Binny Bansal, the cofounder along with CEO of the Walmart-owned Flipkart Group — India’s largest e-commerce company along with Amazon’s biggest rival inside the one of the entire world’s fastest growing e-commerce markets — resigned on Tuesday after an investigation into allegations of “serious personal misconduct,” Walmart said.
Details of Bansal’s alleged misconduct weren’t immediately clear. Flipkart along with Walmart did not respond to requests for comment.
In a filing with the US Securities along with Exchange Commission, Walmart said of which Bansal had strongly denied the allegations of personal misconduct against him.
“Nevertheless, we had a responsibility to ensure the investigation was deliberate along with thorough,” the company wrote, along with added: “While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, the item did reveal some other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of of which, we have accepted his decision to resign.”
Flipkart was Walmart’s biggest acquisition to-date.
Kalyan Krishnamurthy, currently the CEO of the Flipkart division within the Flipkart Group, will today report directly to the board, according to Walmart’s filing.
“The allegations left me stunned along with I strongly deny them,” wrote Bansal in an email to Flipkart employees. “These have been challenging times for my family along with me. I am concerned of which of which may become a distraction for the company along with the team.”
Walmart announced of which the item was buying the Flipkart Group for $16 billion in May to battle Amazon in India, one of the hottest e-commerce markets inside the entire world. Analysts predict of which the country will be a $0 billion e-commerce market in less than a decade. The acquisition by Walmart put Bansal’s net worth at $1 billion.
Flipkart was started off in 2007 in Bangalore by former Amazon employees Binny Bansal along with Sachin Bansal who share a last name however aren’t related to each some other. Before the item was acquired by Walmart, the company was a poster-child for India’s startup ecosystem for becoming the first Indian startup to hit a billion-dollar valuation. the item employs more than 30,000 people.