Binny Bansal has resigned from the board of the Walmart-led ecommerce giant Flipkart, completely ending his association with the company he cofounded.
According to an ET report, Bansal resigned citing a conflict of interest between his new B2B startup OppDoor and Flipkart.
Bansal, who cofounded Flipkart in 2007 with Sachin Bansal, informed the board about his resignation earlier this week.
“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, and 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,” Bansal told Inc42 in a statement.
Commenting on the development, Flipkart CEO Kalyan Krishnamurthy said, “His insights and deep expertise of the business have been invaluable to the Board and company. 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.”
Bansal’s new venture OppDoor is based out of Singapore, and deals in the B2B space of ecommerce segment, helping the 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.
Last year, Bansal sold his remaining stake in Flipkart to Walmart.
Walmart acquired a majority stake 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 resigned as the CEO following allegations of “serious personal misconduct” against him.
Editor’s Note: The story has been edited to add Binny Bansal and Kalyan Krishnamurthy’s comments.
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