Binny Bansal has reportedly resigned from the board of the Walmart-led ecommerce giant Flipkart, citing a conflict with his new B2B startup OppDoor.
This marks Bansal’s official end of all his ties with Flipkart.
Bansal, who cofounded Flipkart in 2007 with Sachin Bansal, informed the board about his resignation earlier this week.
An Economic Times report said that this resignation comes as a result of the conflict of interest between the new startup OppDoor and Flipkart.
Flipkart did not respond to Inc42’s queries immediately.
Bansal’s new venture OppDoor is based out of Singapore, and deals in the B2B space of ecommerce segment, helping the ecommerce companies with geographical expansion. OppDoor claims to partner with leading private-label brands to unlock their business potential.
From advertising strategies to enhanced catalogues, the startup aims to equip brands with all the ongoing competitive intelligence.
Currently, it claims to be operational in the US, the UK, Canada, Mexico, Germany, Singapore, Japan, and Australia.
As a part of this resignation, Bansal has also sold his remaining stakes in the company to the new owner Walmart.
Walmart took up majority stakes in the company for about $18 Bn in 2018, but the separation of PhonePe from Flipkart and secondary share sales led to its stake falling. Later, in 2023, the retail giant took up Tiger Global’s shares in the company for $1.4 Bn, giving it an exit.
Both the cofounders of the ecommerce major stepped down after Walmart’s majority stake acquisition in the company. However, Walmart announced in 2018 that Binny Bansal’s resignation came as an effect of allegations of “serious personal misconduct” against him.
Bansal’s new venture launched weeks back, and according to its official website, it offers end-to-end solutions to brands including market entry analysis, demand mapping, inventory management, cross-border logistics and tax.
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