Flipkart restructures management; Sachin Bansal appointed as chairman
Flipkart on Monday announced a major management restructure and appointed co-founder and existing CEO Sachin Bansal as the executive chairman. The company also promoted co-founder and existing COO Binny Bansal to the position of CEO.
As a result of the new restructure, Sachin will now provide strategic directions for Flipkart, mentoring the senior leadership of the company and look for new investment opportunities. Binny as the new CEO will now be responsible for all operations at Flipkart. He will be accountable for overall Flipkart performance and will now be heading all three business areas — Commerce, Ekart and Mytra. In addition, corporate divisions including human resource, legal, corporate communications and corporate development will now report to Binny.
“We believe that Flipkart can play a transformational role in improving commerce in India and improve the quality of lives of millions of people across the farthest corners of the country,” says Sachin, in a press statement. “In this next phase of the journey, it will be our endeavour to fulfil this responsibility and prove that India can produce a world-class internet company that can outshine any global behemoth. We also want to continue to play a pivotal role in shaping the internet and the commerce ecosystem of India.”
Mukesh Bansal will continue in his role as chairman of Mytra online fashion store and will continue to be the head of commerce platform at Flipkart as well as have an additional responsibility of ads business. However, Myntra’s CEO Ananth Narayanan will now report directly to Binny.
“We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce and bring in disruptive technologies,” Binny said in the statement.
Bengaluru-headquartered Flipkart is touted to be the “India’s largest e-commerce marketplace” with over 60 percent market share in mobile commerce. The company’s marketplace is taking on homegrown e-commerce competitors such as Snapdeal and Infibeam with a registered customer base of 50 million and more than 30 products across over 70 categories. In August last year, it surpassed 150 million product sales and achieved a massive 150 percent growth in annual sales.
“Today, Flipkart is a brand trusted by millions across India backed by a robust seller ecosystem and world-class technology,” said Mukesh, adding that the company is confident to expand its presence in the country.
In a bid to win the mobile-first race, Flipkart last appointed former Google executive and Motorola vice president Punit Soni as its chief product officer. It also hired ex-Googler Peeyush Ranjan as its engineering head.
While Amazon is presently taking on the competition, Flipkart is in plans to make things difficult for the US company by raising over $1 billion in the coming future. The company filed for an initial public offer (IPO) in Singapore back in December 2014 and so far received a total investment of around $2 billion in multiple funding rounds.