Flipkart co-founder Binny Bansal has resigned from the e-commerce group’s board, the 2 mentioned on Saturday. Sachin Bansal, the opposite co-founder of the Bengaluru-headquartered startup, left the board in 2018 after a scuffle with buyers.
Binny Bansal, who reserved the rights to stay on Flipkart’s board for so long as he needed, cited battle of curiosity along with his new enterprise as the explanation for the transfer. Bansal launched OppDoor, a cross-border e-commerce startup, late final yr. OppDoor gives end-to-end options – together with market entry evaluation, demand mapping, stock administration, cross-border logistics and tax help – to companies, based on its web site.
The transfer additionally follows Bansal promoting his total stake in Flipkart, which was acquired by Walmart for $16 billion in 2018, lately forward of the e-commerce group’s much-anticipated preliminary public providing, now slated for 2025. Bansal – who can be on the board of PhonePe, a place he holds, has change into a prolific investor lately, backing numerous startups, together with PhonePe.
“I’m pleased with Flipkart Group’s achievements during the last 16 years. Flipkart is in a sturdy place, with a powerful management workforce and a transparent path ahead, and with this confidence, I’ve determined to step apart, figuring out that the corporate is in succesful palms,” Bansal mentioned in an announcement.
After leaving Flipkart, Sachin Bansal based Navi, a monetary providers firm that’s seeking to go public. In 2022, Navi filed papers for its preliminary public providing, however shelved the plan after market circumstances deteriorated.
“Flipkart is the results of a fantastic thought and lots of laborious work, constructed by groups dedicated to remodeling the best way India outlets,” Kalyan Krishnamurthy, CEO of Flipkart Group, mentioned in an announcement on Saturday. “We want Binny the most effective in his subsequent enterprise and thank him for the nice impression he has had on the Indian retail ecosystem.”