- Bansal says he is "looking forward to the next chapter" of his life after his shock ouster from Walmart-owned Flipkart.
- He resigned from the e-commerce giant after a Walmart probe into alleged "serious personal misconduct."
- The ex-Flipkart CEO has formed a team for his new project, xto10x Technologies.
Flipkart founder Binny Bansal said he has "moved on" and is focused on a new venture aimed at mentoring start-ups following his ouster from the Walmart-owned e-commerce giant.
Bansal said in an interview with Bloomberg Tuesday that he is "looking forward to the next chapter" of his life after his shock resignation, which came after a Walmart investigation into alleged "serious personal misconduct."
related investing news
Reports have said the probe stemmed from an allegation of sexual assault against Bansal, an accusation which he has denied. The move came within months of Walmart's announcement that it would buy a majority stake in the Indian e-tailer for $16 billion.
Bansal was hesitant to speak about the details of the events that led up to his exit from the firm, according to Bloomberg. "Now, it's all in the past. I have moved on," he said.
The former Flipkart chief executive has formed a team for his new project, xto10x Technologies, according to the report, and has set up shop at a co-working space and done deals with several "leading" start-ups.
The firm is aimed at helping customers build cloud-enabled products tailored to their needs. Bansal described it as an "Amazon Web Services" for start-ups and said his long-term ambition is to help "10,000 early and mid-stage entrepreneurs."
With a population of over 1.3 billion, India has seen rapid growth in its digital economy, with the likes of Flipkart, Snapdeal and Paytm shaking up the domestic e-commerce industry. Research by software lobbyist Nasscom and consultant PwC estimates India's online retail market could be valued at $150 billion by 2022.
You can read the full Bloomberg report here.