Flipkart co-founder Binny Bansal has resigned from the e-commerce group’s board of directors, the two companies announced on Saturday. The Bangalore-based startup’s other co-founder, Sachin Bansal, resigned from the board in 2018 after falling out with investors.
Binny Bansal reserved the right to remain on Flipkart’s board for as long as he wishes, citing conflicts of interest with new ventures as the reason for the move. Late last year, Bansal launched OppDoor, a cross-border e-commerce startup. According to the company’s website, OppDoor provides end-to-end solutions for businesses, including market entry analysis, demand mapping, inventory management, cross-border logistics, and tax assistance.
The move also follows Bansal’s recent sale of his entire stake in Flipkart, which was acquired by Walmart for $16 billion in 2018, ahead of the e-commerce group’s long-awaited IPO scheduled for 2025. It is something. Although he is a member of his PhonePe board of directors and maintains that position, he has become a prolific investor in recent years, backing many startups including PhonePe.
“I am proud of the Flipkart Group’s performance over the past 16 years. Flipkart is in a strong position with a strong management team and a clear path forward, and I am confident that the company will remain in capable hands. It is with this confidence that I have decided to step down,” Bansal said in a statement.
After leaving Flipkart, Sachin Bansal founded Navi, a financial services company that aims to go public. Navi filed documents for an initial public offering in 2022, but canceled the plan due to deteriorating market conditions.
Flipkart Group CEO Kalyan Krishnamurthy said in a statement on Saturday: “Flipkart is the result of a great idea and a lot of hard work, built by a team dedicated to transforming the way India shops.” said. “We wish Vinny all the best as he embarks on his next venture and thank him for his significant impact on the Indian retail ecosystem.”
