Flipkart co-founder Binny Bansal has stepped down from the e-commerce marketplace’s board after serving more than 16 years at the firm.
A Flipkart spokesperson confirmed the development to Entrackr.
“I am proud of the Flipkart Group’s achievements over the past 16 years. 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,” said Bansal in a statement.
In September 2023, Walmart spent $3.5 billion to acquire Flipkart’s remaining stakes from its backers Accel Partners, Tiger Global and Binny Bansal. As per estimates, Bansal received $650 million as he divested his complete stake at a valuation of $35 billion.
An ET report highlighted that the reason for stepping down from the company’s board could be the conflict with his new venture in the e-commerce sector.
Earlier this month, Bansal floated a new startup called OppDoor to provide end-to-end solutions to e-commerce firms. As per media reports, OppDoor will initially focus on e-commerce companies in the US, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia.
Last month, Flipkart also raised $600 million or Rs 5,000 crore from its holding company Walmart. The firm is in the process of raising $1 billion in this round.
The e-commerce firm was also in news for laying off more than 1,000 employees. In a recent town hall meeting, the firm’s chief executive officer (CEO) Kalyan Krishnamurthy said the firm is close to profitability, but has no plans to launch an IPO in 2024.
It may be recalled Bansal resigned from the position of CEO at Flipkart Group in 2018. His resignation came after an independent enquiry conducted by Walmart and Flipkart into an allegation regarding personal conduct. Bansal, however, continued to be a board member after his resignation.