In a significant development in the business world, Flipkart co-founder Binny Bansal has reportedly stepped down from the board of the storied e-commerce giant. This decision comes on the heels of Bansal’s strategic move to sell off his remaining stake in one of India’s most iconic startups. The departure of a key figure like Bansal marks a notable transition for the company, signaling the end of an era and prompting industry observers to reflect on the trajectory of one of India’s pioneering e-commerce platforms.
Also Read: Flipkart To Lay Off 1,000 Employees In Annual Restructuring Exercise
The decision to step down from the board follows reports from Moneycontrol several months ago, indicating that Bansal is set to embark on a new entrepreneurial journey in the e-commerce domain.
Notably, his co-founder Sachin Bansal had previously exited Flipkart a few years ago and is currently immersed in developing a fintech venture called Navi.
“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,” Moneycontrol quoted Binny Bansal as saying.
Leigh Hopkins, EVP, international strategy & development and regional CEO – Asia and Walmex and Flipkart Board Member, said “As a founder of the business, Binny provides a unique combination of knowledge and experience. We have been fortunate to have him remain on the Board since Walmart’s investment in 2018, and we have greatly benefited from his counsel and insight. We thank him and wish him continued success with his next ventures.”
Kalyan Krishnamurthy, CEO and Flipkart Board Member, said, “We are thankful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered new businesses. 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.”
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