Flipkart Co-Founder Binny Bansal Officially Exits Board

Binny Bansal

New Delhi: Binny Bansal, co-founder of Flipkart has formally stepped down from the board of the e-commerce platform concluding a tenure of over 16 years. The other co-founder, Sachin Bansal departed from the board in 2018. Following his departure from Flipkart, Sachin established Navi a financial services company.

Binny in a statement said, "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,". ()

He further added "I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business,". On Saturday, Kalyan Krishnamurthy, the CEO of Flipkart Group stated in a release that the company is the result of a brilliant idea and extensive effort crafted by dedicated teams with a commitment to revolutionizing the way people shop in India. ()

He added "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,". Earlier in the month, Binny revealed a new initiative named 'OppDoor.' This venture aims to assist e-commerce companies in global expansion by offering comprehensive end-to-end solutions.

According to reports, OppDoor's initial focus will be on supporting e-commerce companies in the United States, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia.

In the previous year, Bansal divested his remaining stake in Flipkart, yielding approximately $1-$1.5 billion from his holdings. Binny, alongside Sachin Bansal, departed from Flipkart after its sale to Walmart in 2018 for approximately $16 billion. Binny has also invested in about 60 startups, including Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu, and others, according to reports.