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Indian ecommerce unicorn Flipkart appointed ex-Tiger Global Executive Kalyan Krishnamurthy as its new CEO, late on Monday. Former CEO Binny Bansal will move to a newly created position of Group CEO.
The move comes nearly a year after Binny Bansal took over the coveted CEO post from co-founder Sachin Bansal, who was then named executive chairman of the group. Phone Pe and Myntra CEOs will continue with their current roles.
The announcement comes when India’s largest online retailer has witnessed a string of valuation markdowns and top level exits, including popular Silicon Valley names such as ex- CPO Punit Soni.
What lies ahead
Over the past one year, the Indian unicorn has been flexing its muscles to put up a brave fight against U.S> rival Amazon. One of the crucial steps was the re-appointment of Kalyan Krishnamurthy, who had re-joined in his previous role as Head of Categories, last year. Kalyan was a former managing director at Tiger Global Management, the largest investor in Bengaluru-based Flipkart.
Flipkart-owned Myntra also acquired online fashion retailer Jabong last year to expand its clothing and fashion arm of the business.
The appointment of Kalyan as CEO signals bigger management and business rejigs for the rest of 2017.