Flipkart co-founder Binny Bansal leaves the board

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Flipkart co-founder Binny Bansal has resigned from the e-commerce group's board, the two said on Saturday. The Bengaluru-headquartered startup's other co-founder Sachin Bansal left the board in 2018 after a tussle with investors.

Binny Bansal, who reserved the right to stay on Flipkart's board as long as he wants, cited conflict of interest with his new venture as the reason for the move. Bansal had launched OppDoor, a cross-border e-commerce startup, late last year. According to its website, OppDoor provides end-to-end solutions to businesses – including market penetration analysis, demand mapping, inventory management, cross-border logistics and taxation assistance.

The move also comes after Bansal sold his entire stake in Flipkart, which Walmart acquired for $16 billion in 2018, in recent years ahead of the much-awaited IPO of the e-commerce group, which is now slated to come in 2025. Is. Bansal – who is also on PhonePe's board, a position he holds – has become a prolific investor in recent years, having backed several startups, including PhonePe.

“I am proud of the achievements of the Flipkart Group over the last 16 years. Bansal said in a statement, Flipkart is in a strong position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to leave the company, knowing that the company is in capable hands.

After leaving Flipkart, Sachin Bansal founded Navi, a financial services firm which is considering going public. In 2022, Navi filed paperwork for its initial public offering, but put plans on hold after poor market conditions.

“Flipkart is the result of a great idea and hard work, built by teams committed to transforming how India shops,” Flipkart Group Chief Executive Kalyan Krishnamurthy said in a statement on Saturday. “We wish Binny all the best for his next venture and thank him for the profound impact he has had on the Indian retail ecosystem.”