Starting from a small room, the Bansal brothers were once set to elevate Flipkart to new heights in the Walmart Flipkart deal. However, they have now completely cut ties with the company. Sachin and Binny Bansal, co-founders of Flipkart, have divested their ownership.
Why Binny Bansal Left Flipkart Exploring the Move and the Rise of OppDoor
Flipkart’s journey began 16 years ago with Sachin and Binny. Post the Walmart acquisition, Sachin had already left, and now, with Binny’s resignation, it marks the end of an era. The co-founders, in mutual agreement, have taken a significant step.
Binny Bansal, after resigning from the executive team, has fully divested his stake over the past few months and is gearing up to re-enter the e-commerce sector. Meanwhile, Sachin is leading Navi, a fintech company. After the resignation, Binny expressed pride in the 16 years at Flipkart but acknowledged the company’s current strength and capable leadership. The decision was made with confidence in the capable hands leading the way.
Flipkart’s CEO and Executive Chairman express gratitude for Binny’s unique contribution. Binny’s knowledge and experience as a business founder provided a unique perspective. Despite Walmart’s acquisition in 2018, he continued to be part of the executive team.
In the past year, Binny, along with Excel and Tiger Global Management, sold their entire stake to Walmart. This move earned Binny around 1.5 billion dollars. Walmart acquired a 77% stake in Flipkart for 16 billion dollars in May 2018. With a non-compete agreement completed in 2023, Binny has the opportunity for a fresh start.
Why Binny Bansal Left Flipkart Exploring the Move and the Rise of OppDoor
Binny’s new venture, OppDoor, aims to provide end-to-end solutions globally to e-commerce companies. It will offer design, production, human resources, and backend support, focusing initially on companies in the United States, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia.
