His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. Bansal, however, denies the allegations.
The management changes come amid talks that the company is preparing for an IPO in the United States.
Where Binny slipped up badly was in gauging the level of transparency and governance that is expected by a global strategic investor, says Indrajit Gupta.
Walmart, the world's largest retailer, has paid $1.4 billion to buy out US-based Tiger Global's investment in e-commerce firm Flipkart, according to sources. The transaction puts Flipkart's valuation at $35 billion, against nearly $38 billion in 2021 when it raised funds from Japan's SoftBank, Walmart, and other investors. Tiger Global, Flipkart co-founder Binny Bansal, and Accel now have all fully exited the e-commerce firm by selling their stake to Walmart.
A board position requires one to hold at least 3 per cent of the outstanding shares. Binny holds around 5 per cent stake in Flipkart
Shiv Nadar and family donated Rs 2,708 crore (Rs 27.08 billion) in 2024-2025.
Flipkart faces intense competition from larger global rival Amazon and local rival Snapdeal.
Flipkart, Jabong-Myntra and PhonePe will operate under this group structure and their CEOs will report to Binny
In an email to customers they say 'Big Billion Day' sale today to eclipse all other multi-day festive sales.
He said he will be 'cheering from the outside' and urged Flipkart team to continue with the momentum.
The Bansals losing out operational control of Flipkart comes at a time when global rival Amazon, in which Tiger Global holds a minority stake, is stepping up investment in India in an attempt to overtake the Bengaluru-based e-commerce firm.
In the past eight months, Flipkart has seen the exits of Mukesh Bansal, considered the right hand man of Sachin and Binny Bansal; Ankit Nagori, chief business officer; Punit Soni, Flipkart's million-dollar hire from Silicon Valley who headed product and strategy; and Manish Maheshwari, head of the seller business
People who have worked with Mukesh Bansal describe him as approachable and extremely polite but someone who likes to maintain a strict work schedule.
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
Flipkart co-founders Sachin Bansal and Binny Bansal, who were ranked 86th last year dropped out of the list
Five founders of e-commerce start-ups, four of them Bansals, say they had alternative ambitions chalked out.
Terming Rajan as "India's prescient banker," Time said he is among a rare breed of "economic seers".
Urjit Patel, Binny Bansal, Nirav Modi and Rahul Gandhi personify the big trends that defined 2018. Well, almost...
With regard to his investment in Ola, Bansal said that on the one hand, the ride-hailing major had emerged as a global force in the mobility space and on the other it continued to build deeper for various needs of a billion Indians through its platform. This is the largest funding by an individual in the app cab.
After all, talk of Amazon buying into Flipkart has been doing the rounds for long, although the two Bansals have denied it many times before.
According to experts, the company might be trying to ape Amazon, the largest e-commerce player in the world.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Flipkart aims to double the total value of goods it sells to $8 billion in the next three years.
Sachin and Binny Bansal are the faces of the e-commerce sensation but other investors dominate the board.
Chief executive officer Sachin Bansal of Flipkart.com quit his high-paying job at Amazon and along with fellow IITian, Binny Bansal, decided to launch a business of his own.
After raising $2.5 billion from SoftBank's Masayoshi Son and his Vision Fund, Sachin Bansal and Binny Bansal are back in the driving seat at Flipkart, the company they founded over a decade ago.
The start-up, which has invested $100 million over the past eight years, sells 50 million products.
Narayanan said while there would be some redundancies as a result of integration of the back-end functions of Myntra and Jabong, it will, however, be less than 10 per cent of the overall headcount
Flipkart's co-founders Sachin and Binni Bansal made their debut at 86th position with a net worth of $1.3 billion each.
Flipkart's Sachin and Binny Bansal may have become the poster boys of the Indian e-commerce industry, but there are a host of others who are emerging from the shadows.
In a filing with the US Security and Exchange Commission on Friday, Walmart said it would allow the initial public offering of Flipkart in four years at a valuation no less than what it invested in the e-commerce firm, if a grouping of minority shareholders asks for it.
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
Prime Minister Narendra Modi had announced the policy last month.
Bansals of e-commerce company Flipkart and Aditya Ghosh of low-cost carrier Indigo have made into Fortune's young achievers list for their initiatives in creating job opportunities.
Walmart is likely to buy stakes of multiple Flipkart investors, including that of Tiger Global Management and Softbank to end up with a significant majority holding
Walmart-owned Flipkart on Thursday said the company is in compliance with Indian laws, including FDI regulations, and will cooperate with the Enforcement Directorate on the notice sent to the e-commerce major. The Enforcement Directorate (ED) has issued a show cause notice of Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. When contacted, Flipkart said it is in compliance with Indian laws and regulations, including FDI regulations.
Start-up entrepreneurs nearly doubled their contribution to philanthropy in 2022 but their numbers shrank. They decreased to only three (from five) in the top 100 of the Edelgive Hurun India Philanthropy List of 2022 which was released on Thursday. Over the year, no new start-up whizz kid joined the list either. The three start-up entrepreneurs who made it to the list contributed collectively Rs 166 crore in FY22, nearly double that of Rs 83 crore in FY21.
These top level changes have come soon after Flipkart co-founder and Group CEO Binny Bansal resigned over allegations of serious personal misconduct in November.
With this round of funding, Flipkart's valuation has reached USD 11.6 billion, and US IT major Microsoft joins the marketplace as a strategic investor.
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