The IIT Delhi graduate is also a board member of PhonePe, which separated from its former parent company Flipkart to enter the e-commerce space with Pincode.
Officially, Binny Bansal and Flipkart are no longer affiliated. According to insiders, the businessman has left the board of the e-commerce company he cofounded in 2007 with Sachin Bansal. Relocating to Singapore, Binny Bansal informed the board earlier this week of his resignation, citing a conflict with his new e-commerce firm.
On January 2, it was revealed that Binny Bansal had founded a new online retailer called OppDoor. The software services platform is aimed at enterprises and claims to assist new and rising e-commerce brands in their global expansion. The IIT Delhi graduate is also a board member of PhonePe, which separated from its former parent company Flipkart to enter the e-commerce space with Pincode. Walmart is also PhonePe’s biggest investor, but with their split, they are no longer connected to Flipkart.
Additionally, he gave Walmart his remaining Flipkart ownership.
With his resignation from the board, Binny Bansal has ended his long-standing relationship as one of the most illustrious Indian consumer internet firms of the last ten years.
A Flipkart representative verified the development.
“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. I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business,” Bansal said in a statement shared by Flipkart.
As the Flipkart group has expanded and into new industries over the past few years, Kalyan Krishnamurthy, group CEO and board member of the online retailer, expressed gratitude for Binny’s support.
“His insights and deep expertise of the business have been invaluable to the board and company. Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops. 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,” Krishnamurthy said.
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