Co-Founder of Flipkart, Binny Bansal, formally leaves the board

Walmart-backed e-commerce giant Flipkart’s co-founder Binny Bansal has resigned from the board, alongside Sachin Bansal, concluding more than 16 years of service. This move follows Binny Bansal’s sale of his remaining stake in the company. Sachin Bansal had previously exited Flipkart and is now engaged in building a fintech venture, Navi.

Expressing pride in Flipkart’s accomplishments, Binny Bansal stated, “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.”

Leigh Hopkins, Flipkart Board Member and Executive Vice President, International Strategy & Development, Regional CEO – Asia, and Walmex, acknowledged Binny Bansal’s unique contribution as a founder. Hopkins expressed gratitude for Binny’s ongoing presence on the board since Walmart’s investment in 2018, highlighting the valuable counsel and insight he has provided.

In September 2023, Walmart invested $3.5 billion to acquire Flipkart’s remaining stakes from backers Accel Partners, Tiger Global, and Binny Bansal. Estimates suggest Bansal received $650 million by selling his entire stake at a valuation of $35 billion.

Expressing gratitude for Binny’s partnership and contributions to Flipkart’s growth, Kalyan Krishnamurthy, CEO and Flipkart Board Member, stated, “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. Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops.”

The choice to resign from the board comes several months ago that Bansal is gearing up for a new entrepreneurial venture in the e-commerce sector. It’s worth mentioning that his co-founder, Sachin Bansal, had previously left Flipkart a few years ago and is currently focusing on building a fintech venture named Navi. He added, “I wish the team the best as they continue to enhance customer experiences, and I remain a strong supporter of the business.” On Saturday, Kalyan Krishnamurthy, the CEO of Flipkart Group, expressed in a statement that the company is the outcome of a brilliant idea and extensive efforts by dedicated teams committed to revolutionizing the way people shop in India.

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