Flipkart co-founder Binny Bansal exits board over conflict of interest
What's the story
Binny Bansal, the co-founder of Flipkart, has stepped down from the e-commerce giant's board. In a statement, Bansal shared, "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." This move came after he sold his entire stake in Flipkart (acquired by Walmart in 2018 for $16 billion) and launched his new e-commerce venture, OppDoor.
Reason for departure
Conflict of interest with new venture
Bansal cited a conflict of interest with OppDoor as the reason for leaving Flipkart's board, per TechCrunch. The start-up—launched in late 2023—is a cross-border e-commerce platform offering end-to-end solutions like market entry analysis, demand mapping, inventory management, cross-border logistics, and taxation assistance. Bansal's move also precedes Flipkart's highly anticipated initial public offering (IPO) scheduled for 2025. Notably, he continues to be on the board of PhonePe, Flipkart's former subsidiary. Both PhonePe and Flipkart are majority-owned by American retail giant Walmart.
What happened previously
Sachin Bansal's exit and his venture, Navi
Bansal's exit came years after the departure of Flipkart's co-founder, Sachin Bansal, from the board in 2018 reportedly after a scuffle with the investors. Since leaving the company, Sachin has established Navi, a financial services firm with plans to go public. In 2022, Navi filed paperwork for its IPO but postponed the plan due to the worsening market conditions.
Insights
Reactions from Flipkart and Walmart
Kalyan Krishnamurthy, Flipkart CEO and board member, expressed gratitude for Bansal's partnership over the years and wished him success in his next venture. Leigh Hopkins, executive vice president of international strategy and development and regional CEO, Asia and Walmex and Flipkart Board Member, also thanked Bansal for his counsel and insight since Walmart's investment in 2018. Bansal is now set to start a new entrepreneurial journey in the e-commerce domain with OppDoor.