Binny Bansal exits Walmart-owned Flipkart to focus on his new startup
Flipkart co-founder Binny Bansal's decision to step down comes months after he fully exited the ecommerce company by selling his shares to Walmart.
Binny Bansal, Co-founder and former CEO of , has stepped down from the Board of the Walmart-owned company, the ecommerce giant confirmed to YourStory. According to media reports, Bansal will be now focusing on his new ecommerce venture, OppDoor.
"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," Bansal said in an official statement.
"I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business," he added.
Bansal's decision to step down comes months after he fully exited the ecommerce company by selling his shares to Walmart. Earlier, YourStory reported that Bansal generated $1-1.5 billion from its inception to his exit.
Sachin and Binny Bansal Co-founded Flipkart in 2007. Working out of an apartment, the duo started India's answer to Amazon, by selling books on their ecommerce platform. Binny served as the COO of Flipkart until January 2016, post which, he was promoted as the CEO.
Kalyan Krishnamurthy, CEO and Flipkart Board Member, said in an official statement, “We are thankful for Binny's partnership over the past several years, as the Flipkart Group has grown and entered into new businesses. His insights and deep expertise of the business have been invaluable to the Board and company."
"Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops. We wish Binny the best as he embarks on his next venture and thank him for the deep impact he has enabled for the Indian retail ecosystem,” he added.
In 2018, Walmart acquired 77% stake in Flipkart for close to $16 billion, its largest acquisition to date.
Leigh Hopkins, Executive Vice President, International Strategy and Development and Regional CEO-Asia and Walmex, and Flipkart Board Memeber, said, "As a founder of the business, Binny provides a unique combination of knowledge and experience. We have been fortunate to have him remain on the Board since Walmart's investment in 2018, and we have greatly benefited from his counsel and insight."
Recently, Walmart had also bought investor Tiger Global's remaining shares worth $1.4 billion in an attempt to take Flipkart's ecommerce ambitions to a global scale.
Sachin Bansal had exited Flipkart post its acquisition.
Binny is an investor in tech-focused VC firm 021 Captial. He has made 92 investments so far, including , , and .
(The story was updated to correct a typo)
Edited by Megha Reddy