Binny Bansal, co-founder of Flipkart, has resigned from the board of the e-commerce platform he helped establish with Sachin Bansal 16 years ago. This move follows Binny’s sale of his remaining stake in the company and his decision to start a new venture in the e-commerce sector. His co-founder, Sachin Bansal, left Flipkart a few years ago and is now involved in building a fintech venture called Navi. Binny Bansal’s exit from the board comes after Walmart’s purchase of a 77% stake in Flipkart for $16 billion in 2018. Binny and other stakeholders, including Accel and Tiger Global Management, fully exited Flipkart by selling their stakes to Walmart in August of the previous year.
Binny Bansal, who has been serving on the board since Walmart’s investment in 2018, expressed his pride in Flipkart’s achievements over the past 16 years. He emphasized that Flipkart is in a robust position with a strong leadership team and a clear path forward, leading to his decision to step aside. Leigh Hopkins, an Executive Vice President at Walmart, acknowledged Binny’s unique combination of knowledge and experience as a founder and expressed gratitude for his counsel and insight.
Kalyan Krishnamurthy, the CEO of Flipkart, also thanked Binny for his partnership over the years, highlighting the valuable insights and deep expertise Binny brought to the board. Binny Bansal, along with his co-founders, fully exited Flipkart in 2023 after the expiration of a five-year non-compete clause that came with Walmart’s investment.
Binny’s new venture, OppDoor, aims to assist e-commerce firms in expanding their operations globally. OppDoor will provide end-to-end solutions, including design, product, and human resource support, to e-commerce companies looking to expand into different regions. The focus initially will be on e-commerce companies in the United States, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia.
Despite leaving Flipkart’s board, Binny Bansal remains active in the business world as an angel investor and a board member of PhonePe, a major player in the payments industry. Flipkart, which began its journey in 2007 as an online bookstore operating out of a Bengaluru apartment, has grown into one of India’s leading e-commerce platforms under the leadership of Binny and Sachin Bansal.
