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Binny Bansal resigns from Flipkart board citing conflict with new venture

Economic Times

Economic Times · 1y ago

Binny Bansal resigns from Flipkart board citing conflict with new venture

Binny Bansal, co-founder of Flipkart, has resigned from the board of directors citing a conflict of interest with his new venture. Although the specific details of his new venture remain undisclosed, this move comes as a surprise as Bansal had stepped down as CEO of Flipkart just a year ago following allegations of personal misconduct. His departure from the board signifies a further distancing from Flipkart, which was acquired by Walmart in 2018.

Related News

Binny Bansal’s Three State Ventures Backs His New Startup OppDoor

Inc42 · 1y ago

Binny Bansal’s Three State Ventures Backs His New Startup OppDoor

Binny Bansal, co-founder of Flipkart, has invested $2 million (INR 16.5 crore) into OppDoor through investment vehicle Three State Ventures. OppDoor is a SaaS platform that assists e-commerce companies with expanding into new regions, offering services in advertising strategies and enhanced catalogues. Bansal resigned from the board of Flipkart due to a conflict of interest with OppDoor. Despite not operating in India, OppDoor serves clients in several countries. Bansal has also invested in other startups and launched B2B startup XTo10X Technologies.

After Flipkart, Binny Bansal steps down from PhonePe board

Economic Times

Economic Times · 12m ago

After Flipkart, Binny Bansal steps down from PhonePe board

Binny Bansal, co-founder of Flipkart, has stepped down from the board of PhonePe, the digital payments platform acquired by Flipkart in 2016. Bansal had left the Flipkart board in January to establish his new venture, OppDoor. Manish Sabharwal, founder of TeamLease, has now been appointed as an independent director and chair of PhonePe's audit committee. PhonePe founder Sameer Nigam expressed gratitude for Bansal's support and welcomed Sabharwal to the board. Nigam also praised Sabharwal's understanding of India's economy and his leadership in shaping education and employment policies.

Binny Bansal eyes big game again post Flipkart exit

Economic Times

Economic Times · 1y ago

Binny Bansal eyes big game again post Flipkart exit

Binny Bansal, the co-founder of Flipkart, is increasing his investments in India after exiting the company's board earlier this year. Bansal recently invested $25 million in Curefoods, raising his stake to 18% in the Bengaluru-based firm. He also made additional investments in his startups OppDoor and a venture offering offshore legal services. Bansal is spending time with large startup boards, including PhonePe, Curefoods, and GreyOrange. He plans to allocate a significant amount of capital to his new ventures and is seeking executives to lead them.

Binny Bansal’s Three State Ventures funds new startup OppDoor

Economic Times

Economic Times · 1y ago

Binny Bansal’s Three State Ventures funds new startup OppDoor

Flipkart founder, Binny Bansal, has invested nearly $2 million in his new venture, OppDoor, through his venture fund, Three State Ventures. OppDoor is a software services platform that aims to assist emerging online retail brands in expanding globally. The investment was made in multiple tranches over the past few months, with the latest cash infusion occurring in February. Bansal has been using capital from the sale of his Flipkart shares to fund his new ventures. OppDoor is currently providing ecommerce services to US brands on Amazon in international markets.

Flipkart co-founder Binny Bansal invests in public markets fund

VCCircle

VCCircle · 1y ago

Flipkart co-founder Binny Bansal invests in public markets fund

Flipkart co-founder and billionaire Binny Bansal has made an investment in an alternative investment fund that focuses on publicly listed Indian companies. Since his exit from Flipkart in 2018, Bansal has been actively investing in startups and launching new ventures. His latest investment in the public markets fund showcases his interest in diversifying his investment portfolio.

Prateek Mehta Joins South Park Commons As Partner

Inc42 · 1y ago

Prateek Mehta Joins South Park Commons As Partner

Mehta was the executive director and chief business officer at Angel One from November 2022 to April 2024. He co-founded Scripbox, a digital wealth management platform in Bengaluru in 2016. Recently, a Silicon Valley venture fund launched its first international outpost in Bengaluru in collaboration with Binny Bansal of Flipkart.

Tata Sons looks to sell stake in super app arm; Binny Bansal floats new venture

VCCircle

VCCircle · 1y ago

Tata Sons looks to sell stake in super app arm; Binny Bansal floats new venture

According to media reports, Tata Sons has started the process to sell a minority stake in Tata Digital Pvt. Ltd, the company behind the group's super app Tata Neu. The conglomerate is in informal talks with well-established private equity firms to raise funds for the venture. In a related development, Binny Bansal, the co-founder of Flipkart, has launched a new venture focusing on technology investments.

Startups take the DMart playbook to smalltown India—investors like the idea

Livemint

Livemint · 3m ago

Startups take the DMart playbook to smalltown India—investors like the idea

A new trend in India sees value-retail startups like SuperK, Apna Mart, and Aap ka Bazar attracting significant venture capital by focusing on small towns with tech-enabled retail formats. These startups aim to compete with established players like DMart and Reliance's Smart Bazaar by offering affordable and high-utility products. Notably, investors such as Flipkart co-founder Binny Bansal and CaratLane founder Mithun Sacheti are showing keen interest in this evolving retail landscape.

Flipkart founder Binny Bansal may put $25-30 million more in Ankit Nagori’s Curefoods

Economic Times

Economic Times · 2y ago

Flipkart founder Binny Bansal may put $25-30 million more in Ankit Nagori’s Curefoods

Flipkart founder Binny Bansal may increase his investment in Curefoods, a startup founded by Nagori brothers. Curefoods focuses on delivering fresh produce directly from farmers to consumers. Bansal had previously invested $1.75 million in the startup and is now considering doubling down on his investment to support the company's growth and expansion.

Flipkart Co-founder Binny Bansal exits startup, sells stake to Walmart: Reports

Money Control

Money Control · 2y ago

Flipkart Co-founder Binny Bansal exits startup, sells stake to Walmart: Reports

According to reports from Moneycontrol and ET, Binny Bansal, one of the co-founders of Flipkart, has sold his stake to US retailer Walmart and exited the e-commerce company. Sachin Bansal, the other co-founder, had previously exited in 2018 by selling his entire stake to Walmart. Earlier investors Tiger Global and Accel have also divested their stakes to Walmart, which previously held over 77% of Flipkart.

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