Binny Bansal, the co-founder of Flipkart, has formally resigned from the board of the e-commerce giant after recently divesting his remaining stake in the startup. This decision aligns with earlier reports indicating his intention to re-enter the e-commerce arena, following the path of his co-founder, Sachin Bansal, who left Flipkart a few years ago to pursue the fintech venture Navi.
Expressing pride in Flipkart’s achievements over the past 16 years, Bansal highlighted the company’s robust position, strong leadership team, and clear path forward. He expressed confidence in the capable hands currently steering Flipkart.
Bansal, along with early investor Accel and Tiger Global Management, completely exited Flipkart by selling their stakes to Walmart in August of the previous year. His earnings from the exit are estimated to be between $1-1.5 billion.
The departure from Flipkart occurred five years after Walmart acquired a 77% stake in the e-commerce giant for $16 billion in 2018. The deal included a five-year non-compete clause, allowing Binny Bansal to re-enter the e-commerce space in 2023.
Binny Bansal remains active in the startup ecosystem as an angel investor. Additionally, he is on the board of PhonePe, a prominent player in the payments industry.
Binny Bansal’s contributions to Flipkart have been pivotal in shaping the e-commerce landscape in India, and his new venture, OppDoor, signals his continued involvement and innovation in the industry, supporting e-commerce firms in global expansion by providing comprehensive solutions.
