Binny Bansal explains exit, Kalyan Krishnamurthy lauds his contributions

Dear Flipkart Family,

Since co-founding Flipkart with modest resources in 2007, the journey we have embarked on together has been arduous and rewarding, culminating with the fantastic news of our partnership with Walmart earlier this year. They have been great partners and I am optimistic about our future together. For some time, I have been mulling over the right time to step away from an operating role at Flipkart Group.

My plan was to continue in my current role for a few more quarters to continue the transition after closing the deal with Walmart. However, my decision to step down has been accelerated by certain personal events that have taken place in the recent past. These events relate to a claim of serious personal misconduct made against me, which was uncorroborated after a thorough investigation completed by an independent law firm.

The allegations left me stunned and I strongly deny them. The investigation, however, did bring to light lapses in judgment, particularly a lack of transparency, related to how I responded to the situation. These have been challenging times for my family and me.

I am concerned that this may become a distraction for the company and the team, for which I am deeply sorry. In light of these circumstances, I feel it is best to step away as Chairman and Group CEO.

I will continue to be a large shareholder in the company and will continue to serve as a member of the Board of Directors. I am convinced that the company is in great hands with our experienced leaders — Kalyan, Ananth and Sameer. They have done an exceptional job running the businesses for many years now and with the support of Walmart that I have experienced, will continue to lead the company to even greater successes in the future.

Thank you for all the goodwill that you’ve shown towards me over the years.

I’m grateful to have had the opportunity to help get us to where we are today. I look forward to seeing Flipkart scale greater heights in the coming years.

Thank you, Binny

A short while earlier, we announced that Binny Bansal has resigned from the company. We know what Binny has meant to the company as cofounder. But Flipkart along with Group Companies Myntra, Jabong, and PhonePe — as leaders in their respective spaces — are today stronger than ever before to continue on their growth journey and expand the market.

I take seriously the responsibility of leading our teams at Flipkart, Myntra and Jabong, and am looking forward to working with all of you. Flipkart’s leadership position today was possible due to years of hard work and collaboration between all stakeholders of the e-commerce ecosystem, particularly you, whose ingenuity and dedication have led us to become the market leader in India.

So, I wanted to personally let you know that there will be no changes in our operating processes, or to the mission of the company as a result of this news. I am very confident in the ability of the Flipkart, Myntra and Jabong teams to keep guiding us to greater successes. Flipkart will continue to invest heavily in supply chain, innovation & technology, with a focus on optimizing ope rations, and empowering you all to deliver an exceptional customer experience.

Our board remains committed to investing for the long-term and supportive of the leadership team’s desire to evolve into a publicly-traded company in the future. For Flipkart to keep succeeding, it is crucial for our teams to thrive, and we will continue to do everything possible to ensure you are given the opportunity to do just that. Thank you for being such an integral part of our company. I look forward to working with you as we take ecommerce to the next wave of customers in India.

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