Flipkart co-founder Binny Bansal has resigned from the e-commerce group’s board of directors, two people said on Saturday. The Bengaluru-based startup’s other co-founder, Sachin Bansal, left the board in 2018 after a dispute with investors.
Binny Bansal retains the right to serve on Flipkart’s board for as long as he chooses, citing a conflict of interest with his new venture as the reason for the move. Bansal launched cross-border e-commerce startup OppDoor late last year. According to its website, OppDoor provides end-to-end solutions to businesses, including market entry analysis, demand mapping, inventory management, cross-border logistics and tax assistance.
Prior to this, Bansal sold its entire stake in Flipkart, which was acquired by Walmart for $16 billion in 2018. The e-commerce group has been highly anticipated in recent years and is expected to conduct an IPO in 2025. He currently serves on the Board of Directors of PhonePe and has become a prolific investor in recent years, backing many startups including PhonePe.
“I am proud of what the Flipkart Group has achieved over the past 16 years. Flipkart is in a strong position, with a strong leadership team and a clear path forward, and it is with this confidence that I have decided to resign, knowing that the company is in capable hands. in hand,” Bansal said in a statement.
After leaving Flipkart, Sachin Bansal founded Navi, a financial services company seeking to go public. In 2022, Navi filed documents for an initial public offering but blocked the plan after market conditions deteriorated.
“Flipkart is the result of a great idea and a lot of hard work, built by a team dedicated to changing the way India shops,” Flipkart Group CEO Kalyan Krishnamurthy said in a statement on Saturday. “We wish Binney the best in its future success.” All the best as you embark on your next venture and thank him for the profound impact he will have on the Indian retail ecosystem.”
from Tech Empire Solutions https://techempiresolutions.com/flipkart-co-founder-binny-bansal-leaves-board/
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