TECHNOLOGY

Flipkart co-founder Binny Bansal leaves board

Flipkart co-founder Binny Bansal has resigned from the e-commerce community’s board, the 2 acknowledged Saturday. Sachin Bansal, the Bengaluru-headquartered startup’s other co-founder, left the board in 2018 after scuffle with the investors.

Binny Bansal, who reserved the rights to forestall on Flipkart’s board for so long as he preferred, cited battle of curiosity with his new mission because the reason for the circulate. Bansal launched OppDoor, a mistaken-border e-commerce startup, gradual final yr. OppDoor affords cease-to-cease options — including market entry diagnosis, ask mapping, stock administration, mistaken-border logistics and taxation support — to agencies, in accordance with its online page.

The circulate additionally follows Bansal promoting his whole stake in Flipkart, which used to be purchased by Walmart in 2018 for $16 billion, in latest years sooner than the e-commerce community’s critical-awaited IPO, which is now slated for 2025. Bansal — who’s additionally on the board of PhonePe, a location he is declaring — has change into a prolific investor in latest years, backing a replacement of startups including PhonePe.

“I’m gratified with the Flipkart Community’s achievements at some level of the final 16 years. Flipkart is in a sturdy location, with a solid leadership team and a obvious path ahead, and with this self belief, I in level of fact admire decided to step apart, intellectual the company is in succesful hands,” Bansal acknowledged in an announcement.

After leaving Flipkart, Sachin Bansal primarily based Navi, a monetary products and companies company that is asking to head public. In 2022, Navi filed the paperworks for its preliminary public offering, however deterred the conception after the market conditions worsened.

“Flipkart is the cease consequence of a grand idea and slightly a few exertions, constructed by groups committed to transforming how India retail outlets,” Flipkart Community chief executive Kalyan Krishnamurthy acknowledged in an announcement Saturday. “We want Binny the most efficient as he embarks on his next mission and thank him for the deep impact he has enabled for the Indian retail ecosystem.”

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