Latest Business News - Flipkart founders Sachin Bansal and Binny Bansal have handed over the operational control of the company they built over the past decade to Kalyan Krishnamurthy, the nominee of marquee American investor Tiger Global.
Krishnamurthy was on Monday named the new chief executive officer (CEO) of the Bengaluru-based company. He replaced co-founder Binny Bansal, who was made the group CEO.
The change in top leadership takes place a year after then CEO Sachin Bansal was elevated as the chairman. Tiger Global is the largest investor in Flipkart by value.
The Bansals losing out operational control of Flipkart comes at a time when global rival Amazon, in which Tiger Global holds a minority stake, is stepping up investment in India in an attempt to overtake the Bengaluru-based e-commerce firm. In the current backdrop of consolidation, the latest development may free up options for investors to explore a deal to sell Flipkart or merge it with global e-commerce players, eyeing to expand footprint in India, sources said.
Binny Bansal has been elevated as the group CEO with mandates to look at strategy, mergers and acquisitions, and exploring new business areas. Sachin Bansal will continue to be the chairman.(Read More)
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