Flipkart CEO Binny Bansal quits

Mae Love
November 13, 2018

Flipkart was a David in the world of e-commerce that would give a run to Goliaths like Amazon and Google.

Meanwhile, in an email sent to Flipkart employees, Binny Bansal denied the allegations and also said these may become a distraction for the company and the team which was the reason for the resignation.

Flipkart Group CEO Binny Bansal has resigned following "an allegation of serious personal misconduct", according to a press release.

Several months after Walmart bought Flipkart, the group CEO at the e-retail firm is leaving with immediate effect.

Bansal, 37 and one of the most high profile of India's new generation of young, tech-savvy billionaires, has strongly denied the allegations, Walmart said. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.

Binny further wrote: "The investigation, however, did bring to light lapses in judgment, particularly a lack of transparency, related to how I responded to the situation".

However, in a combined statement, they said he had shown "a lack of transparency" in his response to the situation. The statement has been posted on the Flipkart blog as well.

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It was for this particular reason that the company made a decision to accept Binny's resignation.

The details of the complaint shared against Bansal were not revealed by Walmart, but this marks the exit of both the co-founders of Flipkart.

"(It) raises the question of what plans are ahead for Flipkart.

Krishnamurthy joined Flipkart in 2013 as its interim chief financial officer and then took the lead in January 2017. Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong. Both Kalyan and Sameer will report directly to the board.

The firm's statement said it remained "committed to investing for the long term and are supportive of the leadership team's desire to evolve into a publicly traded company in the future". To soothe the nerves of the employees, the company board and Flipkart CEO Kalyan Krishnamurthy reached out to them through emails, and termed Binny's exit as "unfortunate and challenging for Binny, his family and Flipkart". He too owns about 5 percent stake in the company. The remainder of Flipkart was held by other shareholders, including Bansal, Tencent, Tiger Global and Microsoft Corp. Would he get a chance to run a few errands or is this a full departure?

Some reports, however, claimed that Sachin Bansal was disappointed with the way the deal happened and he felt unwanted by the company.

Sachin Bansal and Binny Bansal are the poster boys of India's start-up dream.

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