Binny Bansal in new start-up joint venture with XTo10X: report
14 December 2018
Weeks after Flipkart cofounder Binny Bansal resigned from his position as group CEO at India’s most valued ecommerce company, now a Walmart arm, the start-up enthusiast is into another start-up venture.
Bansal is now reported to be teaming up with former McKinsey consultant Saikiran Krishnamurthy in XTo10X Technologies, a start-up offering technology tools, learning and consulting services to growth-stage startups which are looking to scale up.
Krishnamurthy is the founder of XTo10X Technologies as per his LinkedIn profile in October 2018.
Sailesh Tulshan, the personal investment adviser to the Bansals in Flipkart, and the founder of venture fund 021 Capital, was appointed director of the company on 3 October 2018. There is no clue as to Bansal’s role as yet.
Krishnamurthy earlier worked with Flipkart for a year between 2015-16 and was the head of eKart (Flipkart supply chain business). Since then, he has held the position of head-Marketplace with Ola for 11 months starting September 2017.
Both the cofounders are said to have invested the initial funds into the new venture. “Still at the concept stage, the company is looking to hire a team by January next year, as it tests out its product with a clutch of startups,” an ET report said.
Reports suggest the platform will be targeting Series B and Series C startups. It will offer them software tools, consulting on a self-serve model, and mentorship and learning – a mix of SAP, Coursera and McKinsey for startups.
The company will reportedly offer product suite across strategy and data science to execution, learning platform with curated courseware, events and reference cases, and consulting and mentoring to help founders.
Reports also said that Krishnamurthy is expected to be the CEO of the new venture while Bansal will be the executive chairman. In September, Krishnamurthy resigned after serving taxi aggregator Ola for 11 months and has been working on x10x for the past few months.