Home Retail Flipkart rejigs top brass, Binny Bansal appointed Group CEO

Flipkart rejigs top brass, Binny Bansal appointed Group CEO

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Leading e-tailer on Monday formed a group with its subsidiaries - and PhonePe and made co-founder its Chief Executive Officer (CEO).

Flipkart forms group, makes founder Binny CEO
In the new structure, Binny Bansal is Group CEO, Kalyan Krishnamurthy has been named Flipkart CEO, Ananth Narayanan is Myntra CEO and Sameer Nigam is CEO, PhonePe

“In the new structure, is Flipkart’s CEO, Myntra’s CEO and ’s Chief Executive,” said the city-based e-commerce player in a statement here.

Internet entrepreneur and software techie Binny co-founded the e-comm platform with another co-founder a decade ago in 2007.

“The newly formed group organisation will focus on creating value through a portfolio of new, high growth businesses, manage capital allocation across our companies and ensure each business has a strong CEO,” asserted the company.

Recalling 2016 was an extraordinary year for Flipkart, Binny said the company had effected a turnaround of its business and consolidated its leadership in the e-commerce space.

Fashion platform Myntra acquired international fashion major Jabong from its London-based for US $70 million (Rs 471 crore) in July.

Flipkart bought payment start-up PhonePe in April 2016 for an undisclosed amount to offer e-wallet service and Myntra in May 2014 to enter e-fashion and lifestyle segment.

Myntra became a US $1-billion Gross Merchandise Value (GMV) company with a whopping 80 per cent growth and PhonePe accounted for 40 per cent of UPI (United Payment Interface) across the country.

“Our execution engine is revved up. Our customer experience and product quality has shown improvement,” reiterated Binny in the statement.

Krishnamurthy, who was leading the category design organisation, will be responsible for the flagship’s profit and loss.

“Our execution engine is revved up. Our customer experience and product quality has shown improvement,” reiterated Binny in the statement.

As group’s head, Binny will also oversee capital allocation across its subsidiaries, CEO selection and its compensation.