India’s largest ecommerce business is getting its third new boss in 12 months, first time looking outside the co-founders.
Kalyan Krishnamurthy is the new CEO of Flipkart, replacing Binny Bansal, who now assumes the newly created role of Group CEO at the online retailer, which is bigger than Amazon’s India business.
Krishnamurthy previously headed the category design organization at the firm. Prior to this role, Krishnamurthy was the managing director at Tiger Global, Flipkart’s largest investor.
“Kalyan will be responsible for operationally driving Flipkart and will be responsible for Flipkart P&L,” the company said in a press note.
“This newly formed Group Org will focus on creating future value through a portfolio of new, high growth businesses, manage capital allocation across group companies, and ensure each business has a strong CEO in place,” the company said.
The reshuffling comes exactly a year after co-founder Binny Bansal was appointed the CEO, taking over from co-founder Sachin Bansal, who became the company’s executive chairman.
The reshuffling comes exactly a year after co-founder Binny Bansal was appointed the CEO, taking over from co-founder Sachin Bansal.
Flipkart has also named Nitin Seth its new chief operating officer. Seth was the chief administrative officer at the firm before the rejig. He will report to Krishnamurthy.
The company is also elevating Sameer Nigam as the chief executive officer of PhonePe, a payment startup Flipkart acquired last year. In the meanwhile, Ananth Narayanan will continue as CEO of Myntra-Jabong.
“ was the year when Flipkart evolved as a group. We acquired Jabong mid last year and the consolidation is going on well. Myntra became a $1 billion dollar GMV run rate company and achieved ~ 80% YoY growth. PhonePe has been another runaway success story with 40% of all UPI transactions in India,” Binny Bansal said.
“We are now ready to build the Flipkart of the future as we continue on our journey of transforming commerce in India through technology. I am confident that this new organisation structure will deliver further value for Flipkart group.” he added.
Krishnamurthy will report to Binny Bansal.