The management changes come amid talks that the company is preparing for an IPO in the United States.
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.
Flipkart faces intense competition from larger global rival Amazon and local rival Snapdeal.
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.
He said he will be 'cheering from the outside' and urged Flipkart team to continue with the momentum.
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
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
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.
In an email to customers they say 'Big Billion Day' sale today to eclipse all other multi-day festive sales.
Flipkart co-founders Sachin Bansal and Binny Bansal, who were ranked 86th last year dropped out of the list
People who have worked with Mukesh Bansal describe him as approachable and extremely polite but someone who likes to maintain a strict work schedule.
Flipkart, Jabong-Myntra and PhonePe will operate under this group structure and their CEOs will report to Binny
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.
Terming Rajan as "India's prescient banker," Time said he is among a rare breed of "economic seers".
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
Five founders of e-commerce start-ups, four of them Bansals, say they had alternative ambitions chalked out.
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.
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.
Flipkart aims to double the total value of goods it sells to $8 billion in the next three years.
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.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
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 identity of the new investor could not be ascertained.
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.
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.
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
The start-up, which has invested $100 million over the past eight years, sells 50 million products.
Prime Minister Narendra Modi had announced the policy last month.
Flipkart's co-founders Sachin and Binni Bansal made their debut at 86th position with a net worth of $1.3 billion each.
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.
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
A 2014 study had ranked IITs as fourth among the top 50 universities globally, whose graduates were entrepreneurial.
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
Sources said the fresh batch of profiles include students whose date of joining has been delayed by Flipkart.
Prominent print advertisements on Monday pitched Amazon's discount strategy against Flipkart's.
The deal that promises to make Flipkart a leading force in fashion segment - estimated at Rs 3 lakh crore - came after hectic weekend parleys.
Internet entrepreneurs are the next big thing in India.
No longer an in-house task; hiring legal eagles is now becoming norm for M&As, fundraising
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