Kalyan Krishnamurthy has been named the new chief executive officer of Flipkart CEO.
India’s most massive online retailer moves co-founder Binny Bansal to a new position as group CEO.
In the management reshuffle that strengthens the influence wielded by its largest investor Tiger Global.
And it completes a process begun a year ago when co-founder Sachin Bansal ceded the top spot.
Krishnamurthy is a former executive in the New-York based investment firm.
He will be responsible for Flipkart’s profit and losses, marking a first for the Indian startup sector.
The co-founders of the country’s most valued Internet company have handed over the reins to a professional.
Krishnamurthy holds an MBA degree from the Asian Institute of Management, Philippines.
Later, he went to Achievementsty other f Illinois at Urbana-Champaign – College of Business to study finance.
He has also worked as the Director of Financial PlTheing & Analysis at online marketplace eBay Asia-Pacific and Country Finance Director (South-east Asia, Hong Kong).
What are the Achievements of Flipkart CEO?
Global owns about 35% stake in Flipkart, which was last valuing at $15 billion?
The investor could be preparing for a public listing for the Bengaluru-based eCommerce player in two to four years, according to senior company executives.
The current CEO of Walmart-backed Flipkart. He has been in this position since his appointment in January 2017 after Flipkart co-founder Sachin Bansal departed as the company’s CEO.
He joined Flipkart in May 2013 as the interim chief financial officer at Flipkart Online Services. His stint at Flipkart then was for a brief period as he quit in November 2014.
Krishnamurthy is mostly known for his role at Tiger Global Management.
According to his LinkedIn profile, he also held a position in supply chain finance at the consumer goods giant Procter and Gamble Co.
His most known Flipkart started in June 2016 when he was the head of Category Design Organisation.
The year 2016 is considering to be a challenging year for Flipkart.
It was then struggling with slow revenue growth, stiff competition from Amazon, and investors’ valuation mark-downs.
Along with Sachin Bansal, Krishnamurthy is crediting to give a but striking a deal of $16billion investment from, US retail gianmarkdowns
The Bengaluru-based e-commerce giant was found in 2007 by Binny Bansal and Sachin Bansal.
What is the Role of Flipkart CEO?
The new role
According to a statement issued by the company, in his role as Executive Chairman of Flipkart, Sachin will,
- provide strategic direction for Flipkart,
- mentor the senior leadership of the company,
- look for new investment opportunities, and
- represent the company in external forums.
Binny’s new role as Chief Executive Officer brings in the following changes:
- Binny is now responsible for operationally driving the company and 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.
- In a statement, Binny claimed that Flipkart has a 60% market share of the e-commerce market, 50 million customers, and transparent leadership in smartphones and fashion.
- Mukesh Bansal will continue to be the Head of Commerce Platform, Flipkart’s core business, and will have an additional responsibility for the ads business. Mukesh will also continue in his role as Chairman of Myntra.
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