Binny Bansal, co-founder of e-commerce giant Flipkart, has stepped down from the company’s board after 16 years at the helm. His departure comes after a five-year non-competing clause included in the deal to sell his remaining stake in the company to Walmart in May 2018 came to an end.
Bansal will now focus on his new e-commerce entrepreneurial venture, OppDoor, which aims to offer end-to-end solutions to e-commerce platforms for international expansion and includes design, product, and human resource support.
Bansal, along with Accel, one of the company’s earliest investors, and US-based Tiger Global Management, fully exited Flipkart in August last year by selling their remaining stakes to Walmart. Bansal is said to have made $1-1.5 billion from the sale of his stake since the company’s inception. “I am proud of the Flipkart Group’s achievements,” Bansal said, announcing his departure, adding, “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.”
“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 a Walmex and Flipkart board member.
“We are thankful for Binny’s partnership over the past several years. His insights and deep expertise of the business have been invaluable to the Board and company,” said Kalyan Krishnamurthy, CEO at Flipkart.