End of an Era: Flipkart co-founder Binny Bansal exits board
End of an Era: Binny Bansal Resigns from Flipkart BoardÂ
Binny Bansal, co-founder of Flipkart, has officially stepped down from the board of the Walmart-owned e-commerce giant, marking the conclusion of a significant chapter in the company’s history. Here are key points about this development:
Binny Bansal’s departure from Flipkart’s board comes several months after he sold his remaining stake in the company.
This move signifies the conclusion of an era for Flipkart, co-founded by Binny and Sachin Bansal sixteen years ago.
Binny Bansal is embarking on a new entrepreneurial journey with the launch of OppDoor, a startup in the e-commerce space. This venture aims to assist e-commerce firms in expanding globally by providing comprehensive solutions.
Binny Bansal expressed pride in Flipkart’s accomplishments over the past 16 years, highlighting the company’s robust position, strong leadership team, and clear path forward. He emphasized confidence in the capable hands currently steering Flipkart.
Bansal, along with early investor Accel and Tiger Global Management, completely exited Flipkart by selling their stakes to Walmart in August of the previous year. His earnings from the exit are estimated to be between $1-1.5 billion.
The exit from Flipkart took place five years after Walmart acquired a 77 percent stake in the e-commerce giant for $16 billion in 2018. The deal included a five-year non-compete clause, allowing Binny Bansal to re-enter the e-commerce space in 2023.
OppDoor, Binny Bansal’s new venture, will offer end-to-end solutions for e-commerce companies looking to expand globally. It will provide support in design, product, human resources, and other backend aspects, focusing initially on countries such as the US, Canada, Mexico, the UK, Germany, Singapore, Japan, and Australia.
Binny Bansal remains active in the startup ecosystem as an angel investor. Additionally, he is on the board of PhonePe, a prominent player in the payments industry.
Binny Bansal’s contributions to Flipkart have been pivotal in shaping the e-commerce landscape in India, and his new venture, OppDoor, signals his continued involvement and innovation in the industry.
