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Billionaire Flipkart co-founder Binny Bansal exits company's board, says 'Company is in capable hands'

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ISN Team
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Billionaire Flipkart co-founder Binny Bansal has officially resigned from the board of the ecommerce giant, ending his long-standing association with the company he co-founded in 2007 with Sachin Bansal.

Based in Singapore, Binny cited a conflict with his new venture, OppDoor, as the reason for his departure.

His new startup is focused on helping emerging ecommerce brands expand globally.

Bansal express confidence in Flipkart's team

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In his statement, Binny Bansal expressed pride in Flipkart’s achievements and confidence in its current robust position and strong leadership.

He stated, “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.” 

Entrepreneurial shift and Walmart's role 

After stepping down, Binny Bansal is now focusing on his startup, OppDoor, which aims to provide solutions to ecommerce firms across various countries.

Walmart acquired a 77% stake in Flipkart in 2018 for $16 billion.

Bansal's remaining stake

In September 2023, Walmart said it spent $3.5 billion to acquire Flipkart's remaining stakes, with Binny Bansal receiving $650 million for his complete stake.

Flipkart recently raised $600 million from Walmart and is in the process of securing $1 billion in funding. The company, however, laid off over 1,000 employees and announced no plans for an IPO in 2024.

Flipkart CEO expresses gratitude

“His insights and deep expertise of the business have been invaluable to the board and company. Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops. 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,” said Kalyan Krishnamurthy, CEO of Flipkart. 

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