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Binny Bansal Bids Farewell to Flipkart: A New Chapter Begins

Binny Bansal, a co-founder of Flipkart, has officially departed from the company's board, marking the end of his tenure spanning over 16 years. This decision was confirmed by a spokesperson from Flipkart to Entrackr. Bansal expressed pride in the accomplishments of the Flipkart Group during his time there and conveyed confidence in the company's current leadership and future trajectory. He stated his decision to step aside, citing Flipkart's strong position and capable team, while also affirming his continued support for the business as it evolves to enhance customer experiences.



Walmart's acquisition of Flipkart's remaining stakes in September 2023 for $3.5 billion, which included shares held by Bansal, amounted to around $650 million for him, given the valuation of $35 billion at the time. Reports suggest that Bansal's departure from the board might be linked to potential conflicts of interest arising from his involvement in a new venture within the e-commerce sector. His latest endeavor, OppDoor, aims to offer comprehensive solutions to e-commerce companies, initially targeting markets such as the US, Canada, and several others.


Flipkart, meanwhile, continues its strategic moves, including a recent infusion of $600 million from its parent company, Walmart, as part of a larger fundraising round totaling $1 billion. Despite this financial activity, the company has faced scrutiny for recent layoffs affecting over 1,000 employees. Flipkart's CEO, Kalyan Krishnamurthy, emphasized the company's proximity to profitability in a recent town hall meeting but dismissed any plans for an IPO in 2024.


This development marks another chapter in Bansal's journey with Flipkart, following his resignation as CEO in 2018 amid an investigation into allegations concerning personal conduct. Despite stepping down from his executive role, Bansal had remained on the board until now.

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