Bansal would, however, be an advisor to the company, Flipkart said in a statement.

In a development that comes weeks after the rejig at the top level, the company also said that Ankit Nagori, Chief Business Officer, Flipkart, is also moving on to start an entrepreneurial venture in the sports domain.

"Mukesh Bansal, Head of Commerce Platform, Flipkart is moving out of his active role to be an advisor to the company," it added.

"Mukesh has played a huge role in making Myntra the number one fashion destination and helped build a strong platform at Flipkart, including India's strongest leadership team," the statement said.

"Ankit has played an instrumental role in introducing newer initiatives at Flipkart and building the marketplace model for the company. Sachin and Binny will be supporting Ankit in his new initiative and will be his first investors," the statement said.

In a top management rejig, Flipkart last month had appointed Binny Bansal as the Chief Executive Officer and Sachin Bansal as the Executive Chairman.

During the rejig, Mukesh Bansal was given additional responsibility of the ads business along with head of commerce platform and Chairman of Myntra - the online fashion retail business acquired by Flipkart for a reported USD 370 million, in 2014.

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