint but has reserved the rights to reopen the case if needed.
Who is Saikiran Krishnamurthy?
Saikiran Krishnamurthy, the founder of xto10x, has worked with big brands like Ola, and McKinsey. He also headed eKart, the supply chain business of Flipkart for over a year where he built new ops and technology capabilities that helped eKart triple their consumer reach, dramatically improve speed & network footprint and reduce cost per shipment. At Ola, he led the Marketplace Organization which drove the platform that brought customers and driver partners together. He left Ola to work on his ideas that became xto10x. He is an alumnus of Indian Institute of Management, Ahmedabad.
It is rumored that Krishnamurthy is expected to be the CEO whereas Bansal will be the executive chairman. Meanwhile, Sachin Bansal, the co-founder and first CEO of Flipkart, who had resigned prior to Binny is establishing an investment venture.