Why did Flipkart CEO resign? Binny Bansal resignation issue explained

Binny Bansal Group Chief Executive Officer of India's largest e-commerce firm Flipkart poses at the company's headquarters in Bengaluru

But Binny Bansal's resignation as group CEO following a probe into an allegation of "serious personal misconduct", just months after Sachin Bansal's exit, could dent the morale of young entrepreneurs as well as the startup ecosystem's overall sentiment, say industry insiders. Unlike earlier times when Flipkart was the Bansals' sole turf, post-Walmart acquisition, the e-commerce giant's strategy would not be decided by investors and valuation, he pointed out.

As per a statement put out by Flipkart, part of which is owned by Walmart, he was facing an independent investigation over personal misconduct.

Binny has strongly denied the allegations.

The inquiry did not find evidence to back up the allegation, but did "reveal other lapses in judgement". "Because of this, we have accepted his decision to resign", Walmart said. 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. "In light of these circumstances, I feel it is best to step away as Chairman and group CEO", he said in the email. These have been challenging times for my family and me. "It was a claim of sexual assault against Binny", the source said, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation. This accusation as reported in the press is very painful to believe, ' the individual said.

In July this year, an allegation of sexual assault was brought against Binny Bansal and the investigation started after that, Walmart told CNBC-TV18, adding that it does not involve Flipkart employee. Sachin left the company following its Dollars 16-billion acquisition by United States retail behemoth Walmart in May.

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Walmart shares were little changed following the news.

A startup founder, requesting anonymity, said the exits of the Bansals from Flipkart would create uncertainty among entrepreneurs. They launched Flipkart in 2007 as the "Amazon of India".

Neither Bansal, who has been chief executive of the Flipkart Group since January of past year, nor his representatives could be reached for comment. The Flipkart subsidiaries will continue to operate as separate platforms within the Flipkart business. 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.

As we look ahead, we have full confidence in the strength and depth of leadership across the company.

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