Binny Bansal replaces Sachin Bansal as Flipkart CEO

New Delhi: India's largest e-commerce company, Flipkart, today announced that Sachin Bansal will step down as CEO and co-founder Binny Bansal will replace him for the top post.

"Binny as chief executive officer will now be responsible for operationally driving the company and will be accountable for Flipkart's overall performance. All the business areas - Commerce, Ekart and Myntra will now report to Binny. All corporate functions including Human Resources, Finance, Legal, Corporate Communications and Corporate Development will also report to Binny," Bansal was quoted as saying in the company-issued statement.

"Today, we are in a very strong leadership position with over 60% market share of the m-commerce market, 50 million customers and clear leadership in smartphones and fashion. The journey ahead is equally exciting and challenging. Flipkart has all the necessary ingredients of brilliant talent and great technology to win this next phase as well," Bansal said in the statement.