Country’s leading e-commerce giant is well known for its spellbound offers, mind giggling things it sells and the absolutely fine service it often offers. Now, let us just swap the fairest part with the shady realities.
Now, let us just swap the fairest part with the shady realities. Recruit the IITians, then provide call letters after a year or more, fire your employees justifying it as a business strategy, shuffle the positions calling it as a reorganising ideology. Despite the rapid growth of development in the e-commerce market, somewhere somehow this Indian online shopping company left the ethics on the way.
Beating the consistency more often, this popular company shocked its fraternity for the second time this year on Monday, naming a former executive of U.S. hedge fund Tiger Global Management, one of its biggest investors, as head of its core business.
Kalyan Krishnamurthy, a former managing director of Tiger Global who joined Flipkart last June, was named chief executive in a restructuring that moves current CEO Binny Bansal into the newly-minted, broader strategic role of group CEO.
A Morgan Stanley fund, that owns a stake in Flipkart, marked down its investment in the company in a securities filing in November. Local media have reported that a number of other Flipkart investors have taken similar actions.
In a statement released late on Monday, the Company said: “Bansal will lead the newly formed Flipkart Group and focus on strategy, mergers and acquisitions.”
This is the second reshuffle followed by the previous one in which Bansal took the reins at Flipkart as the new CEO, and his fellow co-founder, then CEO Sachin Bansal, step aside to become executive chairman.
“This new structure will help the group build a portfolio of value-creating businesses and that Binny Bansal will oversee capital allocation across group companies,” the company said.
Flipkart is quite active in playing its tacticsto hold the business at its fist, earlier it acquired the popular apparel firm Myntra and soon after that, Myntra acquired fashion portal Jabong for $70 million to create India’s largest online fashion retailer.
Sources claim that the firm is expecting to grow to $188 billion over the next decade, the group now plans to expand deeper into furniture and groceries.
Sachin Bansal and Binny Bansal launched this shopping site in 2007, earlier both of them worked in Amazon. Flipkart’s current investors include Accel Partners, DST Global and Baillie Gifford, among others.
Despite these crucial changes, no further placements’ switchings are observed, the statement said that Sachin Bansal will remain, executive chairman, providing strategic direction and will work closely with Binny Bansal on the new business portfolio.