Binny Bansal resigns from Flipkart board citing conflict of interest with new startup: Report

🎯 Flipkart co-founder Binny Bansal has reportedly resigned from the company board following the launch of his new venture, OppDoor, in the ecommerce sector. The resignation was communicated to the company board earlier this week.

🎯 A Managed Services Platform for Global Expansion: Binny Bansal's new startup, OppDoor, is positioned as a 'managed services platform for global expansion' in the ecommerce domain. It aims to provide end-to-end solutions for ecommerce brands, covering aspects such as global markets, customer behavior, taxation and compliance, partnerships, and third-party vendors.

🎯 OppDoor, registered in Singapore in May 2021, operates as a venture capital firm and emphasizes fully managed Amazon services to expand private label brands globally. It highlights Amazon as an "endless opportunity" and underscores the benefits of global expansion for Amazon Sellers, with a particular focus on multi-region presence.

Binny Bansal, co-founder of Flipkart, has resigned from the company's board, marking a significant move as he launches his new venture in the e-commerce sector. Binny, along with Sachin Bansal, co-founded Flipkart in 2007. Earlier this month, he unveiled his new startup, OppDoor, positioning itself as a managed services platform for global expansion in the e-commerce space. OppDoor aims to provide end-to-end solutions to e-commerce brands, covering aspects such as global markets, customer behavior, taxation and compliance, partnerships, and third-party vendors. The platform focuses on fully managed Amazon services, emphasizing the potential for private label brands to expand globally. According to OppDoor, brands with a multi-region presence experience three times higher exit multiples compared to those selling in only one or two Amazon regions.

Registered in Singapore in May 2021 as 'Three State Ventures Pte Ltd.,' OppDoor operates as a venture capital firm. Binny Bansal's decision to step down from the Flipkart board follows the recent launch of OppDoor. He expressed pride in Flipkart's achievements over the past 16 years and confidence in its current leadership team. Binny stated that Flipkart is in a robust position with a clear path forward, leading to his decision to step aside. The Walmart group, which acquired a significant stake in Flipkart in 2018, verified Binny's departure. Leigh Hopkins, Executive Vice President of Walmart and Flipkart Board Member, acknowledged Binny's unique contributions and wished him continued success. Kalyan Krishnamurthy, CEO and Flipkart Board Member, expressed gratitude for Binny's partnership and acknowledged his invaluable insights and expertise that contributed to the company's growth.

In his statement to Moneycontrol, Binny Bansal emphasized his confidence in Flipkart's current leadership team and their ability to continue transforming customer experiences. Despite stepping aside, Binny remains a strong supporter of Flipkart. The move comes at a crucial juncture for Binny, who has been a key figure in Flipkart's journey since its founding. His decision aligns with the ongoing evolution of the Indian e-commerce landscape and his pursuit of new ventures. As Binny embarks on his next venture with OppDoor, the industry will closely watch the developments and innovations he brings to the rapidly evolving e-commerce sector.