14 Nov 2018_campuscad
Co-founder and CEO of Flipkart, Binny Bansal resigns from the post after the internal independent misconduct probe carried out against him.
Binny Bansal currently leads the head of Walmart owned Flipkart group which also includes fashion e-commerce brands Jabong and Myntra.
Flipkart owns more than dozens of company including phone pe, eBay India, upstream commerce ltd, Mallers inc.
Binny strongly denies the allegations of serious personal misconduct and the internal investigation by Walmart and Flipkart did not find any evidence.
Investigation reveal other lapses in judgment and a lack of transparency, related to how Binny responded to situation, stated by Flipkart and Walmart in the statement.
Walmart now owned 77% stakes in the Flipkart and acquired the Indian e-commerce giant in August for whopping $16 billion.
Binny and Sachin Bansal founded Flipkart in 2007 in Bengaluru. Amazon is the biggest competitor of Walmart globally and India as well. Indian E-commerce market is flourishing and has $200 billion growth potential in coming decade.
Flipkart and Amazon festive season sales Gross merchandise value (GMV) expected to reach $2 to $3 billion in 2018.
Binny resignation with immediate effect will surely make impact on the market and share holders. But Walmart clarifies his vision and investment plans in the Flipkart in coming future once again in the statement with the plans to take company public.
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