Sachin Bansal Checks Into Ola With $100 Million Funding; Walmart Demolishes Myntra CEO Post
The future of Myntra and Jabong looks uncertain, as of now. How will Walmart motivate the employees?
Two very interesting news related with Walmart and Flipkart has emerged, which showcases us the future of Indian startups.
Sachin Bansal, co-founder of Flipkart who sold his stake to Walmart, and moved out, has now checked into Ola, the rising superstar of Indian startups ecosystem.
As per reports, he has invested a whooping $100 million, or roughly 10% of his wealth into Ola.
Meanwhile Walmart has officially demolished Myntra CEO post, as Ananth Narayanan, the current CEO of Myntra and Jabong has stepped down.
What will be the future of Myntra and Jabong now?
Sachin Bansal Gambles 10% Of His Wealth Into Ola
After exiting Walmart, Sachin Bansal received $1 billion, which is 5.5% in Flipkart. 10% of this 1 billion dollar is $100 million, which has been invested into Ola now.
Since last few years, the friendship between Bhavish Aggarwal, founder of Ola and Sachin Bansal had increased, and this recent investment into Ola is a clear proof of the same.
As part of this investment, Sachin Bansal will receive 70,588 preference shares valued at Rs 21,250 each. Ola is right now India’s 2nd most valuable startup, at a valuation of $6 billion. They have recently announced a fresh VC funding of $2 billion.
Sachin Bansal’s investment of $100 million can be viewed as part of this biggest VC infusion of $2 billion.
Sachin Bansal is an angel investor in several startups, including e-scooter maker Ather Energy.
Walmart Demolishes Myntra CEO Post
Meanwhile, the fate of Myntra and Jabong CEO is now clear. It has been destroyed.
Ananth Narayanan, the man in charge of Myntra as the CEO has finally resigned, and moments later, Walmart quashed the post of CEO as well.
Amar Nagaram will now lead as ‘Head of Myntra and Jabong’, as there is no CEO now.
The resignation of Ananth triggered a big debate, as news portals first reported that he has resigned in the month of November, which we described as a ‘revolt’.
This proved to be a rumor.
Then again, last month, fresh reports came in that Ananth is resigning.
But now, the news about resignation is official, as Anath tweeted:
After 3.5 yrs I’ve decided to move on from @myntra @JabongIndia to focus on the next phase of my entrepreneurial journey! I’m most proud of our people & our culture-built on a unique set of values that make us truly distinctive!Myntrites-continue to make the world look good!
— Ananth Narayanan (@ANarayanan24) January 14, 2019
Several top leaders within Myntra and Jabong have resigned, even as 10-30% of the workforce within Myntra and Jabong are being fired.
We will keep you updated, as more details come in.