Flipkart Group CEO Binny Bansal resigns after 'serious personal' misconduct probe

Binny Bansal

Binny Bansal

Flipkart co-founder Binny Bansal has resigned as the Chief Executive Officer (CEO) of the company over allegations of serious personal misconduct, US-based retail giant Walmart said on Tuesday.

A person familiar with the matter told Reuters, "In late July ... an allegation came to us". Binny, meanwhile, has spoken to the Economic Times.

The investigation, which was conducted on behalf of Flipkart and Walmart, did not find evidence corroborating the accuser's claims but did find Bansal to have made lapses in judgement, including a lack of transparency, in his response to the situation, the release said.

The exit of Binny over allegations of a "serious personal misconduct" comes as a surprise, even though there were murmurs that Binny would eventually have to call it quits after Walmart took over Flipkart. "He strongly denies the allegation", it noted.

Their statement added: "We remain committed to investing for the long term and are supportive of the leadership team's desire to evolve into a publicly traded company in the future". Digital payments firm PhonePe, which is led by Sameer Nigam, is also part of the Flipkart group. Ananth Narayanan, who is the CEO of Myntra and Jabong, will continue in those roles and will now report to Krishnamurthy.

Ireland's Conor Murray and Robbie Henshaw ruled out for New Zealand
Ireland will also be without Robbie Henshaw for the New Zealand and US encounters, after the centre sustained a hamstring strain. Johnny Sexton believes Murray made a "smart" decision in ruling himself out of the Test against the All Blacks.

Kalyan Krishnamurthy, who heads the company's main Flipkart e-commerce operation, would now act as chief executive for a broader group of businesses including apparel websites Myntra and Jabong, the company said.

While the Walmart and Flipkart statement doesn't talk about what exactly happened, what were the allegations and what sort of the personal misconduct was investigated, there is talk that someone within the company had complained against Binny. Sachin had left the company after the Walmart deal as Walmart favoured making Binny the CEO and sidelined Sachin completely. "Because of this, we have accepted his decision to resign", the statement added.

Flipkart, one of the great examples of India's rise in start-up arena, was founded by Binny and his friend Sachin Bansal.

Shortly after Walmart announced the acquisition in May this year, Bansal talked about his departure in a sad and rather cryptic Facebook post.

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