Mumbai: Binny Bansal has resigned from the board of Flipkartis officially ending his association with the internet firm he co-founded with fellow IIT Delhi ex-student Sachin Bansal in 2007. Flipkart, which made its entry into the then-emerging local e-tail market with the launch of an online bookstore, became an e-commerce giant that attracted global investors, and was eventually acquired by US retail giant Walmart in 2018 . ,
“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.” bansal Said in a statement.
Bansal’s move to resign from the board of Flipkart comes amid the launch of his new startup venture OppDoor. Based in Singapore, OppDoor aims to help e-commerce brands expand their businesses on online marketplaces like Amazon, Etsy and better leverage the platforms to sell globally. In July last year, Bansal and some of Flipkart’s early investors including Tiger Global and Accel exited the company by selling their remaining stake to Walmart, increasing the company’s stake in the company to 80.5%. Bansal held about 1.8% stake in Flipkart at the time of the transaction.
In 2018, Walmart invested $16 billion in Flipkart to acquire a 77% controlling stake. Walmart is deeply invested in India and aims to take Flipkart public in the coming years. “We have been fortunate to have him (Binny Bansal) on board since Walmart’s investment in 2018, and we have benefited greatly from his advice and insight. We thank them and wish them continued success in their next ventures,” said Leigh Hopkins, Executive Vice President, International Strategy and Development and Regional CEO-Asia and member of the board of Walmart and Flipkart.
A recent report by Bernstein said Flipkart, which is currently valued at over $30 billion, remains the leader in the Indian e-commerce market with 48% share by FY2023. Apart from Amazon, several domestic players like Meesho, Reliance and Tata Group are today competing against Flipkart for a bigger share of consumers’ wallet. “We are grateful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered new businesses. His insights and deep expertise of the business have been invaluable to the board and the company,” said Kalyan Krishnamurthy, CEO and board member, Flipkart.,
“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.” bansal Said in a statement.
Bansal’s move to resign from the board of Flipkart comes amid the launch of his new startup venture OppDoor. Based in Singapore, OppDoor aims to help e-commerce brands expand their businesses on online marketplaces like Amazon, Etsy and better leverage the platforms to sell globally. In July last year, Bansal and some of Flipkart’s early investors including Tiger Global and Accel exited the company by selling their remaining stake to Walmart, increasing the company’s stake in the company to 80.5%. Bansal held about 1.8% stake in Flipkart at the time of the transaction.
In 2018, Walmart invested $16 billion in Flipkart to acquire a 77% controlling stake. Walmart is deeply invested in India and aims to take Flipkart public in the coming years. “We have been fortunate to have him (Binny Bansal) on board since Walmart’s investment in 2018, and we have benefited greatly from his advice and insight. We thank them and wish them continued success in their next ventures,” said Leigh Hopkins, Executive Vice President, International Strategy and Development and Regional CEO-Asia and member of the board of Walmart and Flipkart.
A recent report by Bernstein said Flipkart, which is currently valued at over $30 billion, remains the leader in the Indian e-commerce market with 48% share by FY2023. Apart from Amazon, several domestic players like Meesho, Reliance and Tata Group are today competing against Flipkart for a bigger share of consumers’ wallet. “We are grateful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered new businesses. His insights and deep expertise of the business have been invaluable to the board and the company,” said Kalyan Krishnamurthy, CEO and board member, Flipkart.,
