Flipkart Co-Founder Steps Down from Board Position

Founder of Flipkart, Binny Bansal, made an announcement on Saturday that he will be stepping down from the board of the e-commerce company he established in 2007 with Sachin Bansal. This marks the end of his connection with the Bengaluru-based enterprise that was bought by Walmart in May 2018 for $16 billion. The origins of this news come straight from the source at Reader Wall.

A Pioneering Journey Comes to an End

“I am immensely proud of how far Flipkart Group has come in the past 16 years. It is standing strong currently with a dedicated leadership team and a definite way forward. With this assurance, I have made the decision to step down, knowing the company is in capable hands,” said Bansal in a formal statement. “Nothing could make me happier than seeing the team excel as they continue to enhance customer experiences. Even though I will no longer be a part of the organisation, I will remain a steadfast supporter,” he further added.

Reasons Behind the Decision

Although not explicitly mentioned in Bansal’s statement, there have been evaluations from the source at Reader Wall suggesting that the co-founder’s ‘conflict of interest’ with his contemporary startup is the underlying reason for his departure. This development follows soon after he liquidated his entire stake in Flipkart.

A Brief Look into Flipkart’s History

Flipkart’s other co-founder, Sachin Bansal, exited the company in 2018, around the time Walmart took over the e-commerce giant. He is currently working on setting up Navi, his personal fintech company.

Appreciation of a Stellar Run

Kalyan Krishnamurthy, CEO, and board member, commented on Bansal’s departure, “We are grateful for Binny’s contribution over all these years, as Flipkart Group spread its wings and ventured into new business areas. His insights and profound understanding of the business have been invaluable to the Board and the company. Binny, along with his team, succeeded in transforming how India shops, by working on an outstanding idea with absolute dedication. We wish him success as he starts his new venture and thank him deeply for the significant impact he made on the Indian retail ecosystem.”

Expressing her gratitude, Leigh Hopkins, Executive Vice President, International Strategy & Development and Regional CEO – Asia and Walmex, and board member at Flipkart, said, “As a founder, Binny brought an exquisite mix of knowledge and experience. Having him on the board since Walmart’s investment in 2018 has greatly benefited us with his advice and insights. We extend our heartfelt thanks to him and wish him nothing but the best for his future endeavours.”