Flipkart founder Binny Bansal has reportedly resigned from the company board following the launch of his new venture in the ecommerce sector. A report in The Economic Times said Binny Bansal, who co-founded Flipkart with Sachin Bansal, told the company board about his resignation earlier this week.
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Earlier this month it was reported that Binny Bansal has floated his new startup, OppDoor, to provide end-to-end solutions to e-commerce firms. According to the website of OppDoor, it is a ‘managed services platform for global expansion’. It will help ecommerce brands by offering them end-to-end services on global markets, customer behaviour, taxation and compliance, partnerships and third-party vendors, the startup website stated.
“OppDoor delivers fully managed Amazon services aimed at expanding private label brands across multiple regions globally,” the company website said. Bansal’s OppDoor calls Amazon “an endless opportunity.” About two-thirds, or 63 per cent, of Amazon Sellers who embraced global expansion witnessed a surge in sales, OppDoor said. “Brands with multi-region presence walked away with 3x higher exit multiples compared to brands selling in only one or two Amazon regions,” it added.
OppDoor is registered in Singapore in May 2021. The company is operating as a venture capital firm and was earlier known as ‘Three State Ventures Pte Ltd.’
Binny Bansal co-founded Flipkart with Sachin Bansal in 2007 in Bengaluru. Sachin divested his entire 5 per cent holding in Flipkart to Walmart for about $1 billion in 2018.
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Following the news break, Binny Bansal told Moneycontrol that he has decided to step aside as the company is in capable hands.
“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”, Binny Bansal told Moneycontrol on Saturday.
The Walmart group also verified the news.
Leigh Hopkins, Executive Vice President, International Strategy & Development and Regional CEO – Asia and Walmex and Flipkart Board Member, said: “As a founder of the business, Binny provides a unique combination of knowledge and experience. We have been fortunate to have him remain on the Board since Walmart’s investment in 2018, and we have greatly benefited from his counsel and insight. We thank him and wish him continued success with his next ventures.”
Kalyan Krishnamurthy, CEO and Flipkart Board Member: “We are thankful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered new businesses. His insights and deep expertise of the business have been invaluable to the Board and company.
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Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops. We wish Binny the best as he embarks on his next venture.”
