Wednesday, Aug 10, 2022
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Does Binny Bansal's Exit From Flipkart Signal A New Start-Up Era?

Flipkart, clearly, is setting out on a new innings, but without its founders—both Sachin and Binny are icons in India’s start-up ecosystem—at the helm.

Does Binny Bansal's Exit From Flipkart Signal A New Start-Up Era? Photograph by AP

After the festive season’s big discounts came the big sho­c­ker from India’s e-commerce industry—Binny Bansal, the co-founder of Flipkart, left the company under a cloud, just three months after the world’s ­largest retailer, Walmart, acquired majority controlling stake in the company. By most accounts, it was this abrupt turn of events—Bansal resigned following an investigation into allegations of “serious personal misconduct”—that left everybody, inc­luding the ­employees, surprised.

While industry observers reckon Bansal’s exit from the company was not entirely unanticipated, given that Walmart holds 77 per cent stake in Flipkart, the sudden announcement took many by surprise. Walmart’s statement hinted as much: “Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated.” Soon after, Flipkart got down to a merger of its fashion brands Myntra and Jabong, which would, ­expectedly, involve a rejig.

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