Flipkart, the biggest e-commerce company of India is going to have management changes, as Binny Bansal, chief executive and co-founder of Flipkart will be the new Chief Executive Officer of the company.
Co-founder and previous CEO of the company, Sachin Bansal will step down and will be replaced by its other co-founder and COO of the company, Binny Bansal, in a move, according to some as a step towards a stock market listing. Business areas like, Commerce, Ekart and Myntra and corporate functions like, Human Resources, Finance, Legal, Corporate Communications and Corporate Development will all be handled by Binny.
Once employees of Amazon.com Inc, Binny Bansal and Sachin Bansal founded Flipkart in 2007. Former CEO Sachin Bansal will be a new executive chairman, and going forward he will be responsible for operationally driving the company and will be also responsible for overall performance of the company.
There are speculations that Flipkart is going to launch an initial public offering (IPO) in the United States, with an urge to become one of the biggest listings by an Indian company abroad.
As written in a blog post, “In his role as Executive Chairman of Flipkart, Sachin will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities. He will play an active role in championing the Indian e-commerce sector and building the internet ecosystem, and represent the company in external forums. Sachin will continue to be the Chairman of the Board.”
Sachin Bansal quoted in a blog, “In this next phase of the journey, it will be our endeavor to fulfil this responsibility and prove that India can produce a world class internet company that can outshine any global behemoth. We also want to continue to play a pivotal role in shaping the internet and the commerce ecosystem of India.”
Binny Bansal explained, “At Flipkart, we have come a along way in our eight year journey. Today, we are in a very strong leadership position with over 60% market share of the m-commerce market, 50 million customers and clear leadership in smart phones and fashion. The journey ahead is equally exciting and challenging. Flipkart has all the necessary ingredients of brilliant talent and great technology to win this next phase as well. We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce and bring in disruptive technologies.”
Mukesh Bansal, Head of Commerce Platform at Flipkart, will be having the same responsibilities as previous with some addition like, the ads business. He said, “These are exciting times for Flipkart. We have achieved leadership in e-commerce based on our focus on the Indian consumer and a great execution capability. Today, Flipkart is a brand trusted by millions across India backed by a robust seller ecosystem and world-class technology. We are confident that in the coming years, we will continue this momentum as we spread the benefits of e-commerce across the length and breadth of India.”
Change of positions in Flipkart, Binny Bansal new CEO, Sachin Bansal, Executive Chairman
