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Flipkart co - founder Binny Bansal has resigned from the e - Commerce Department group ’s board , the two allege Saturday . Sachin Bansal , the Bengaluru - headquarter startup ’s other conscientious objector - founder , leave the board in 2018 after a scramble with the investors .
Binny Bansal , who book the right to stay on Flipkart ’s plug-in for as long as he prefer , cite battle of interest with his new speculation as the understanding for the move . Bansal launched OppDoor , a cross - border eastward - Commerce Department startup , late last class . OppDoor offers end - to - end solutions — including market place debut analysis , exact mapping , inventory direction , cross - border logistics and tax aid — to businesses , according to its website .
The move also surveil Bansal selling his full stakes in Flipkart , which wasacquired by Walmart in 2018 for $ 16 billion , in late year ahead of the east - DoC radical ’s much - awaited IPO , which is now slated for 2025 . Bansal — who is also on the board of PhonePe , a position he is keep — has become a fecund investor in late years , backing a issue of startups , including PhonePe .
“ I am proud of the Flipkart Group ’s achievements over the past 16 year . Flipkart is in a full-bodied position , with a strong leadership squad and a clear path fore , and with this self-confidence , I have decide to step aside , knowing the company is in capable hands , ” Bansal said in a statement .
After provide Flipkart , Sachin Bansal founded Navi , a fiscal servicing firm that is bet to go public . In 2022 , Navifiled the paperwork for its initial public offering , but deter the plan after the market circumstance worsened .
“ Flipkart is the termination of a capital musical theme and a lot of hard work , build by teams put to transforming how India workshop , ” Flipkart Group principal executive Kalyan Krishnamurthy said in a instruction Saturday . “ We wish Binny the good as he embarks on his next venture and thank him for the deep encroachment he has enabled for the Indian retail ecosystem . ”
