One of the co-founders of India’s largest e-commerce firm Flipkart, Binny Bansal has resigned from the company. He was the Co-founder & CEO at Flipkart Group. His resignation has come after an independent enquiry conducted by Walmart and Flipkart into an allegation regarding personal conduct.
Although the investigators didn’t find evidence to prove the complainant’s allegation against Bansal, they found lapses in his judgement, particularly a lack of transparency. Bansal reportedly had refuted the allegations.
“Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down,” mentioned a Walmart’s press release.
Going forward, Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business.
Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong and will report into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.
Earlier in May this year, Flipkart’s other co-founder Sachin Bansal had moved from the company. At the time of movement, he wasn’t happy on being sidelined.
While the nature, timeline, and duration of Walmart and Flipkart independent enquiry into allegation isn’t known, it certainly has come as a jolt for the entire ecosystem. In fact, no one has imagined that Binny would leave the company he built over personal misconduct.
Since Walmart’s press statement particularly pointed out that Binny had lacked transparency while dealing a particular situation, we would keep track of every detail and try to unearth more information about allegation and investigation.