Flipkart co-founder Binny Bansal departs Indian e-commerce firm, citing OppDoor conflict of interest
Flipkart co-founder Binny Bansal has resigned from the Walmart owned e-commerce outfit’s board.
Sachin Bansal, the India headquartered firm’s other co-founder, left the board in 2018 after falling out with investors.
Binny Bansal cited conflict of interest with his new venture, OppDoor, a cross-border e-commerce startup, as the reason for the move.
He also sold his entire stake in Flipkart, which was acquired by Walmart in 2018 for $16 billion, in recent years ahead of the company’s IPO, which is slated for 2025.
“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,” Bansal says.
“Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops,” comments Flipkart Group Chief Executive Kalyan Krishnamurthy.
“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.”
Lay offs
Flipkart is set to lay off around five per cent of its total workforce, which constitutes about 1,000 employees, as part of its annual performance review exercise, according to media reports.
"Flipkart's grocery business has shown a lot of positive momentum and is growing well," Moneycontrol quoted a source aware of the company's plans as saying.
“The mobile app business is starting to make money now and the business is doing well."
Continue reading…