In a significant development, Binny Bansal, co-founder of India’s leading e-commerce platform, Flipkart, has announced his decision to step down from the board of the Walmart-owned company. This move comes after Binny recently sold his remaining stake in Flipkart, marking the end of an era for one of the nation’s most iconic tech ventures.
Binny Bansal, who founded Flipkart alongside Sachin Bansal 16 years ago, expressed confidence in the company’s future and the capable leadership team currently in place. In a statement, he said, “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.”
Sachin Bansal, the other co-founder of Flipkart, had exited the company a few years ago and is now focused on establishing a fintech venture named ‘Navi’.
Leigh Hopkins, Executive Vice President, International Strategy & Development, and Regional CEO – Asia and Walmex, who is also a Flipkart board member, commented on Binny Bansal’s departure, stating, “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.”
Kalyan Krishnamurthy, CEO, and Flipkart Board Member expressed gratitude for Binny’s contributions, saying, “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 in the business have been invaluable to the Board and company.”
As Binny Bansal embarks on his next venture, the impact of his role in shaping the Indian retail ecosystem is acknowledged, and the Flipkart team wishes him success in his future endeavors.
