Flipkart forms group, makes founder Binny CEO

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

"In the new structure, Kalyan Krishnamurthy is Flipkart's CEO, Ananth Narayanan Myntra's CEO and Sameer Nigam PhonePe's Chief Executive," said the city-based e-commerce player in a statement here.

Internet entrepreneur and software techie Binny co-founded the e-com platform with another co-founder Sachin Bansal 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 Global Fashion Group for $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 $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.

--IANS

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