Flipkart has elevated former Tiger Global Management executive Kalyan Krishnamurthy as its new chief executive, replacing co-founder Binny Bansal, who has been named as the group chief executive.
Co-founder Sachin Bansal continues to be executive chairman.
As part of the new organizational structure, Binny Bansal will oversee functions such as capital allocation across all the group companies, merger and acquisition activities, CEO selection at group companies such as Myntra-Jabong and PhonePe, in what is being seen internally as a potential move to ensure the company’s readiness for an initial public offering (IPO) in a few years.
Krishnamurthy — a former executive in the New-York based investment firm — will be responsible for Flipkart’s profit and losses, marking a first for the Indian startup sector where cofounders of the country’s most valued Internet company have handed over the reins to a professional.
“Kalyan Krishnamurthy, currently heading the Category Design Organisation, will become the CEO of Flipkart. Kalyan will be responsible for operationally driving Flipkart and will be responsible for Flipkart P&L,”
A former eBay executive, Krishnamurthy joined Tiger Global Management in 2011where he served as a managing director till December 2016. He had earlier worked at Flipkart for two years between 2013 and 2014.
“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,”
Flipkart Group CEO Binny said .
The new structure also includes functions such as mergers and acquisitions besides strategy, with Nishanth Verman, the head of corporate development, tasked with oversight of strategy. Experts are of the view that this top-order reshuffle is a natural progression.
“The last festive season was a great success and Kalyan has been a key driving force behind this. He understands the business and financials,”
said Anil Kumar, CEO of retail advisory firm RedSeer.
Ananth Narayanan will continue to be the CEO of Myntra-Jabong and Sameer Nigam will continue as CEO of PhonePe, Flipkart said. Narayanan and Nigam will report to Binny Bansal.