Walmart-backed e-commerce Flipkart’s co-founder Binny Bansal has stepped down from the board of the company with Sachin Bansal, after serving more than 16 years at the firm.

This decision comes after Binny Bansal sold his remaining stake in the firm. His other co-founder Sachin Bansal exited Flipkart a few years ago and is now building a fintech venture, Navi.

“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”, said Binny Bansal in a statement.

At the same time, Leigh Hopkins, Executive Vice President, International Strategy & Development and Regional CEO – Asia and Walmex and Flipkart Board Member said, “As a founder of the business, Binny provides a unique combination of knowledge and experience. We have been fortunate to have him remain on the Board since Walmart’s investment in 2018, and we have greatly benefited from his counsel and insight.”

In September 2023, Walmart spent $3.5 billion to acquire Flipkart’s remaining stakes from its backers Accel Partners, Tiger Global and Binny Bansal. As per estimates, Bansal received $650 million as he divested his complete stake at a valuation of $35 billion.

“We are thankful for Binny’s partnership over the past several years, as the Flipkart Group has grown and entered into new businesses. His insights and deep expertise of 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,” said Kalyan Krishnamurthy, CEO and Flipkart Board Member.

In December, Flipkart also raised $600 million from its holding company Walmart. The firm is in the process of raising $1 billion in this round.

Recently, in a town hall meeting, the firm’s chief executive officer (CEO) Kalyan Krishnamurthy said the firm is close to profitability. The company will lay off employees post performance review in April.