Binny Bansal is exiting the board of Flipkart, the e-commerce firm founded by him and Sachin Bansal (no relation) in 2007, he announced on Saturday, ending his association with the Bengaluru-headquartered company, which was acquired by Walmart in May 2018 for $16 billion.
“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,” Bansal said in a statement.
Also, while not mentioned in his statement, TechCrunch reported that the Flipkart co-founder also cited ‘conflict of interest’ with his new startup, as the reason behind his move, which comes months after he sold all his stake in Flipkart.
Sachin Bansal, the other co-founder, left in 2018, around the time of the e-commerce major’s acquisition by Walmart, and is now building Navi, his own fintech venture.
Flipkart on Binny Bansal’s exit
Kalyan Krishnamurthy, CEO and board member: “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.”
“As a founder of the business, Binny provides a unique combination of knowledge and experience. We have been fortunate to have him remain on the Board since Walmart’s investment in 2018, and we have greatly benefited from his counsel and insight. We thank him and wish him continued success with his next ventures,” said Leigh Hopkins, Executive Vice President, International Strategy & Development and Regional CEO – Asia and Walmex, and board member, Flipkart.