Binny Bansal’s exit: In a surprise move, Flipkart co-founder Binny Bansal on Tuesday resigned following an investigation into the allegation of “serious personal misconduct”. The news of his exit was announced by the parent of the homegrown e-commerce major Walmart in an exchange filing yesterday. Along with Sachin Bansal (not related), Binny Bansal established Flipkart which went on to register a major name in India’s briskly growing e-commerce market.
Here’s are 10 key things about Binny Bansal:
1)Binny Bansal, along with Sachin Bansal left job at global e-tailer Amazon to set up Flipkart in the year 2007. The duo began by selling books. The IIT-Delhi alumni only had three servers and 20 shipments to begin with.
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2)Before joining Amazon, Binny Bansal had also worked with Sarnoff Corporation for a year and a half where he used to device lane sensor device for cars.
3)It was in the year 2016, Binny Bansal who originally hails from Chandigarh took up the operational role as CEO in the e-commerce company. He worked on strategic development, direction and business management.
4)In the same year, both co-founder – Sachin Bansal and Binny – were chosen for ‘Asian of the year’ under the group ‘The Disruptors’ by Straits Times of Singapore.
5)In 2017, Binny Bansal took over the role of CEO of Flipkart Group as his previous position was handed to Kalyan Krishnamurthy.
Earlier this year, Sachin Bansal sold his 5.5 percent stake in the company which he co-founded for nearly $1 billion and made exit from the position of group chairman after Walmart acquired 77 percent. Now, with Binny Bansal’s exit, both co-founders don’t stand associated with the company anymore.