Flipkart Startled with the Unexpected Exit of Mukesh Bansal

Mukesh Bansal, Co-Founder of biggest e-commerce portal, Flipkart has resigned and will be moving to an advisory role for the company.

Flipkart's Chief Business Officer Ankit Nagori has also quit the e-commerce firm to start an entrepreneurial venture in the sports domain. To recap, Flipkart co-founders Sachin and Binny Bansal are the first investors in his new company.

Mukesh Bansal revealed in an emailed statement, "Flipkart is moving out of his active role to be an advisor to the company. Mukesh has played a huge role in making Myntra the number one fashion destination and helped build a strong platform at Flipkart." Bansal acquired fashion e-retailer Myntra in 2014.

Bansal, after completing the graduation from IIT Kanpur in computer science, leads the foundation of Myntra in 2007. He sold Myntra to Flipkart in one of the largest M&A deals in the in the Indian e-commerce market and the deal was estimated to be worth about Rs. 2000 crore.

"I have been discussing this for a while with both Sachin and Binny and it felt this was right time to do it. We finalised it pretty much last month when the management restructuring happened. We have built great leaders who will take Flipkart and Myntra to new heights now. I will take a break and then think of what to do next," Mukesh Bansal said.

Bansal further added, "I am very excited with Binny coming in as CEO and my transition will enable him to work directly with CP leadership... Binny, along with the leadership and the amazing talent pool at Flipkart will do justice to any mandate and continue to push the boundaries for e-commerce /Internet businesses in India and beyond."

After the deep emotions, Mukesh said that though his journey comes to an end and he is always be connected to Flipkart and Myntra. He will continue to be available from outside to the team.

On Nagori, the spokesperson said: "Ankit has played an instrumental role in introducing newer initiatives at Flipkart and building the marketplace model for the company. Sachin and Binny will be supporting Ankit in his new initiative and will be his first investors."