Flipkart co-founder Binny Bansal has officially exited the e-commerce platform's board after more than 16 years. Sachin Bansal, the other co-founder, left the board in 2018.
Reasons Behind Exit and Flipkart's Current Position
After leaving Flipkart, Sachin founded Navi, a financial services firm. "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," Binny said in a statement.
"I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business," he added.
Flipkart Group CEO Kalyan Krishnamurthy said in a statement on Saturday that the company 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," he added.
Binny's New Venture 'OppDoor'
Earlier this month, Binny announced a new venture called 'OppDoor', which will help e-commerce companies expand operations globally by providing them with end-to-end solutions. As per reports, OppDoor will initially focus on e-commerce companies in the US, Canada, Mexico, the UK, Germany, Singapore, Japan, and Australia.
Financial Transactions and Post-Flipkart Ventures
Last year, Bansal sold his remaining stake in Flipkart and received about USD1-USD1.5 billion from his shareholding in Flipkart.
Binny, along with Sachin Bansal, exited Flipkart after selling it to Walmart in 2018 for around USD 16 billion. Binny has backed around 60 startups, like Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu and others.
