Flipkart co-founder Binny Bansal has resigned from the e-commerce group’s board, the 2 stated Saturday. Sachin Bansal, the Bengaluru-headquartered startup’s different co-founder, left the board in 2018 after scuffle with the traders.
Binny Bansal, who reserved the rights to remain on Flipkart’s board for so long as he most well-liked, cited battle of curiosity along with his new enterprise as the explanation for the transfer. Bansal launched OppDoor, a cross-border e-commerce startup, late final yr. OppDoor affords end-to-end options — together with market entry evaluation, demand mapping, stock administration, cross-border logistics and taxation help — to companies, based on its web site.
The transfer additionally follows Bansal promoting his total stake in Flipkart, which was acquired by Walmart in 2018 for $16 billion, lately forward of the e-commerce group’s much-awaited IPO, which is now slated for 2025. Bansal — who can be on the board of PhonePe, a place he’s sustaining — has change into a prolific investor lately, backing a lot of startups together with PhonePe.
“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,” Bansal stated in an announcement.
After leaving Flipkart, Sachin Bansal based Navi, a monetary providers agency that’s trying to go public. In 2022, Navi filed the paperworks for its initial public offering, however deterred the plan after the market circumstances worsened.
“Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops,” Flipkart Group chief government Kalyan Krishnamurthy stated in an announcement Saturday. “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.”
