Flipkart Co-Founder Binny Bansal has stepped down from the e-commerce giant's board, after 16 years at the firm.
"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," Bansal said in a statement. "I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business."
In May 2018, U.S. retailer Walmart Inc. acquired a 77% stake in Flipkart for about $16 billion in its biggest acquisition then. Sachin Bansal, Binny's other co-founder, had exited the company as part of the deal, and then went on to found Navi.
"(Binny's) insights and deep expertise of the business have been invaluable to the board and company. 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," said Kalyan Krishnamurthy, chief executive officer and Flipkart board member.
Krishnamurthy's nudge to Bansal's next venture is possibly about his newly-launched startup called OppDoor, which partners with private labels to help with boost their e-commerce sales.
Binny has continued to be a part of the startup ecosystem, being an active angel investor and serving on the board of payments giant PhonePe, which separated from Flipkart in 2023.
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