Flipkart Co-Founder Binny Bansal Steps Down From Board After 16 Years

Dhaneshwar Prasad

Bengaluru, January 29th, 2024: Flipkart co-founder Binny Bansal has resigned as a board member from the e-commerce giant after serving for 16 years, marking the end of an era for one of the pioneers of India’s booming online retail industry.

In a statement, Bansal said that Flipkart is now in a “very strong position” with a solid leadership team and a clear path forward. “With this confidence, knowing that the company has the right people, I hereby tender my resignation,” he stated, wishing the company continued success in its mission to transform itself for customers.

Bansal co-founded Flipkart along with Sachin Bansal (no relation) in 2007 and served as its CEO for nine years before stepping down in 2016. The company grew rapidly under his leadership to become India’s largest online retailer.

In 2018, American retail conglomerate Walmart acquired a 77% stake in Flipkart for $16 billion – one of the biggest e-commerce deals at the time which minted billions for the Bansals. Sachin Bansal exited Flipkart after the Walmart deal while Binny Bansal retained a small stake and board seat.

Binny’s departure marks the exit of the last founder from Flipkart’s board. He said he will remain a “strong supporter” of the business which pioneered online commerce in India with innovations like cash-on-delivery.

Flipkart CEO Kalyan Krishnamurthy thanked Bansal for his “business insights and deep expertise” which have always benefited the board and the company. “We congratulate Binny for his venture and leaving a deep mark on India’s retail ecosystem. We wish him all the best for his next venture, OpDoor,” he said.

OpDoor is Bansal’s new startup focused on helping brands sell directly to consumers via e-commerce platforms. Headquartered in Bengaluru, OpDoor provides end-to-end capabilities for private label brands to build their online presence.

The 37-year-old billionaire is also an early-stage investor in over 20 startups across fintech, healthtech and agritech sectors. His abrupt exit from Flipkart last year over allegations of “serious personal misconduct” had shocked the industry but Bansal has managed to reinvent himself as an entrepreneur and investor.

With Bansal’s departure, Flipkart is firmly under the control of Walmart which holds around 82% stake currently valued at over $23 billion. From its humble beginnings as an online bookstore, Flipkart has evolved into a diverse ecosystem selling everything from grocery to furniture and taking on rivals like Amazon India and Reliance’s JioMart.

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Former Sony professional turned multi-business owner and stock investor, Dhaneshwar leverages his MBA to produce market, IPO and biz content and personal investments on Indimarket.in.
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