This is as per an Economic Times news report.
Flipkart cofounder Binny Bansal and former McKinsey consultant Saikiran Krishnamurthy are banding together to launch a company that will offer technology tools, learning and consulting services to growth- stage startups which are looking to scale up, sources close to the development told the newspaper.
Called xto10x Technologies, the venture has been funded by Bansal and Krishnamurthy, who headed Flipkart’s logistics arm Ekart and later spearheaded taxi-hailing firm Ola’s marketplace business. 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.
“The idea is to disrupt traditional consulting firms with tech-backed solutions and tools which do not require hundreds of partners,” a person familiar with the duo’s plan said. “They aim to help transform product-market fit and initial business momentum into at-scale, well-rounded companies, a problem being faced by many in the Indian ecosystem. This they have realised cannot be solved by capital alone.”
The platform is targeting series B and C startups and will offer them software tools, consulting on a self-serve model, and mentorship and learning. “It is a mix of SAP, Coursera and McKinsey for startups as they want to create a new-age consulting model,” the person added.
The venture comes less than a month after Bansal stepped down abruptly from his group CEO and chairman roles at Flipkart, after a probe was conducted to investigate him on charges of “personal misconduct”. US retail behemoth Walmart, which owns 77% of Flipkart, said those charges weren’t found to be true.
People close to the matter said Krishnamurthy, popularly known as Saiki among colleagues and friends, is likely to be the CEO whereas Bansal, who holds a board position on Flipkart with almost a 5% stake, will be the executive chairman. Krishnamurthy quit Ola in September after a short 11-month stint and has been working on x10x for the past few months.
The Bengaluru-based company in its current form will have three types of offerings: a product suite across strategy and data science to execution; a learning platform with curated courseware, events and reference cases; and consulting and mentoring to help founders.
Startup founders have been quoted in the report have expressed the need for such a product offering. “Sometimes, due to the pressures and realities of running a startup, you often realise problems after the error has been committed. There are some avenues to seek guidance today, but nothing where a mentor or an experienced founder can play an active real-time role in the tactical execution of the problems faced by a startup — essentially a way to pre-empt these issues,” said Rohit Ramasubramanian, CEO of GoZefo, an online marketplace for pre-owned furniture and appliances backed by Sequoia Capital and Helion Venture Partners.
“Currently, entrepreneurs get access to this network either via their angels or mentors, or through some of the larger VC funds that have a support network built into their fund. This obviously is not easy to access,” he said.
It has been reported around the November 27th that Flipkart’s cofounder Sachin Bansal, who too left the company he started along with Binny, was preparing to make a comeback with a new venture. Sachin, 37, is establishing a holding company through which he will run his new businesses as well as make investments. The same report has said that he had roped in Ankit Agarwal, whom he had known from his IIT-Delhi days, as a partner and founding employee of this company.
Krishnamurthy came to Flipkart in 2015 from McKinsey as chief operating officer of its commerce division. During his two-year stint at Flipkart, he moved across several roles, the last one being head of supply chain eKart. After he quit Flipkart, Krishnamurthy headed back to McKinsey as a part-time adviser, after which he was roped in by Ola to head growth.
Other entrepreneurs who have ventured into their own startups in 2018
Co-founder – Flipkart —- Exited in May after Walmart bought out Flipkart for $16 billion —-Exploring investment, mentorship in growth and late stage startups
Founder – Freecharge — Sold Freecharge to Snapdeal in 2015 for $400 million — Started Cred, a product for credit card payments
Founder of Ibibo Group — Acquired by MakeMyTrip for an estimated $2 billion in 2016 — Founded IndWealth, an artificial intelligence and machine learning-based wealth management and advisory platform