Flipkart, the largest online store in India, just saw its company group CEO and co-founder Binny Bansal resign over allegations of misconduct.
The news follows an independent investigation into Bansal’s actions at the Walmart-owned firm, and his denial of the allegations. Details of the incident are scant; Walmart noted in a press release:
While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign.
"The allegations left me stunned and I strongly deny them….. These have
been challenging times for my family and me. I am concerned that this may
become a distraction for the company and the team," said Bansal in a mail to Flipkart employees
— Madhav Chanchani (@madhavchanchani) November 13, 2018
Flipkart CEO Kalyan Krishnamurthy will continue in his current position as head of the mainstream online store. The company was acquired by Walmart in May for roughly $19 billion, making it the largest acquisition in ecommerce history worldwide.
It remains to be seen if more details of Bansal’s misconduct will be revealed, and what this will spell for the firm as it fights to maintain its edge over Amazon in one of the world’s biggest ecommerce markets, which is slated to grow to $200 billion by 2026.