Binny Bansal Exits Flipkart's Board Binny Bansal, who reserved the rights to stay on Flipkart's board for as long as he preferred, cited conflict of interest with his new venture as the reason for the move. He launched OppDoor, a cross-border e-commerce startup, late last year
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Binny Bansal, who co-founded Flipkart, has resigned from its board months after selling his remaining stake. His other co-founder Sachin Bansal exited Flipkart a few years ago.
Binny Bansal, who reserved the rights to stay on Flipkart's board for as long as he preferred, cited conflict of interest with his new venture as the reason for the move. Bansal launched OppDoor, a cross-border e-commerce startup, late last year. OppDoor offers end-to-end solutions, including market entry analysis, demand mapping, inventory management, cross-border logistics and taxation assistance, to businesses, according to its website.
The move also follows Bansal selling his entire stake in Flipkart, which was acquired by Walmart in 2018 for $16 billion, in recent years ahead of the e-commerce group's much-awaited IPO, which is now slated for 2025.
Bansal, who is also on the board of PhonePe, a position he is maintaining, has become a prolific investor in recent years, backing a number of startups including PhonePe.
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."
After leaving Flipkart, Sachin Bansal founded Navi, a financial services firm that is looking to go public. In 2022, Navi filed the paperworks for IPO.
On this development, "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. Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops," said Flipkart Group chief executive Kalyan Krishnamurthy.