Second innings: Flipkart co-founder Binny Bansal plans yet another startup

Rank 7 | Binny Bansal | Company: Flipkart | Net Wealth: Rs 7,500 crore (Image: AP)

Flipkart co-founder Binny Bansal is planning to launch a company that will offer technology tools, and learning and consulting services to growth-stage startups that are looking to scale up, The Economic Times reported.

Former McKinsey consultant Saikiran Krishnamurthy is said to join Bansal in his new venture. Krishnamurthy was also a part of Flipkart, where he headed its supply chain unit eKart from 2015 to 2017.

The venture -- xto10x Technologies -- which is still at a concept stage, would be funded by Bansal and Krishnamurthy. The duo is also looking to hire a team by January 2019, the news daily reported.

Read — Flashback: How Sachin and Binny Bansal revolutionised India's start-up space

In its current form, xto10x Technologies will provide three kinds of products/services -- a product suite across strategy, data science and execution; a learning platform with curated courseware, events and reference cases; and consulting and mentoring to help founders.

"It is a mix of SAP, Coursera and McKinsey for startups as they want to create a new-age consulting model," a source told the news daily.

"The idea is to disrupt traditional consulting firms with tech-backed solutions and tools which do not require hundreds of partners," the source was quoted as saying.

The news of Bansal's new venture comes less than a month after Bansal stepped down as Flipkart's CEO and Chairman following an independent probe into an allegation of serious personal misconduct.

Walmart, which owns 77 percent of Flipkart, has said that those charges were not found to be true.

According to the report, Krishnamurthy could be the Chief Executive Officer (CEO) of xto10x Technologies, while Bansal could be the Executive Chairman.

Binny Bansal's former partner Sachin Bansal has also set his sights on two emerging sectors in India -- agriculture technology and financial technology (fintech).

He reportedly plans to set up a holding company through which he will establish new businesses and make fresh investments.

Flipkart co-founder Sachin Bansal announced his resignation after global retail giant Walmart in May said it would buy 77 percent of Flipkart for $16 billion to enter into India's growing e-commerce market.