MUMBAI: Binny Bansal has stepped down from the board of Flipkart, officially ending his association with the internet firm he had co-founded with fellow IIT Delhi alumnus Sachin Bansal in 2007. Flipkart which made its foray into the then-nascent local e-tail market with the launch of an online bookstore went on to become an e-commerce behemoth, attracting storied global investors, and eventually getting acquired by US retail giant Walmart in 2018.
“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,” Bansal said.
Bansal’s move to resign from Flipkart’s board comes amid the launch of his new startup venture OppDoor. Based in Singapore, OppDoor aims to help e-commerce brands expand their businesses on online marketplaces like Amazon and Etsy besides leveraging the platforms better to sell globally. In July last year, Bansal and some of Flipkart’s early investors including Tiger Global and Accel exited the company by selling their remaining stakes to Walmart which increased the company’s shareholding in the firm to 80.5%. Bansal held about a 1.8% stake in Flipkart at the time of the transaction.
“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,” Bansal said.
Bansal’s move to resign from Flipkart’s board comes amid the launch of his new startup venture OppDoor. Based in Singapore, OppDoor aims to help e-commerce brands expand their businesses on online marketplaces like Amazon and Etsy besides leveraging the platforms better to sell globally. In July last year, Bansal and some of Flipkart’s early investors including Tiger Global and Accel exited the company by selling their remaining stakes to Walmart which increased the company’s shareholding in the firm to 80.5%. Bansal held about a 1.8% stake in Flipkart at the time of the transaction.
