Flipkart co-founder Binny Bansal steps down from the board

Binny Bansal, the co-founder of Flipkart has quit from the board of the Walmart-owned e-commerce firm he founded with Sachin Bansal, who left the company a few years ago. His decision comes after he sold his remaining stake in the firm and at a time when he is starting up again, in the e-commerce space.

"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, 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 2007, Binny Bansal co-founded the e-commerce firm with Sachin Bansal. In 2018, Sachin Bansal resigned from the Flipkart board after Walmart acquired a 77% stake in the company at a valuation of USD 21 billion.

Binny Bansal established his own company to offer marketing support to sellers on e-commerce platforms.

"His insights and deep expertise in the business have been invaluable to the Board and company. Flipkart 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," Flipkart CEO and board member Kalyan Krishnamurthy said.