- Flipkart co-founder Binny Bansal resigned from its board over a conflict of interest with his new startup, OppDoor.
- His exit follows fellow founder Sachin Bansal’s 2018 departure amid leadership changes under Walmart ownership.
- It signals Flipkart entering a new era on its path to a 2025 IPO without its founding duo.
Flipkart co-founder Binny Bansal has stepped down from the e-commerce company’s board of directors, citing a conflict of interest with his new startup OppDoor.
Bansal launched the cross-border e-commerce firm late last year after selling his entire stake in Flipkart following its $16 billion acquisition by Walmart in 2018.
Flipkart’s Leadership Transition
The move follows fellow co-founder Sachin Bansal’s resignation from the board in 2018 amid investor clashes.
It also comes ahead of Flipkart’s planned IPO in 2025, as Bansal has become an active startup investor in recent years. He will maintain his board seat with Flipkart’s digital payments arm PhonePe.
Signaling a new era for Flipkart
In a statement, Bansal said, “I am proud of the Flipkart Group’s achievements over the past 16 years. Flipkart is in a robust position, with a strong leadership team and a clear path forward. ” Flipkart Group CEO Kalyan Krishnamurthy thanked Bansal for his “deep impact” on Indian retail and wished him the best in his next venture.
The exit of the founding duo from Flipkart’s board highlights the e-commerce firm moving into a new era under Walmart as it gears up to go public in the coming years.
Their journey from founding Flipkart as a bookseller in 2007 to its rise as one of India’s most prominent startups is emblematic of the rapid growth of the country’s tech ecosystem.
