SoftBank managing director David Thevenon is likely to replace him
This is a sign of imminent down rounds at India’s unicorn startups.
Flipkart last raised cash at a valuation of $15 billion.
Krishnamurthy is left with just 3 senior leaders to steer day-to-day operations.
E-commerce sales in India were just $14-14.5B in 2016, little changed from 2015
On Monday, India’s most valuable Internet start-up dramatically announced a top-level management overhaul and named Kalyan Krishnamurthy as the CEO of Flipkart’s core business. The overhaul was identical to the one the company’s board had effected exactly 12 months ago, when it replaced Sachin Bansal from the hot seat and… Read more »
Flipkart has elevated former Tiger Global Management executive Kalyan Krishnamurthy as the new chief executive replacing co-founder Binny Bansal, who has been named as the group chief executive of India’s largest online marketplace. This marks the second consecutive instance in as many years when the company’s board lost faith in… Read more »
Ekart head Saikiran Krishnamurthy said the company would “relaunch the courier business” and tie up with offline retailers for drop-offs and pick-ups.
India’s 12 unicorns, including MakeMyTrip and Naukri (both from an earlier generation), and Myntra (acquired by Flipkart), have created a mini-army of entrepreneurs that has gone on to found 700 companies, highlighting the role of these firms in shaping the start-up ecosystem. According to data from start-up and venture capital… Read more »
Flipkart managed to increase revenue and reduce losses at its largest Indian unit in 2015-16, regulatory documents sourced from data platform Tofler show. Flipkart India Pvt. Ltd, the wholesale cash-and-carry entity, posted revenue of Rs13,177 crore ($1.93 billion), up 43% from Rs9,226 crore in the previous year, the documents show…. Read more »