FLIPKART KALYAN KRISHNAMURTHY SVP EXITS
Former SoftBank managing partner Lydia Jett joins Flipkart board
Lydia Jett previously joined Flipkart’s board as a representative of SoftBank in 2017. She had exited Flipkart’s board after stepping down as SoftBank's managing partner in February this year. Meanwhile, Flipkart has been aiming for profitability amid changes in senior management and layoffs prompted by cost-cutting earlier this year.
MCA probe report on Byju’s; Walmart on Flipkart, PhonePe profitability
An investigation by the central government into Byju's cleared the edtech firm of financial fraud charges, according to a report by Bloomberg. The Ministry of Corporate Affairs, however, denied it on Wednesday evening. This and more in today's ETtech Top 5.
Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Flipkart secures $1 billion funding with investments from Google and Walmart. Walmart, which holds an 85% stake, invested $600 million in the round. Valued at $35-36 billion, Flipkart plans to expand with Google's cloud collaboration.
Google’s $350-million Flipkart bet; Canva CEO interview
Ecommerce major Flipkart has closed its nearly $1-billion funding round with Google coming on board. More on this in today’s ETtech Top 5.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Exclusive: Flipkart-Zepto deal talks drop out of cart
Happy Friday! Ecommerce major Flipkart held talks with Zepto for a potential deal. More on that in today’s ETtech Morning Dispatch.
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Flipkart CEO confirms top-deck exits; Paytm stock on upswing
Flipkart group CEO Kalyan Krishnamurthy on Tuesday informed staff about senior-level exits in the ecommerce major, confirming ET’s scoop. More on this in today’s ETtech Top 5.
Flipkart CEO Kalyan Krishnamurthy confirms SVP exits in communication to staff
Flipkart CEO Kalyan Krishnamurthy told his staff in an internal communication that Cleartrip’s head Ayyappan R, marketplace and categories leader Amitesh Jha, fintech and payments head Dheeraj A, and growth and retention head Bharath Ram are exiting the firm. ET first reported about this on Tuesday.
Flipkart’s top deck under pressure; shake-up in senior ranks underway
Ecommerce major Flipkart is seeing senior vice presidents (SVPs) leaving, including leaders from Cleartrip and those from verticals such as marketplace and categories, fintech and payments. The company is addressing its top-heavy structure and improving agility. Performance-based layoffs are happening across all verticals. Overall, 5-7% of the company’s employees will be impacted by the layoffs, as ET first reported on January 8.
Inside Flipkart’s top-deck churn; FM to meet fintechs
At least four senior vice-presidents (SVPs) at Flipkart including Ayyappan R, head of travel booking website Cleartrip; Amitesh Jha, who leads marketplace and categories; fintech and payments head Dheeraj A; and Bharath Ram, who spearheads growth and retention at the web retailer, are likely to be leaving the company, according to multiple people in the know.
Decoding Paytm’s compliance lapses; Temasek exits Policybazaar
The leadership of fintech firm Patym on Thursday acknowledged that it may have fallen short on compliance issues, triggering punitive action by the central bank. Neither the central bank nor Paytm founder Vijay Shekhar Sharma disclosed the exact reason for which the bank faced such stringent penal action. This and more in today's ETtech Morning Dispatch.
Flipkart’s mega fundraise; investors press for transparency from Byju Raveendran
The fresh fundraise is likely to value Flipkart at about a 5-10% premium to its latest valuation of around $33 billion, the people said requesting anonymity.
Flipkart’s $1 billion fundraise; Zomato offers to acquire Shiprocket
Ecommerce giant Flipkart is in the middle of closing a $1 billion funding round in which Walmart has committed $600 million. This and more in today’s ETtech Top 5.
Flipkart merges tech and product ops of travel and epharmacy biz
The integration has come ahead of Flipkart's flagship festive season sale of BigBillionDays, which may kick off on October 7 or 8 – two to three days ahead of rival Amazon’s festive sale that is set to start on October 10.
Flipkart Health+ CEO Prashant Jhaveri to leave, company names internal replacement
Jhaveri, who was earlier chief business officer (CBO) at Apollo Health, will be replaced by internal candidate Kanchan Mishra, sources said.
Flipkart head of new biz Adarsh Menon quits, group CEO Krishnamurthy rejigs team
Menon was made head of Flipkart’s new businesses last July when another senior executive Prakash Sikaria was finalising his plans to leave the firm.
Google sets billing option deadline; Flipkart head of new biz Adarsh Menon quits
Despite an ongoing legal tussle with startup body Alliance of Digital India Foundation, Google has asked Indian app developers to adopt one of its three billing options, failing which it warned that apps may be removed from the Play Store. This and more in today’s ETtech Top 5
Myntra private label head Manohar Kamath quits
Tribikram Mishra, vice-president and head of the Roadster brand, has also departed from the fashion etailer to join rollup commerce company Mensa Brands - run by former Myntra chief executive Ananth Narayanan.
ETtech Exclusive: Accel, Tiger Global may exit Flipkart in $1.5B share sale
While Accel owns a little over 1% stake, Tiger Global currently holds about 4% in Flipkart. Once a deal is finalised, Walmart’s stake in Flipkart will increase from its current holding of 72%.
Reality check for startups soon: Flipkart’s Krishnamurthy; down rounds can save firms: founders, CEOs
During a panel discussion at The Economic Times Startup Awards 2022 in Bengaluru on Saturday, Flipkart group CEO Kalyan Krishnamurthy said Indian startups must focus on surviving the next few months as the effects of the current funding crunch will only start to hit home in early 2023. He also said Flipkart’s IPO plans – announced last year – are on hold.
ET Startup Awards 2022: A moment of truth awaits Indian startups
A high-powered panel, with some of the top names from India’s tech brigade, took stock of the market headwinds triggered by inflationary pressures and rising interest rates and looked for ways for new-age firms to balance their growth and profitability.
Next few months will see turmoil globally, but India is poised to grow: ETSA panelists
Startups need to focus on unit economics and hunker down to endure the ongoing turbulence in the tech world, said the group of eminent business leaders.
China's Fosun may exit Delhivery, Thrasio eyes India foray
Fosun International, a Chinese conglomerate that invested in Delhivery in 2017, has sold a part of its stake for $50 million, and could exit the logistics startup before its IPO.
Shunwei Capital exits Bombinate Technologies, parent company of Vokal & Koo
Koo was founded in March 2020 by Radhakrishna and Mayank Bidawatka, as a micro- blogging platform for Indian languages.
Flipkart to focus on subscription programme, grocery in 2021: Kalyan Krishnamurthy
Walmart’s India businesses of Flipkart and PhonePe performed exceptionally well last year, despite challenges posed by the pandemic, Walmart International President Judith McKenna says during an investor presentation.
Flipkart charts roadmap for US listing by 2022
CEO Krishnamurthy tells top team to focus on compliance and profitability.
Myntra-Jabong head reports to Flipkart fashion chief now
Myntra and Jabong are collectively expected to generate $2 billion in gross merchandise value (GMV), growing at 65-70% for fiscal 2019, as per a report by Barclays released in December 2018.
Walmart remains confident of India's potential: Kalyan Krishnamurthy
"By partnering with Flipkart, Walmart has taken a long-term view of the opportunities and hence is unfazed with any short-term hurdles,” Krishnamurthy wrote in a letter to Flipkart employees.
CEO of Flipkart's arms Myntra, Jabong Ananth Narayanan quits
Flipkart veteran Amar Nagaram named head of Myntra and Jabong.
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