Binny Bansal Resigns From Flipkart

Flipkart CEO, Binny Bansal announced his resignation from the e-commerce giant on Tuesday. The decision was taken following an internal investigation into an allegation of “serious personal misconduct.” The announcement came just 6 months after he led the company into a global acquisition deal with Walmart. According to Reuters, his resignation was due to a sexual assault case against him, many years ago.

Whatsapp To Start Showing Ads On Status Section

“Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down. His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation,” Walmart said in a statement on Tuesday. However, the investigation, which was carried out by a personal law firm, couldn’t find any serious evidence against him. Binny Bansal was apparently contemplating an expansion plan which has now been accelerated after his resignation according to Walmart.  

Binny Bansal has strongly denied the allegations. He also said that it had been a difficult time for him and his family. He will still remain Flipkart’s largest individual shareholder with a stake of 5.6% in the company. However, he will not be a part of the day-to-day operations. Walmart had acquired a 77% stake worth $16 billion in India’s fastest growing startup. SoftBank Vision Fund, one of Flipkart’s largest investors, had a gain of Rs 9,457.8 crore on selling its stake in Flipkart.

Binny Bansal had founded the company with his IITian friend Sachin Bansal. However, Sachin Bansal had quite the company following the acquisition deal with Walmart. Sachin was Flipkart’s longest-serving CEO and it was reported that he had favoured a deal with Amazon. He quit the company and his 6% stake left him a billion dollars richer.

Kalyan Krishnamurthy will continue to be the CEO of Flipkart. Moreover, Ananth Narayan will serve under him and head Jabong and Myntra which were acquired by Flipkart. “I am very confident in the ability of the Flipkart, Myntra and Jabong teams to keep guiding us to greater successes. Flipkart will continue to invest heavily in supply chain, innovation & technology, with a focus on optimizing operations, and empowering you all to deliver an exceptional customer experience,” said Krishnamurthy.

By Abhishek Aggarwal

Latest Posts

  • One Punch Man Game: All You Need To Know

    One Punch Man Game: All You Need To Know0

    Right after the first post-announcement trailer for One Punch Man: A Hero Nobody Knows’ revealed confirmation that additional of four more characters to the game. Saitama himself and other characters were already to be part of the squad, though the newest trailer focuses on the villains that you’ll encounter. Vaccine Man, Mosquito Girl, Carnage Kabuto,

    READ MORE
  • Top 7 Hill Stations You Have To Visit In South India

    Top 7 Hill Stations You Have To Visit In South India0

    From the stressful environment of the cities, people always want a getaway and let them loose. What’s the perfect place you ask? Well, These Hill Stations might do the job. Here is a list of Top 7 Hill stations in South India in My Opinion: Kodaikanal (Kodai) Referred to as the ‘Princess of Hill stations’,

    READ MORE
  • Top 5 Best Breweries In Bangalore

    Top 5 Best Breweries In Bangalore0

    After a long and tiring week, sometimes all you want to do is get a few cold beers with some friends and move your body to them groovy tunes. When you are in the Garden City of India, you do not have to scramble too hard to find a great place to have a wonderful

    READ MORE

Leave a Comment

Your email address will not be published. Required fields are marked with *

Latest Posts

Most Commented

Featured Videos