In a bid to get back on the driving seat of the eCommerce industry of the country, the online marketplace Flipkart is now trying to bring back its old employees to the company. In a recent announcement, the eCommerce major has said that it is bringing back its former chief financial officer, Kalyan Krishnamurthy to take charge of a major role in its commerce business.
The Bengaluru-based online retailer, which has been constantly losing the market share from rivals such as Amazon India and Snapdeal, has managed to bring back at least three of its ex senior executives to take on the increasing competition by its peers.
Krishnamurthy who left Flipkart to join as a managing director at Tiger Global will make a comeback to oversee category management and report directly to Binny Bansal. Krishnamurthy was an interim chief financial officer and then the category head, before leaving the company in November 2014.
The move comes ahead as the eCommerce major is planning to take an aggressive approach to combat with Amazon in the upcoming festival season starting from October.
Certainly its high-time for Flipkart to get back from stealth mode as the coming months will be very pivotal in terms of market dominance. Recently Flipkart immediate rival Amazon has announced an additional $3 billion investment in India unit taking up the total investment to $5 billion.
Flipkart has recently introduced higher commissions effective from today. This has led to unrest among certain merchants who are threatening to stop selling their wares on Flipkart.
At a time when Amazon grew its shipments by 150 per cent during first quarter of the calendar year Flipkart has not disclosed its sales numbers for 2016, saying customer satisfaction is its key metric now. The online retailer was eyeing at a GMV or value of goods sold on its platform, of $10-12 billion by June 2016, more than double the $4 billion it achieved in 2014-15.
A former eBay executive with extensive experiences in Asian markets, Krishnamurthy joined Tiger Global as director of finance for portfolio companies in 2011. He joined Flipkart as an interim CFO in early 2013, when the then incumbent Karandeep Singh quit the company citing personal reasons.
Flipkart has also acquired a mobile payments start-up PhonePe which is touted as a move to get back its former executives Sameer Nigam and Rahul Chari, who were with the company in its initial days.