Binny Bansal leaves Flipkart formally

Binny Bansal, a co-founder of Flipkart, has left the board of the online retailer after more than 16 years of employment. Entrackr was informed of the development by a Flipkart representative."I am pleased with the accomplishments made by the Flipkart Group in the last 16 years. With the knowledge that Flipkart is in capable hands and is in a solid position with a strong leadership team and a clear route forward, I have made the decision to stand down. In a statement, Bansal said, "I remain a strong supporter of the business and I wish the team the best of luck as they continue to transform experiences for customers."Walmart paid $3.5 billion to Binny Bansal, Accel Partners, and Tiger Global for the remaining Flipkart shares in September 2023. Estimates indicate that Bansal gained $650 million after selling his whole interest for $35 billion.According to an ET story, he may have resigned from the company's board due to a disagreement with his new e-commerce business.Bansal launched OppDoor, a new company, earlier this month with the goal of offering end-to-end solutions to e-commerce companies. OppDoor is reportedly going to target e-commerce businesses in the US, Canada, Mexico, the UK, Germany, Singapore, Japan, and Australia at first.

Walmart, Flipkart's parent firm, contributed an additional $600 million, or Rs 5,000 crore, to the company last month. In this round, the company is trying to raise $1 billion. The online retailer made headlines as well for letting go of over a thousand workers. The company's CEO, Kalyan Krishnamurthy, stated during a recent town hall meeting that while the company is almost profitable, an initial public offering (IPO) is not planned for 2024.As you may remember, Bansal left his role as CEO of the Flipkart Group in 2018. Following an independent investigation into a personal conduct claim by Walmart and Flipkart, he resigned. Despite his resignation, Bansal remained a member of the board.After more than 16 years, co-founder of Flipkart Binny Bansal has formally left the board of the e-commerce platform. The other co-founder, Sachin Bansal, departed the board in 2018. Sachin started the financial services company Navi after departing from Flipkart.