Indian entrepreneurs express shock and dismay at Binny Bansal’s sudden resignation from his position as Chairman and Group CEO of Flipkart, while investors believe the event will not hamper the growth of the startup ecosystem, but say it highlights need for greater transparency and disclosure among startups.
For over a decade, Flipkart has been the flag bearer for the Indian startup ecosystem. Sachin Bansal and Binny Bansal – the founder duo of the ecommerce giant – have inspired scores of entrepreneurs, beating all odds to give rise to the startup revolution in India.
Indeed, Sachin Bansal and Binny Bansal – not related – became the poster boys of new-age entrepreneurship in India. Few would have thought the two icons would have to leave the very company they founded and scaled for over a decade.
On Tuesday, Co-founder Binny Bansal stepped down as the Group CEO and Chairman of Flipkart following an investigation into allegations of ‘personal misconduct’. Binny’s departure comes just months after Sachin was reportedly forced to exit the company after its sale to Walmart earlier in the year.
Many entrepreneurs expressed shock and dismay at the news of Binny’s resignation, but high-profile investors agreed the event will not impact the growth story of the Indian startup ecosystem.