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Binny Bansal, Flipkart's co-founder, has resigned from the e-commerce company's board, the two announced on Saturday. Sachin Bansal, the other co-founder of the Bengaluru-based business, stepped out from the board in 2018 following a disagreement with investors.
Flipkart Co-Founder Binny Bansal Departs The Board
Binny Bansal, who had reserved the right to remain on Flipkart's board for as long as he wanted, cited a conflict of interest with his new endeavor as the reason for the departure, as per TechCrunch. Bansal founded OppDoor, a cross-border e-commerce firm, late last year.
According to its website, OppDoor provides businesses with comprehensive solutions such as market entry analysis, demand mapping, inventory management, cross-border logistics, and tax support.
The decision follows Binny's recent sale of his entire investment in Flipkart, which was acquired by Walmart for $16 billion in 2018, ahead of the e-commerce group's much-anticipated IPO, which is now set for 2025.
Binny Bansal's Departure and Sachin Bansal's New Chapter in India's Tech Evolution
Binny, who also serves on the board of PhonePe and continues to do so, has become a prolific investor in recent years, financing a number of firms, including PhonePe.
“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,” Binny shared in a statement.
Meanwhile, after quitting Flipkart, Sachin Bansal established Navi, a financial services company that plans to go public. Navi filed the paperwork for its first public offering in 2022, but the plan was halted as market conditions worsened.
“Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops,” Flipkart Group chief executive Kalyan Krishnamurthy said in a statement Saturday. “We wish Binny the best as he embarks on his next venture and thank him for the deep impact he has enabled for the Indian retail ecosystem.”
Photo: Rubaitul Azad/Unsplash
