Get All Access for $5/mo

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

By Priya Kapoor

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Binny Bansal

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.

Priya Kapoor

Former Feature Editor

Priya holds more than a decade of experience in journalism. She has worked on various beats and was chosen as a Road Safety Fellow in 2018, wherein she produced many in-depth & insightful features on road crashes in India. She writes on startups, personal finance and Web3. Outside of work, she likes gardening, driving and reading. 

 

 

 

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Indian Venture Ecosystem Poised for Global Ascent: Recovery, IPO Resurgence, and 'Building for Bharat' to Define 2025

India's GDP is poised to scale from USD 4 trillion to USD 8 trillion over the next decade and will offer a playground that is remarkable for both founders and venture capital (VC) firms, said Pranav Pai, Founding Partner and CIO at 3one4 Capital.

News and Trends

Uber Launches Moto Women in Bengaluru, Connecting Female Riders with Female Drivers

Uber Moto Women aims to ensure safety with real-time trip sharing, anonymised contact details, and RideCheck monitoring for irregularities. It also offers 24x7 priority support via Uber's Safety Helpline for women riders and drivers.

News and Trends

Talent, Digital Infra, Policy, and Startups Driving India's GCC Ecosystem

By leveraging its demographic dividend and evolving policies, India is uniquely positioned to become the preferred choice for global enterprises seeking scalability, resilience, and a future-ready operational base.

News and Trends

Key Cybersecurity Trends to Track as Threats Evolve

India has lost INR 11,333 crore to cyber fraud in just the first nine months of 2024. Nevertheless, with increasing cyber threats and public awareness, companies are taking proactive steps to safeguard their networks and devices.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.