Binny Bansal (left) and Sachin Bansal are the two co-founders of India’s top homegrown ecommerce startup. Photo credit: Flipkart.
Flipkart is making changes to its top-level management again. The company is promoting Kalyan Krishnamurthy – who used to be the head of category design organisation and joined the company from Tiger Global – as the top boss, while current CEO and co-founder Binny Bansal will become “group CEO,” the company said.
“2016 has been truly an extraordinary year for Flipkart,” Binny said in a statement.
“We effected a complete turnaround of the business and consolidated our leadership position in ecommerce. Our execution engine is revved up. Our customer experience and product quality has shown tremendous improvement. This was also the year when Flipkart evolved as a group. We acquired Jabong mid last year and the consolidation is going on well. Myntra became a US$1 billion dollar GMV run rate company and achieved about 80 percent year-on-year growth. PhonePe has been another runaway success story with 40 percent of all UPI transactions in India.”
But despite what Binny says, Flipkart’s 2016 didn’t look like a great one to the industry, overshadowing some of its strides in business.
See: India’s beloved Flipkart had a crappy 2016
For those who remember, last year Flipkart shuffled its decks to make Binny the CEO. But much water has flown under the bridges since then. The company has seen a bunch of top level executives, including its chief financial officer, quit. When Kalyan joined the company around July, it was seen as an indication that investor Tiger Global was tightening its grip on Flipkart.
See: Is Flipkart’s new management rejig a step along the IPO route?
One of the focus areas of the group organization – the one Binny will head henceforth – will be to build a portfolio of new, high value-creating businesses that are disruptive and will transform commerce in India, the company said.
To evaluate these opportunities and construct this portfolio of new businesses, Flipkart Group Org will look at strategies and mergers. The other key responsibility of Binny as Group CEO will be to oversee capital allocation across all the group companies, CEO selection and compensation, as well as to ensure that each business is led by a strong leader.
See: Flipkart has a new messiah, but the company needs to learn from history
Kalyan Krishnamurthy will be responsible for operationally driving Flipkart. Nitin Seth, presently the Chief Administrative officer, will be the COO for Flipkart, the company said.
Sachin Bansal will continue to be the Executive Chairman, providing strategic direction for existing businesses, mentoring senior leadership, and will work closely with Binny on the new business portfolio.
This post After bad year, Flipkart gets new CEO appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/bad-year-flipkart-ceo
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