Binny Bansal, who co-founded Flipkart along with Sachin Bansal in 2007, has officially stepped down from the board months after selling his remaining stake in the Walmart-owned e-commerce company.
He has, however, re-entered the e-commerce space with his new venture OppDoor with an aim to provide end-to-end solutions to e-commerce firms.
“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,” said Bansal in a statement
Binny, along with Accel and Tiger Global Management, made a full exit from the e-commerce firm, selling shares worth $3 billion to US retail giant Walmart’s Luxembourg entity, FIT Holdings SARL, in August last year. He amassed $637 million from the share sale.
Overall, Binny has netted $1-1.5 billion from his stake in the company since inception, per a Moneycontrol report.
Binny Bansal’s stake sale comes more than five years after Sachin Bansal, another co-founder of Flipkart, sold his entire stake to Walmart. The US retail giant had acquired a roughly 77% stake in Flipkart for about $16 billion in 2018, marking its biggest deal ever. The deal not only made Sachin and Binny billionaires but also provided profitable exits to the investors.
Sachin later went on to start financial services firm Navi Technologies.
“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. 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,” said Kalyan Krishnamurthy, CEO and Flipkart board member.