Binny Bansal, who co-founded Flipkart along with Sachin Bansal in 2007, has officially resigned from the board of the e-commerce giant. This move comes after Sachin Bansal’s departure from the board in 2018 following a dispute with investors. These resignations have taken place after Walmart’s acquisition of a 77% controlling stake in Flipkart through a $16 billion deal in 2018.
“I am proud of the Flipkart Group’s achievements over the past 16 years.Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands,” Bansal said in a statement.
Last year, Binny, along with Accel and Tiger Global Management, fully divested their stocks, selling their stakes in the company to Walmart. Binny Bansal is reported to have sold his remaining stake in Flipkart to Walmart for around $1-1.5 billion at a valuation of $35 billion.
His exit coincides with his re-entry into the e-commerce industry with his new startup, OppDoor. Similar to his co-founder Sachin Bansal, who left Flipkart a few years ago to establish Navi, a fintech venture, Binny is now providing comprehensive solutions to e-commerce businesses. This strategic move seems to be an effort to avoid any potential conflicts of interest with his new venture.
“We are thankful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered new businesses. His insights and deep expertise of the business have been invaluable to the Board and company,” said Kalyan Krishnamurthy, CEO and one of Flipkart’s board members.
Binny is an active angel investor and board member of PhonePe, a giant in the payments industry. Flipkart began in 2007 as an online bookstore from a Bengaluru apartment.
“I am proud of the Flipkart Group’s achievements over the past 16 years.Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands,” Bansal said in a statement.
Last year, Binny, along with Accel and Tiger Global Management, fully divested their stocks, selling their stakes in the company to Walmart. Binny Bansal is reported to have sold his remaining stake in Flipkart to Walmart for around $1-1.5 billion at a valuation of $35 billion.
His exit coincides with his re-entry into the e-commerce industry with his new startup, OppDoor. Similar to his co-founder Sachin Bansal, who left Flipkart a few years ago to establish Navi, a fintech venture, Binny is now providing comprehensive solutions to e-commerce businesses. This strategic move seems to be an effort to avoid any potential conflicts of interest with his new venture.
“We are thankful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered new businesses. His insights and deep expertise of the business have been invaluable to the Board and company,” said Kalyan Krishnamurthy, CEO and one of Flipkart’s board members.
Binny is an active angel investor and board member of PhonePe, a giant in the payments industry. Flipkart began in 2007 as an online bookstore from a Bengaluru apartment.
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