Flipkart co-founder Binny Bansal has resigned from the e-commerce firm’s board, citing a potential conflict of interest with his latest entrepreneurial venture OppDoor.
Bansal, who established Flipkart along with Sachin Bansal in 2007, recently launched the startup firm OppDoor which provides global expansion services to businesses through its software platform.
According to a company statement on Friday, Bansal informed the Flipkart board about stepping down earlier this week due to his new venture operating in a space that could clash with the e-commerce giant’s interest at times.
However, Flipkart CEO Kalyan Krishnamurthy thanked Bansal for his long partnership, insights, and contribution that helped Flipkart enter new domains. The group has ventured into payments, logistics, and quick commerce over the years.
Binny has also sold his equity shareholding in Flipkart after its $16 billion acquisition by Walmart in 2018. However, he retained his board seat and mentorship role as one of the key founders.
Leigh Hopkins, a representative of Walmart on the Flipkart board, acknowledged the value brought in by Bansal through his unique experience. He wished the entrepreneur success with his latest start-up.
Apart from OppDoor, Bansal retains his directorship with digital payments firm PhonePe which was spun off from the Flipkart group to chart its own growth path recently.
The company is also preparing to foray into e-commerce on its own through its subsidiary Pincode, intensifying competition with Flipkart’s core business itself.
