Flipkart co-founder Binny Bansal who stepped down from his position recently is all set to launch a new company along with former McKinsey consultant Saikiran Krishnamurthy that will offer technology tools, learning and consulting services to growth- stage startups which are looking to scale up.
The company will be called
xto10x Technologies and has been funded by Bansal and Krishnamurthy, who headed Flipkart’s logistics arm Ekart and later spearheaded taxi-hailing firm Ola’s marketplace business. Also, 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-marketfit 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.