In surprising turn of events, Binny Bansal has officially resigned from the board of the e-commerce giant. This move comes after Mr Bansal's recent sale of his residual stake in the e-commerce giant.
Flipkart is one of the biggest e-commerce platforms and websites which has sellers for all items ranging from electronics to clothing available at your convenience. Binny Bansal who co-founded Flipkart in 2007 with friend Sachin Bansal, started it out as an online bookstore after he got rejected by Google twice.
Binny and Sachin pooled their funds – Rs 2,71,000 – and founded Flipkart which has a valuation of around $37.6 billion or Rs 31253 crore (price adjusted for current dollar value).
However, the business that started as an online bookstore soon flourished and became a strong competitor of Amazon in the Indian market.
Flipkart also became India’s second Unicorn company in 2012 after it had raised $150 million. Walmart acquired a 77 percent stake in the Indian e-commerce major in a landmark deal of USD 16 billion, making it one of the biggest deals related to an e-commerce firm. Despite cashing out and leaving the company, Sachin and Binny still have a net worth of billions.
Sixteen years after starting the e-commerce company, Binny also sold all his Flipkart shares to the US retail giant Walmart.
Binny has sold his residual stake in Flipkart to Walmart, which acquired the company in 2018.
According to ET, in the secondary transaction that valued Flipkart at $35 billion, Bansal would have received about $650 million or Rs 5402 crores (price adjusted for current dollar value). When Flipkart raised $3.6 billion two years ago, Bansal sold part of his shares for $200-250 million to Chinese internet behemoth Tencent and was left with just under 2% in Flipkart in December 2021.
In surprising turn of events, Binny has officially resigned from the board of the e-commerce giant. This move comes after Mr Bansal's recent sale of his residual stake in the e-commerce giant.
In a statement, he said, "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," he added.
Binny Bansal is one of India's youngest billionaires and his current net worth is $1.4 billion (Rs 11,637 crore)
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