E-commerce major Flipkart co-founder Binny Bansal has resigned from the company's board, according to a company statement.
The development comes after around six months of Bansal selling an entire stake in the company.
"I am proud of the Flipkart Group's achievements over the past 16 years. Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands. I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business," Bansal said.
He co-founded the e-commerce firm with Sachin Bansal in 2007.
Sachin Bansal stepped down from the Flipkart board in 2018 after Walmart acquired a 77 per cent stake in the company at a valuation of USD 21 billion.
Besides being an active angel investor, Binny Bansal has also started his own firm to provide marketing support to sellers on e-commerce platforms.
"His insights and deep expertise in the business have been invaluable to the Board and company. Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops. We wish Binny the best as he embarks on his next venture and thank him for the deep impact he has enabled for the Indian retail ecosystem," Flipkart CEO and board member Kalyan Krishnamurthy said.
The valuation of Flipkart has increased to around USD 38 billion. The firm, however, still continues to run in losses.
The company posted a 9.4 per cent increase in consolidated net total income to Rs 56,012.8 crore in financial year 2023 against Rs 51,176 crore in FY 2022.
Despite a rise in the total income, Flipkart's consolidated loss widened to Rs 4,890.6 crore in FY23 from Rs 3,371.2 crore a year ago.