Binny Bansal Launches ‘OppDoor,’ a New Startup Post Flipkart Board Exit

Binny Bansal Launches ‘OppDoor,’ a New Startup Post Flipkart Board Exit

Binny Bansal, the Co-Founder of Flipkart who founded the E-commerce Platform 16 years ago with Sachin Bansal has officially exited from the board. A few months back, he sold the remaining stake he had in the firm. He is up with ‘OppDoor,’ his new startup where he aims to provide end-to-end solutions to e-commerce firms.

While leaving, Binny Bansal 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. 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.”

The Executive Vice President of International Strategy and Development and the Regional CEO of Asia, Leigh Hopkins, who is also a Flipkart Board Member stated that Binny Bansal who was the founder of the firm provided a unique combination of experience and knowledge. He further added that they had been fortunate to have Binny with them since 2018. He added, “We have greatly benefited from his counsel and insights. We thank him and wish him continued success with his next ventures.”

The Flipkart Board Member and chief executive officer, Kalyan Krishnamurthy stated that the deep expertise and insights that Binny Bansal holds have given immense value to the company and the Board. He said, “We are thankful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered into new businesses.”

Chain of Investments and Disinvestments For Strategic Growth

As per the sources, Walmart bought the US-based Tiger Global’s investment in Flipkart in 2023 paying $1.4 billion. This plunged Flipkart’s valuation to $35 billion from $38 billion in 2021. Thus, along with Binny Bansal, Accel, and Tiger Global also exited fully from Flipkart after selling all of their stakes to Walmart. As per the sources, this move has been played to make Flipkart eligible for IPO or issuing it to the primary market.

In 2018, Sachin Bansal, the co-founder of the e-commerce firm sold his entire stake to Walmart. However, Binny held a very small amount of stake with him, around 1%-1.8%. Thus, with the remaining stake Binny had, he made a whopping $1-1.5 billion money till exit.

As per the sources, the Flipkart board members are in discussion with investors to make the platform fulfill its strategic objectives which include becoming eligible to be issued in the primary market be one of them. Flipkart has recently raised $600 million in fresh funds from investors including Walmart.

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