BENGALURU: Binny Bansal has resigned from ecommerce major Flipkart’s board. This comes after about six months of selling his entire stake in the company. He also recently launched his new start-up OppDoor, which is based in Singapore.
In a statement, Bansal said, “I am proud of the Flipkart Group’s achievements over the past 16 years. 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.”
He co-founded the e-commerce firm with Sachin Bansal in 2007. Last year, Bansal, who was holding about 1.75% stake in Flipkart, sold his stake to Walmart. In 2018, Walmart paid about $16 billion for a 77% stake in the ecommerce firm.
Kalyan Krishnamurthy, CEO and Flipkart Board Member, said, “We are thankful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered into new businesses.”
“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,” he added.