NEW YORK (AP) — The co-founder of Flipkart, the massive online retail operation in India acquired by Walmart this year, is stepping down following an allegation of serious personal misconduct.
Walmart, which purchased a $16 billion controlling stake in Flipkart Group in May, said Tuesday that an independent investigation done on behalf of both companies did not find evidence corroborating the allegation against Binny Bansal, but it did reveal lapses in judgment on his part.
Binny Bansal and Sachin Bansal —who are not related — founded Flipkart, India's largest online retailer, in 2007. Walmart made the largest investment in company history this spring by acquiring a controlling stake, recognizing India's enormous potential.
Walmart said Kalyan Krishnamurthy will continue as CEO of Flipkart.
