End Of Bansal Era: The names of Sachin Bansal and Binny Bansal have now completely disappeared from Flipkart. Sachin and Binny together gave birth to Flipkart about 16 years ago. Sachin Bansal had already separated from the company after selling Flipkart to Walmart. Now with the resignation of Binny Bansal, an era has ended. Flipkart co-founder Binny Bansal has resigned from the board of the e-commerce company. Flipkart and Binny Bansal have confirmed this decision.
Now the company will pay full attention to opdoor
Binny Bansal will now pay full attention to the company OppDoor. Binny's decision to step down comes months after selling his entire stake in the company. Now he is again entering the e-commerce sector. Sachin Bansal, who started Flipkart with him, is currently running a fintech company Navi. After resigning, Binny Bansal said that I am proud of the achievements of Flipkart Group in the last 16 years. Flipkart is in a strong position. There is also a strong leadership and a clear path forward. Knowing that the company is in capable hands, I have decided to leave the company.
Flipkart CEO thanks Binny Bansal
Flipkart Executive Vice President Leigh Hopkins said that as a business founder, Binny Bansal offers a unique combination of knowledge and experience. We are fortunate to have him remain on the board following Walmart's investment in 2018. We have benefited a lot from his advice. Flipkart CEO Kalyan Krishnamurthy said that we are grateful to Binny.
Had sold his entire stake last year itself
Binny Bansal, Excel Company and Tiger Global Management had sold their stake to Walmart in August last year. Binny earned about 1.5 billion dollars by selling his stake. In May 2018, about 5 years after Walmart bought 77 percent stake in Flipkart for $16 billion, they had decided to separate. The non-compete deal with Walmart expires in 2023 after completion of five years. Now Binny Bansal can start again in the e-commerce sector.
Opdoor will provide end-to-end solutions to e-commerce companies
Binny Bansal's new company OppDoor will help e-commerce companies to work at the global level by providing end-to-end solutions. It will provide design, product, human resources and backend support to e-commerce companies. Opdoor will initially focus on e-commerce companies in the United States, Canada, Mexico, United Kingdom, Germany, Singapore, Japan and Australia.
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