In a significant move marking the end of an era, Binny Bansal, the co-founder of Flipkart, has resigned from the board of the e-commerce giant owned by Walmart. Binny, who founded Flipkart alongside Sachin Bansal sixteen years ago, made this decision several months after divesting his remaining stake in the company. This transition aligns with Binny’s initiation of a new venture in the e-commerce space.
Both Binny and Flipkart have officially confirmed these developments. Binny Bansal expressed pride in Flipkart’s accomplishments over the past 16 years and cited the company’s robust position with a strong leadership team as the reason for his decision to step aside. Leigh Hopkins, Executive Vice President of International Strategy & Development, praised Binny’s unique combination of knowledge and experience, emphasizing the valuable contributions he made to the board since Walmart’s investment in 2018.
Kalyan Krishnamurthy, CEO and Board Member of Flipkart, acknowledged Binny’s partnership and highlighted his insights and deep expertise that have proven invaluable to the company. Binny’s departure follows the exits of other major stakeholders, including Accel and Tiger Global Management, who sold their stakes to Walmart in August the previous year.
Walmart’s acquisition of a 77 percent stake in Flipkart for $16 billion in May 2018 came with a five-year non-compete clause, which concluded in 2023. This has now paved the way for Binny Bansal to embark on his new venture named OppDoor. The startup aims to assist e-commerce firms in expanding globally by providing comprehensive solutions, including design, product, human resources, and backend support.
OppDoor’s initial focus will be on aiding e-commerce companies in the United States, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia. Binny Bansal, who is also an active angel investor and serves on the board of payments giant PhonePe, is poised to contribute to the global expansion of e-commerce through his latest entrepreneurial endeavor. The Flipkart journey, which began in 2007 as an online bookstore operating out of a Bengaluru apartment, enters a new chapter with Binny’s exit and the emergence of OppDoor on the e-commerce landscape.