Binny Bansal Steps Down From Flipkart Board Citing Conflict With New Startup: Report

Binny Bansal, who co-founded Flipkart with Sachin Bansal in 2007, has established a new e-commerce startup called OppDoor, aimed at assisting businesses in expanding globally

Binny Bansal, who co-founded Flipkart, informed the company board about his resignation earlier this week.

Source : Getty

The e-commerce giant Flipkart's co-founder Binny Bansal has reportedly stepped down from the company's board. This move comes after the launch of his new venture in the e-commerce sector. Binny Bansal, who co-founded Flipkart alongside Sachin Bansal, informed the company board about his resignation earlier this week, citing conflict with his new venture, according to a report in The Economic Times.

Binny Bansal, who co-founded Flipkart with Sachin Bansal in 2007, has established a new e-commerce startup called OppDoor, aimed at assisting businesses in expanding globally through its software services platform. Bansal is also a board member of PhonePe, which has ventured into e-commerce with Pincode following its separation from its former parent, Flipkart.  Binny Bansal has also sold his shares in Flipkart to Walmart.

“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. I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business,” the report quoted Bansal in a statement by Flipkart.

Kalyan Krishnamurthy, the group CEO at Flipkart and a board member of the online retail firm, expressed gratitude for Binny's partnership over the past several years. Krishnamurthy acknowledged Binny's contribution as the Flipkart group expanded and ventured into new business domains.

“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,” Krishnamurthy said.

The Walmart group also confirmed Binny’s exit from the company. Leigh Hopkins, Executive Vice President of International Strategy and Development and Regional CEO of Asia and Walmex and Flipkart Board Member, said, “As a founder of the business, Binny provides a unique combination of knowledge and experience. We have been fortunate to have him remain on the Board since Walmart’s investment in 2018, and we have greatly benefited from his counsel and insight. We thank him and wish him continued success with his next ventures.”