Alnoor Peermohamed & Raghu Krishnan find out why the new CEO is said to be the perfect man for turning around Flipkart's fortunes.
Flipkart Group Chief Executive Kalyan Krishnamurthy on Monday said the firm was advancing preparations for a potential initial public offering (IPO) in India, which included shifting its holding company to India from Singapore. Speaking at an internal town hall, Krishnamurthy said the company's leadership structure is strengthening and that the steps toward relocating Flipkart's legal base to India are progressing as planned, according to people familiar with the matter.
Flipkart, Jabong-Myntra and PhonePe will operate under this group structure and their CEOs will report to Binny
'Son believes India has a significant opportunity in chip design, especially in creating IP that will be uniquely Indian.'
Amar Nagaram, the chief executive officer of Myntra, has put in his papers after three years of leading the fashion e-commerce platform, and will pursue his own venture. According to an email by Flipkart CEO Kalyan Krishnamurthy to employees, Nagaram will be at Myntra till December-end to ensure a smooth transition, and will continue to be associated in an advisory role. "After nearly three years of leading Myntra, Amar has decided to leave the Flipkart Group to pursue his own venture.
While war rooms are set up closer to the sales, warlike preparations go into it almost 12 months in advance to ensure that on D-day the firm gives its best to its customers.
Flipkart's appointment of Kalyan Krishnamurthy as CEO and Ola's choice of PepsiCo's Vishal Kaul for COO speaks to the growing trend of bringing in experienced professionals to run business. Karan Choudhury reports.
Flipkart will acquire 100 per cent of Cleartrip's shareholding as the company further enhances its investments to strengthen its digital commerce offerings for customers, a statement said.
These top level changes have come soon after Flipkart co-founder and Group CEO Binny Bansal resigned over allegations of serious personal misconduct in November.
Myntra founder Mukesh Bansal takes over as marketing chief.
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion. The company, which competes with Amazon, Reliance Industries' JioMart and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country. The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
Koo has so far raised $4.1 mn in Series A funding from existing investors Accel, Kalaari Capital, Blume Ventures and 3one4 Capital.
Layoffs, corporate restructuring, governance and most importantly profitability: The 14 Indian startups that plan IPOs this year are pulling out all the stops to ensure successful market debuts.
Narayanan said while there would be some redundancies as a result of integration of the back-end functions of Myntra and Jabong, it will, however, be less than 10 per cent of the overall headcount
Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.
The department for promotion of industry and internal trade has rejected Walmart-backed Flipkart's proposal seeking approval for entry to the food retail sector, citing a regulatory issue, an official said on Monday. The government permits 100 per cent foreign direct investment in food retail for food produced and manufactured in India.
The acquisition of Walmart India adds a strong talent pool with deep expertise in the wholesale business that will strengthen Flipkart's position to address the needs of kiranas and MSMEs uniquely.
This is the sixth consecutive markdown in the valuation of Flipkart by the US firm.
After raising $2.5 billion from SoftBank's Masayoshi Son and his Vision Fund, Sachin Bansal and Binny Bansal are back in the driving seat at Flipkart, the company they founded over a decade ago.
His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. Bansal, however, denies the allegations.
Flipkart, the e-commerce company owned by Walmart, is intensifying its efforts to achieve profitability as it is eyeing a valuation of approximately $60 billion at the time of its initial public offering (IPO), now planned in 2025-2026, instead of this year, according to people familiar with the matter. The firm might consider listing in the US or any other geography, including India. The company, which counts the likes of Amazon and Reliance's JioMart among its competitors in India's burgeoning e-commerce market, had also contemplated launching an IPO in 2022-2023.
Flipkart has promoted several of its leaders into newer roles at a time when the Walmart-owned e-commerce giant has internally raised its IPO (initial public offering) valuation target to about $60 billion and aims for a US listing in 2023, according to the sources. "I am delighted to announce the promotion of some of our exemplary leaders," said Kalyan Krishnamurthy, chief executive officer, Flipkart Group, in an internal note, and which has been reviewed by Business Standard. "Each of them has been instrumental in delivering impact and creating long-term value for Flipkart.
Seeks to cut biz costs by 10% for sellers across 24 verticals, by slashing fees and delivery charges.
The Bansals losing out operational control of Flipkart comes at a time when global rival Amazon, in which Tiger Global holds a minority stake, is stepping up investment in India in an attempt to overtake the Bengaluru-based e-commerce firm.
WhatsApp's advantage is that it is the first app millions of Indian check first thing in the morning and innumerable times during the day and night.
Most Indian start-ups and e-commerce are largely funded by foreign investors
Flipkart eyes another $500 mn from eBay, which seeks to merge India ops with it and exit business
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
E-commerce companies managed to beat the odds by adopting a flexible approach in terms of transforming their business models and leveraging emerging technologies. They had to constantly align their objectives with evolving customer needs. With companies hiring thousands of temporary workers, expanding to smaller cities, and launching new products, e-commerce giants gird up to celebrate the peak festival season without Covid restrictions after a three-year time-out.
Flipkart on Monday said it has entered into a commercial partnership with the Adani group to strengthen logistics and data centre capabilities of the Walmart-owned company and create about 2,500 direct jobs.
A grouping of Indian and Indian-origin professionals working with tech giants like Google, Uber, Amazon and Facebook have written an open letter against the new religion-based citizenship law and the planned national register of citizens, terming them as "fascist". The letter by 'TechAgainstFascism' on online publishing platform Medium also urged the leaders to refuse to shut off the Internet at the "government's whim" and to ensure that content moderation is not skewing pro-government.
Loss of investor confidence in Flipkart last year sparked off a chain reaction in startup sector
Sellers on platform listed products out-of-stock on Monday against increased commission, fees on returns.
According to sources, employees from marketing, ad-tech, category, digital marketing, engineering team, catalogues, have all been asked to leave.
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
Readying its game plan, the Bengaluru-based e-commerce giant plans to renew talks of investments in various companies such as Swiggy, BookMyShow, Pepperfry, UrbanClap
Across the country, companies have stepped up their act to contain the crisis. IT and other new economy firms seem to have taken a lead.
The aim is to replace nearly 40 per cent of its existing last mile fleet of delivery vans with EVs by March 2020. o start with, the company is looking at deploying nearly 160 e-vans by the end of 2019.
In a filing with the US Security and Exchange Commission on Friday, Walmart said it would allow the initial public offering of Flipkart in four years at a valuation no less than what it invested in the e-commerce firm, if a grouping of minority shareholders asks for it.
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