Flipkart co-founder Binny Bansal out of board, to launch new e-com venture: Report

In a significant development in the business world, Flipkart co-founder Binny Bansal has reportedly resigned from the board of the e-commerce giant. The decision comes after Bansal’s strategic move to sell his remaining stake in one of India’s most iconic startups. The departure of a key figure like Bansal marks a remarkable change for the company, signaling the end of an era and prompting industry observers to consider the trajectory of one of India’s leading e-commerce platforms.

Also read: Flipkart to lay off 1,000 employees in annual restructuring process

The decision to step down from the board has been taken following reports that moncontrol Several months ago, it was hinted that Bansal was set to embark on a new entrepreneurial journey in the e-commerce sector.

Notably, their co-founder Sachin Bansal exited Flipkart a few years ago and is currently engaged in developing a fintech venture called Navi.

“Flipkart is in a strong position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside knowing that the company is in capable hands. I wish the team all the best as they continue to transform the experience for customers and I remain a strong supporter of the business.” moncontrol Binny Bansal was quoted as saying.

Leigh Hopkins, EVP, International Strategy and Development and Regional CEO – Asia and Volmax and Flipkart Board Member, said, “As the founder of the business, Binny offers a unique combination of knowledge and experience. We are fortunate to have him in 2018 He has remained on the board since Walmart’s investment in Walmart and we have greatly benefited from his advice and insight. We thank him and wish him continued success in his next ventures.”

Kalyan Krishnamurthy, CEO and Flipkart Board Member, said, “We are grateful for Binny’s partnership over the last several years, as the Flipkart Group has grown and entered new businesses. His insight and deep expertise about the business has been invaluable to the Board and the Company. Flipkart is the result of a great idea and hard work, built by teams committed to changing the way India shops. We wish Binny all the best for his next venture and thank him for the profound impact he has had on the Indian retail ecosystem.”