During a town hall meeting, Flipkart CEO Kalyan Krishnamurthy told the employees that the ambition of the firm is to become a $100 billion company in terms of valuation. He told the employees that solving for India and making an impact on economic growth is the mission as Flipkart democratises commerce in India.
“Each of you (employees) has played a critical role in helping the company reach this milestone, and the entire management team at Flipkart and Myntra are grateful for your commitment and dedication,” said Krishnamurthy in an email sent to the employees and seen by Business Standard. “As many of you know, it has always been our endeavour to provide our employees with an opportunity to liquidate their vested options regularly. This year we are pleased to announce a buyback of 5 per cent of the past three years’ vested options.”
With the landmark event of funding, Krishnamurthy said he is happy to share that the firm is offering its employees an additional buyback of 5 per cent of all vested options as the firm stays committed to wealth creation for them.
Flipkart Group has raised $3.6 billion in a funding round that includes investments made by sovereign wealth funds and leading private equity funds. This round of funding was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2* and strategic investor Walmart, along with investments from sovereign funds DisruptAD, Khazanah Nasional Berhad, Qatar Investment Authority, and marquee investors Antara Capital, Franklin Templeton Investments, Tencent, Tiger Global, and Willoughby. The investment values the company at $37.6 billion post-money.
“This is a proud moment for all of us at the Flipkart Group,” said Krishnamurthy. He said the fundraise is one of the most significant investments in the digital commerce ecosystem in India, reflecting the opportunity for digital commerce in India and the confidence of investors in Flipkart’s ability to address this potential.”
In his interactions with investors, Krishnamurthy said the Group’s quality of talent and culture, ability to innovatively serve digital commerce and strong value proposition were clear callouts.
Flipkart said it continues to focus on meeting the needs of our customers. The firm will make several investments across people, technology, supply chain and infrastructure, and continue to strengthen and build on key categories and business opportunities.
Krishnamurthy said the Flipkart Group has achieved many firsts, and the confidence in its ability to continue innovating and delivering is inspiring. “The opportunity we have ahead is tremendous, and each of you (employees) will play an important role in delivering on our promises to all our stakeholders.”
He said the firm must sustain its commitment to its existing customers and introduce the value proposition of digital commerce to the next 200 million Indians. This includes ensuring that it innovates to create value and experiences for them.
He said through Flipkart’s partnerships with ecosystem players, not only does it need to accelerate growth for them, but it must also direct our efforts to enable inclusive growth for lakhs small and medium businesses. They have an opportunity to benefit from the potential of digital commerce in India.
“Finally, while we continue on this journey, we must strive to continue to keep our values and people at the centre of whatever we do as an organization,” said Krishnamurthy. “I look forward to your continued support and partnership as we strive to make the Flipkart Group synonymous with the Indian digital consumer.”
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