Brace yourself, the first big, controversial startup news of the year 2016 is here! Sachin Bansal, the co-founder of Flipkart, which is the numero uno Indian ecommerce platform has resigned as the company's chief executive officer (CEO) and is all set to be replaced by Binny Bansal, the other co-founder.

According to a statement issued by the company on Monday, "Sachin Bansal, the CEO and co-founder of Flipkart, will be the executive chairman of the company and Binny Bansal, COO and co-founder of Flipkart, will be the chief executive officer of Flipkart."

Under his new role as an executive chairman, Sachin will look after providing strategic direction and mentor the senior leadership of the company.

Further, he will also be scouting for new investment opportunities for the ecommerce giant, champion Indian e-commerce sector and represent the firm in various external forums.

According to Sachin, in the next phase of its journey, Flipkart endeavours to play a significant role in improving the commerce scene in the country and prove to the world that India as a country is capable of producing a world class Internet company.

On the other hand, the new CEO will drive the company and have the accountability of its overall performance. Further, business areas like commerce, ekart and Myntra will now report to Binny, the new CEO. In addition to this, various other corporate functions like human resources, finance, legal, corporate communications and corporate development will also be under Binny.

Started 9 years ago in 2007, the company has a customer base of 50 million registered users and is currently valued at a whopping $15.2 billion.

The statement released by the company on Monday also added that Mukesh Bansal will continue to head Myntra, Flipkart's fashion subsidiary. Further, he will also look after the company's core business commerce platform along with its ads business.

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