New Delhi, 28 January (Language): Binny Bansal, co-founder of e-commerce company Flipkart, has resigned from the company’s board of directors. The company gave this information in the statement. Bansal had sold his entire stake in the company about six months ago. Bansal said, “I am proud of the achievements of the Flipkart Group in the last 16 years. Flipkart is in a strong position, has a strong leadership team and a clear path forward. The company is in capable hands and with this confidence I have decided to leave the company. I wish the team all the best as they continue to transform customer experiences and I remain a strong supporter of the business.” He co-founded the e-commerce company with Sachin Bansal in 2007.
Resigned from the board of directors of Flipkart in 2018
Sachin Bansal had resigned from the board of directors of Flipkart in 2018 after Walmart acquired 77 percent stake in the company at a valuation of $21 billion. Apart from being an active angel investor, Binny Bansal has also started his own company to provide marketing support to sellers on e-commerce platforms. Kalyan Krishnamurthy, Chief Executive Officer (CEO) and member of the Board of Directors, Flipkart, said, “His insight and deep expertise in the business has been invaluable to the Board of Directors and the Company. Flipkart is the result of a great idea and hard work, built by teams committed to changing the way India shops. We wish Binny all the best for his next venture and thank him for the profound impact he has had on the Indian retail ecosystem.”
Flipkart’s valuation increased to around $38 billion
Flipkart’s valuation has increased to around $38 billion. However, the company is still in loss. The consolidated net income of the company was Rs 56,012.8 crore in the last financial year (2022-23) with a growth of 9.4 percent, which was Rs 51,176 crore in the financial year 2021-22. Despite the increase in total income, Flipkart’s consolidated loss increased to Rs 4,890.6 crore in the last financial year, from Rs 3,371.2 crore in 2021-22.