Binny Bansal, who co-founded Flipkart together with Sachin Bansal in 2007, has formally resigned from the board of the e-commerce big. This transfer comes after Sachin Bansal’s departure from the board in 2018 following a dispute with buyers. These resignations have taken place after Walmart’s acquisition of a 77% controlling stake in Flipkart by a $16 billion deal in 2018.
“I’m pleased with the Flipkart Group’s achievements over the previous 16 years.Flipkart is in a sturdy place, with a robust management group and a transparent path ahead, and with this confidence, I’ve determined to step apart, understanding the corporate is in succesful fingers,” Bansal stated in a press release.
Final 12 months, Binny, together with Accel and Tiger International Administration, absolutely divested their shares, promoting their stakes within the firm to Walmart. Binny Bansal is reported to have offered his remaining stake in Flipkart to Walmart for round $1-1.5 billion at a valuation of $35 billion.
His exit coincides along with his re-entry into the e-commerce trade along with his new startup, OppDoor. Much like his co-founder Sachin Bansal, who left Flipkart a couple of years in the past to ascertain Navi, a fintech enterprise, Binny is now offering complete options to e-commerce companies. This strategic transfer appears to be an effort to keep away from any potential conflicts of curiosity along with his new enterprise.
“We’re grateful for Binny’s partnership over the previous a number of years, because the Flipkart Group has grown and entered new companies. His insights and deep experience of the enterprise have been invaluable to the Board and firm,” stated Kalyan Krishnamurthy, CEO and considered one of Flipkart’s board members.
Binny is an lively angel investor and board member of PhonePe, a large within the funds trade. Flipkart started in 2007 as a web based bookstore from a Bengaluru house.
“I’m pleased with the Flipkart Group’s achievements over the previous 16 years.Flipkart is in a sturdy place, with a robust management group and a transparent path ahead, and with this confidence, I’ve determined to step apart, understanding the corporate is in succesful fingers,” Bansal stated in a press release.
Final 12 months, Binny, together with Accel and Tiger International Administration, absolutely divested their shares, promoting their stakes within the firm to Walmart. Binny Bansal is reported to have offered his remaining stake in Flipkart to Walmart for round $1-1.5 billion at a valuation of $35 billion.
His exit coincides along with his re-entry into the e-commerce trade along with his new startup, OppDoor. Much like his co-founder Sachin Bansal, who left Flipkart a couple of years in the past to ascertain Navi, a fintech enterprise, Binny is now offering complete options to e-commerce companies. This strategic transfer appears to be an effort to keep away from any potential conflicts of curiosity along with his new enterprise.
“We’re grateful for Binny’s partnership over the previous a number of years, because the Flipkart Group has grown and entered new companies. His insights and deep experience of the enterprise have been invaluable to the Board and firm,” stated Kalyan Krishnamurthy, CEO and considered one of Flipkart’s board members.
Binny is an lively angel investor and board member of PhonePe, a large within the funds trade. Flipkart started in 2007 as a web based bookstore from a Bengaluru house.
