Flipkart Co-Founder Binny Bansal bid Goodbye to set off a New Startup Journey
Monday, 29 January 2024, 12:15 IST
Co-founder of Flipkart, Binny Bansal has officially exited the board of the Walmart-owned e-commerce firm which he started with Sachin Bansal 16 years ago. He sold his remaining stake in the firm and made his decision of leaving public after months. Recently, he established his own startup OppDoor which is providing end-to-end solutions to e-commerce firms.
In 2018, the other co-founder, Sachin Bansal, resigned from the board. Sachin established Navi, a financial services company, after quitting Flipkart. The E-commerce platform Flipkart was valued at less than $21 billion in 2018, when the US retail behemoth Walmart committed $16 billion to acquire a majority share in the Bengaluru-based company. In addition to making the company's founders, Sachin and Binny Bansal, billionaires, this also gave investors access to spectacular exits. The two Bansals are not related.
Binny Bansal stated, “I am proud of the Flipkart Group's achievements over the past 16 years. Flipkart is in a robust position, with a strong leadership team and a clear path forward.” he further added that, “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.”
Leigh Hopkins, Executive Vice President, International Strategy and Development and Regional CEO – Asia and Walmex and Flipkart Board Member mentioned that, the founder of the business, Binny Bansal executes a unique combination of knowledge and experience.
Hopkins quoted, “We have been fortunate to have him remain on the Board since Walmart’s investment in 2018, and we have greatly benefited from his counsel and insight. We thank him and wish him continued success with his next ventures.”
CEO and Board Member of Flipkart, Kalyan Krishnamurthy, said that, Binny Bansal owns a deep insights and expertise in the business which remains extremely valuable for the company. He quoted saying, “We are thankful for Binny's partnership over the past several years, as the Flipkart Group has grown and entered into new businesses. 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.”
In 2018, the other co-founder, Sachin Bansal, resigned from the board. Sachin established Navi, a financial services company, after quitting Flipkart. The E-commerce platform Flipkart was valued at less than $21 billion in 2018, when the US retail behemoth Walmart committed $16 billion to acquire a majority share in the Bengaluru-based company. In addition to making the company's founders, Sachin and Binny Bansal, billionaires, this also gave investors access to spectacular exits. The two Bansals are not related.
Binny Bansal stated, “I am proud of the Flipkart Group's achievements over the past 16 years. Flipkart is in a robust position, with a strong leadership team and a clear path forward.” he further added that, “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.”
Leigh Hopkins, Executive Vice President, International Strategy and Development and Regional CEO – Asia and Walmex and Flipkart Board Member mentioned that, the founder of the business, Binny Bansal executes a unique combination of knowledge and experience.
Hopkins quoted, “We have been fortunate to have him remain on the Board since Walmart’s investment in 2018, and we have greatly benefited from his counsel and insight. We thank him and wish him continued success with his next ventures.”
CEO and Board Member of Flipkart, Kalyan Krishnamurthy, said that, Binny Bansal owns a deep insights and expertise in the business which remains extremely valuable for the company. He quoted saying, “We are thankful for Binny's partnership over the past several years, as the Flipkart Group has grown and entered into new businesses. 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.”
