MUMBAI: Binny Bansal has stepped down from the board of Flipkart, formally ending his affiliation with the web agency he had co-founded with fellow IIT Delhi alumnus Sachin Bansal in 2007. Flipkart which made its foray into the then-nascent native e-tail market with the launch of a web-based bookstore went on to change into an e-commerce behemoth, attracting storied world traders, and finally getting acquired by US retail big Walmart in 2018.
“Flipkart is in a sturdy place, with a powerful management group and a transparent path ahead, and with this confidence, I’ve determined to step apart, figuring out the corporate is in succesful palms. I want the group one of the best as they proceed to remodel experiences for patrons, and I stay a powerful supporter of the enterprise,” Bansal stated.
Bansal’s transfer to resign from Flipkart’s board comes amid the launch of his new startup enterprise OppDoor. Primarily based in Singapore, OppDoor goals to assist e-commerce manufacturers broaden their companies on on-line marketplaces like Amazon and Etsy apart from leveraging the platforms higher to promote globally. In July final yr, Bansal and a few of Flipkart’s early traders together with Tiger World and Accel exited the corporate by promoting their remaining stakes to Walmart which elevated the corporate’s shareholding within the agency to 80.5%. Bansal held a few 1.8% stake in Flipkart on the time of the transaction.