The decision of Bansal, a co-founder of the company, follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct, Walmart said in a statement, adding that he strongly denied the allegation.
Binny, 37, co-founded Flipkart with his IIT-Delhi batchmate Sachin Bansal in 2007. Sachin Bansal left the company following its $16-billion acquisition by US retail behemoth Walmart in May this year.
Binny’s resignation marks the exit of co-founders from Flipkart.
Here's a timeline events at Flipkart:
Sachin Bansal and Binny Bansal started Flipkart in 2007 in Bengaluru as an online books selling platform.
The IIT-Delhi batchmates were earlier worked at Amazon.
In September 2009, US-based Accel Partners invested $1 million. Opens offices in Delhi and Mumbai.
Flipkart has raised $1.4 billion from Tencent, eBay and Microsoft, while SoftBank Vision Fund added USD 2.5 billion to its kitty.
In 2010, Flipkart pioneers cash-on-delivery payment mode. Launches logistics arm Ekart and introduce 30-day return policy. It also acquires social book recommendation portal WeRead and expanded categories to include music, movies, games, electronics and mobiles.
In 2011, the company registers in Singapore.
In 2012, Flipkart launched a mobile shopping app and acquires electronics e-tailer Letsbuy.
In 2013, raised $160 million in funding.
The company acquired fashion e-tailer Myntra in 2014.
In 2016, Binny Bansal took over as CEO. Sachin Bansal became executive chairman. Same year Sachin Bansal and Binny Bansal named among Time 100 list of most influential people by TIME magazine.
Launches PhonePe, India’s first UPI (Unified Payments Interface) based app.
In 2017, Kalyan Krishnamurthy named new Flipkart CEO. Binny Bansal became group CEO of Flipkart Group, while Sachin Bansal continued as chairman. The same year, the company crosses the 100 million registered users mark.
Flipkart raises $1.4 billion from Tencent, eBay and Microsoft.
Softbank Vision Fund invests in Flipkart to become one of the largest shareholders of the company.
Flipkart's attempt to buy Snapdeal failed after the smaller rival decided to go independently.
In 2018 May, US retail giant Walmart acquired Flipkart in a $16-billion deal.
Sachin Bansal exited the company by selling his entire stake of over 5 percent, while Binny had retained his 5.5 percent stake.
Binny Bansal resigned as Flipkart Group chief executive officer following an independent probe into allegations of "serious personal misconduct".