Published: Tue, January 10, 2017
Economy | By Melissa Porter

Kalyan Krishnamurthy is Flipkart's new CEO, Nitin Seth to serve as COO

In a rather shocking move, Flipkart has again announced a change in its organisation structure with Binny Bansal stepping down from his position of company CEO.

Krishnamurthy had joined Flipkart from Tiger Global, the leading investor in the e-commerce major in June previous year. Flipkart's fashion division Mynta-Jabong CEO Ananth Narayanan and payments division PhonePe CEO Sameer Nigam now hold their office as designated.

The move comes one year after a reorganisation where Binny Bansal took over as CEO from co-founder Sachin Bansal, who was named executive chairman for the group. Verticals like supply chain and logistics became integral and the online retailer bought PhonePe with a commitment to push the payments business under his tenure.

Flipkart's other co- founder Sachin Bansal will remain as the executive chairman, providing strategic direction for existing businesses and mentoring senior leadership. Myntra, which was acquired by Flipkart in the year 2014 achieved a 80 percent year-on-year growth this year, with its $1 Billion dollar GMV (Gross Merchandise Volume) run rate. Krishnamurthy will be responsible for operationally driving Flipkart and will be responsible for its P&L. Nitin Seth, now the Chief Administrative Officer, will be the COO for Flipkart. Our execution engine is revved up.

With the new development, the key focus area for Group org will be to look after Flipkart and its sister concerns, which include Paisape, Jabong and Myntra.

The company also said that Flipkart will hire a Group CFO and a general counsel and that both of them will report to Binny Bansal. "PhonePe has been another runaway success story with 40% of all UPI transactions in India", Bansal said. "I am confident that this new organisation structure will deliver further value for Flipkart group", he added. To evaluate these opportunities and construct this portfolio of new businesses, Flipkart Group Org will have a Group Strategy function as well as M&As.

Since Krishnamurthy's return, Flipkart has witnessed the beginning of a revival of its former fortunes, which started during the crucial Diwali season sale in October when Flipkart saw off Amazon India's challenge and triumphed over its American rival in what was arguably the biggest showdown in the history of Indian e-commerce.

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