Flipkart co-founder Binny Bansal has stepped down from the board of the e-commerce giant, citing a conflict of interest with his new venture. This move comes after Sachin Bansal, the other co-founder, left the board in 2018 following a disagreement with investors.
Key Takeaway
Binny Bansal’s resignation from Flipkart’s board is driven by a conflict of interest with his new venture, OppDoor. His departure follows the sale of his stake in Flipkart and his continued involvement with startups like PhonePe.
Bansal’s New Venture
Bansal’s departure from Flipkart’s board is linked to the launch of his new venture, OppDoor, a cross-border e-commerce startup that offers end-to-end solutions to businesses. The conflict of interest arose due to his involvement with OppDoor, which provides services such as market entry analysis, demand mapping, inventory management, cross-border logistics, and taxation assistance.
Stake Sale and Future Plans
Additionally, Bansal has sold his entire stake in Flipkart, which was acquired by Walmart in 2018 for $16 billion. He has also become a prolific investor, backing several startups, including PhonePe, where he still holds a position on the board. Despite stepping down from Flipkart, Bansal expressed confidence in the company’s leadership and its future trajectory.
Statements from Bansal and Flipkart Group CEO
In a statement, Bansal expressed pride in Flipkart’s achievements over the past 16 years and conveyed his confidence in the company’s strong leadership team. Meanwhile, Kalyan Krishnamurthy, the CEO of Flipkart Group, acknowledged Binny Bansal’s contributions and wished him success in his future endeavors.
Post-Flipkart Ventures
Following his exit from Flipkart, Sachin Bansal founded Navi, a financial services firm that aimed to go public in 2022 but postponed its IPO due to unfavorable market conditions. The Bansals’ post-Flipkart ventures reflect their continued involvement in the Indian business landscape.
