“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,” Bansal said in a statement.
Bansal’s move to resign from Flipkart’s board comes amid the launch of his new startup venture OppDoor. Based in Singapore, OppDoor aims to help e-commerce brands expand their businesses on online marketplaces like Amazon, Etsyand leverage the platforms better to sell globally. In July last year, Bansal and some of Flipkart’s early investors including Tiger Global and Accel exited the company by selling their remaining stakes to Walmart which increased the company’s shareholding in the firm to 80.5%. Bansal held about a 1.8% stake in Flipkart at the time of the transaction.
In 2018, Walmart invested $16 billion to acquire a 77% controlling stake in Flipkart. Walmart remains deeply invested in India and aims to take Flipkart public in the coming years. “We have been fortunate to have him (Binny Bansal) 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,” said Leigh Hopkins, executive vice-president, international strategy & development and regional CEO-Asia and Walmex and Flipkart board member.
Flipkart which is currently valued at over $30 billion led the Indian e-commerce market as of FY23 with a 48% share, a recent report by Bernstein said. Apart from Amazon, a host of homegrown players like Meesho, Reliance and the Tata Group are today competing against Flipkart for a larger share of consumers’ wallet. “We are thankful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered into new businesses. His insights and deep expertise of the business have been invaluable to the Board and company,” said Flipkart CEO and board member Kalyan Krishnamurthy.
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