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Flipkart CEO resigns amid misconduct probe

Flipkart CEO resigns amid misconduct probe
[Photo: Pradeep Gaur/Mint via Getty Images]

The Indian e-commerce giant’s cofounder and CEO, Binny Bansal, has left the company after an investigation into allegations of “serious personal misconduct,” reports Bloomberg. Walmart, which purchased Flipkart in August, confirmed Bansal’s departure. Though Walmart did not detail the allegations of Bansal’s reported misconduct, the company released a statement, saying:

“While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency, related to how Binny responded to the situation.”

Bansal cofounded Flipkart in 2007 and the company was able to successfully defend itself and even thrive despite having to take on Amazon in the country. Walmart’s purchase of Flipkart made Bansal a billionaire this year. As for Flipkart, the company released a statement acknowledging Bansal’s departure, saying “This has been an unfortunate and challenging situation for Binny, his family and Flipkart.”

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