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Flipkart co-founder Binny Bansal resigned from the company’s board a few months after selling his remaining stake. His other co-founder Sachin Bansal left Flipkart a few years ago.
Binny Bansal has reserved the right to remain on Flipkart’s board for as long as he wishes, citing conflicts of interest with new ventures as the reason for the move. Late last year, Bansal launched OppDoor, a cross-border e-commerce startup. According to the company’s website, OppDoor provides end-to-end solutions for businesses, including market entry analysis, demand mapping, inventory management, cross-border logistics, and tax assistance.
The move also follows Bansal’s recent sale of his entire stake in Flipkart, which was acquired by Walmart for $16 billion in 2018, ahead of the e-commerce group’s much-anticipated IPO scheduled for 2025. be.
Bansal is also a board member of PhonePe, a position he maintains, but has become a prolific investor in recent years, backing many startups including PhonePe.
“I am proud of Flipkart Group’s achievements over the past 16 years. Flipkart is in a strong position with a strong leadership team and a clear path forward. It is with this confidence that I decided to take a step forward.” That aside, I know the company is in capable hands. I wish the team every success as they continue to transform the customer experience and I remain a strong supporter of the business. ”
After leaving Flipkart, Sachin Bansal founded Navi, a financial services company that aims to go public. In 2022, Navi filed papers for his IPO.
Commenting on the development, he said, “We wish Vinny all the best as he embarks on his next venture and thank him for making a huge impact on the Indian retail ecosystem. Flipkart is the result of a great idea and a lot of hard work. Our team is working to transform the way India shops,” said Kalyan Krishnamurthy, CEO, Flipkart Group.
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