Binny Bansal, co-founder of Flipkart, has reportedly resigned from the company’s board following the recent launch of his new e-commerce startup, OppDoor. Earlier this week, the announcement stated that Binny informed the Flipkart board about his decision. OppDoor, a business-to-business (B2B) platform, aims to provide comprehensive solutions for global expansion to emerging e-commerce brands. The platform offers services covering various aspects, including international markets, customer behaviour, taxation and compliance, partnerships, and third-party vendors.
According to OppDoor’s website, the startup delivers fully managed Amazon services to expand private label brands globally. It emphasizes Amazon’s vast opportunities and highlights the potential for increased sales and exit multiples for brands embracing global expansion. OppDoor was registered in Singapore in May 2021. Initially known as ‘Three State Ventures Pte Ltd.,’ it operates as a venture capital firm.
Binny Bansal, who co-founded Flipkart with Sachin Bansal in 2007, played a crucial role in the company’s growth. Sachin divested his entire 5% holding in Flipkart to Walmart for approximately $1 billion in 2018. Binny expressed confidence in Flipkart’s current leadership team and its robust position, stating that he decided to step aside, knowing the company is in capable hands. The Walmart group also confirmed the news, expressing gratitude for Binny’s contributions over the years.
Leigh Hopkins, Executive Vice President of International Strategy & Development, Regional CEO – Asia, Walmex, and Flipkart Board Member, acknowledged Binny’s unique knowledge and experience as a founder and expressed appreciation for his counsel and insight since Walmart’s investment in 2018. Kalyan Krishnamurthy, CEO and Flipkart Board Member, recognized Binny’s invaluable contributions to the company’s growth and transformation, wishing him success in his future ventures. For more information, stay tuned to the IncBasil Website.
