2024-01-28 20:30:00
Pinny Bansal, the co-founder of the country’s popular e-commerce company ‘Flipkart’ Group, has completely stepped down from the company and the board of directors.
Flipkart was started by Binny Bansal in 2007 along with Sachin Bansal.
He stepped down as the company’s chief executive following the US Walmart’s acquisition of 77 percent of Flipkart in 2018, which had become the leading seller in the Indian e-commerce market and was valued at around $2.1 billion.
Following this, Binny, who started and ran a company providing marketing assistance to e-commerce companies, also invested in certain companies.
In this case, he sold all his shares in Flipkart company in the last 6 months and completely withdrew from the management team of the group.
In a statement issued in this regard, Binny Bansal said, ‘Over the past 16 years, I am proud to have played a part in the achievements of the Flipkart Group.
Flipkart, in a strong position with a great leadership team, has a clear path forward. Also, knowing that the company is under the management of talented people, I have decided to step down from the management team.
I wish Flipkart continued excellence as a company that transforms customer experiences. Also, I will continue to be a strong supporter of this company” he said.
Commenting on Binny Bansal’s exit, Flipkart CEO Kalyan Krishnamurthy said, ‘Binny’s insight and deep expertise in the business will be invaluable to the company.
We wish you all the best in your next endeavors. Thanks to him for the profound impact he has made on the Indian retail market.
Although the value of Flipkart has now increased to 3,800 crore US dollars, it continues to run at a loss. In the last financial year, the loss of the company was Rs 4890 crore.
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