Flipkart’s co-founder Binny Bansal formally exits board

Walmart-backed e-commerce Flipkart’s co-founder Binny Bansal has stepped down from the board of the corporate with Sachin Bansal, after serving greater than 16 years on the agency.

• Additionally learn: Flipkart leads e-comm market with 48% share, Meesho fastest-growing platform: Bernstein

This resolution comes after Binny Bansal bought his remaining stake within the agency. His different co-founder Sachin Bansal exited Flipkart just a few years in the past and is now constructing a fintech enterprise, Navi.

“I’m happy with the Flipkart Group’s achievements over the previous 16 years. Flipkart is in a strong place, with a powerful management crew and a transparent path ahead, and with this confidence, I’ve determined to step apart, realizing the corporate is in succesful palms”, stated Binny Bansal in an announcement.

On the similar time, Leigh Hopkins, Govt Vice President, Worldwide Technique & Growth and Regional CEO – Asia and Walmex and Flipkart Board Member stated, “As a founding father of the enterprise, Binny gives a singular mixture of information and expertise. We have now been lucky to have him stay on the Board since Walmart’s funding in 2018, and we now have drastically benefited from his counsel and perception.”

In September 2023, Walmart spent $3.5 billion to amass Flipkart’s remaining stakes from its backers Accel Companions, Tiger World and Binny Bansal. As per estimates, Bansal acquired $650 million as he divested his full stake at a valuation of $35 billion.

• Additionally learn: Flipkart co-founder Binny Bansal launches e-commerce start-up OppDoor

“We’re grateful for Binny’s partnership over the previous a number of years, because the Flipkart Group has grown and entered into new companies. His insights and deep experience of the enterprise have been invaluable to the Board and firm. Flipkart is the result of an excellent thought and a number of laborious work, constructed by groups dedicated to remodeling how India retailers. We want Binny the very best as he embarks on his subsequent enterprise and thank him for the deep impression he has enabled for the Indian retail ecosystem,” stated Kalyan Krishnamurthy, CEO and Flipkart Board Member.

In December, Flipkart additionally raised $600 million from its holding firm Walmart. The agency is within the means of elevating $1 billion on this spherical.

Lately, in a city corridor assembly, the agency’s chief govt officer (CEO) Kalyan Krishnamurthy stated the agency is near profitability. The corporate will lay off staff publish efficiency evaluation in April.