Business

Flipkart goes for major board reshuffle ahead of IPO


NEW DELHI: Walmart-backed e-commerce large, Flipkart Group has rejigged its board of administrators ahead of its plans to go public.
Kalyan Krishnamurthy, CEO at Flipkart Group will likely be becoming a member of the board from subsequent 12 months together with different new administrators, corresponding to, Keki Mistry, VC and CEO at HDFC, two administrators from Walmart—international CTO and chief improvement officer, Suresh Kumar and Leigh Hopkins, govt VP of technique and improvement at Walmart International.
People near Flipkart shrugged off the event as routine however sources mentioned, this could possibly be a preparation for the digital retailer’s a lot touted IPO which is predicted to happen inside two years.
Steuart Walton, grandson of Walmart founder, Sam Walton, Dirk Van den Berghe, EVP at Walmart Asia, Rajesh Magow, co-founder at Makemytrip and impartial director, Rohit Bhagat will likely be exiting the board, in line with a communication by Flipkart to its staff this week.
While Judith McKenna, president and CEO at Walmart International will retain her place because the chairperson of the board, US investor and former Tiger Global govt, Lee Fixel together with Flipkart co-founder Binny Bansal will stay on board.
The transfer which comes days after Flipkart spun off its fee arm PhonePe, will see Magow tackle an advisory position, whereas Bhagat will tackle duties as chairperson on PhonePe’s board.
Bentonville, Arkansas-headquartered Walmart, which is the world’s greatest retailer by gross sales, had invested $16 billion in 2018 to amass a majority stake in Flipkart valuing the corporate at round $21 billion. It at present owns round 82% stake in Flipkart together with different traders.
In July, Walmart led a $1.2 billion funding in Flipkart, which valued the corporate at round $25 billion. This was Flipkart’s largest fund elevate since its acquisition by the US retailer two years in the past.

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