Flipkart reshuffles management; Binny Bansal, the new CEO

CEO and Co-Founder of the company, Sachin Bansal will now step down from post and will be replaced by the other Co-Founder & COO, Binny Bansal

One of India’s leading online marketplaces, Flipkart, is undergoing a management revamp which had led some important reshuffles in its core team. CEO and Co-Founder of the company, Sachin Bansal will now step down from post and will be replaced by the other Co-Founder & COO, Binny Bansal.
As per company’s statement, Sachin Bansal will now work in the capacity of Executive Chairman and will provide strategic direction for Flipkart, mentor the senior leadership team of the company and will strive for new investment opportunities, said the company release.
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, the release added.
Commenting on the reshuffle Sachin Bansal, Co-founder & Executive Chairman, Flipkart said, “E-commerce in India is going through its most exciting phase and Flipkart has played a pioneering role in shaping this very remarkable journey. We believe that Flipkart can play a transformational role in improving commerce in India and emhance the quality of lives of millions of people across the farthest corners of the country.”
“In this next phase of the journey, it will be our endeavour 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 playing a pivotal role in shaping the internet and the commerce ecosystem of India,” he added.
Binny as Chief Executive Officer will now be responsible for operationally driving the company and will be accountable for Flipkart’s overall performance. All the business areas – Commerce, Ekart and Myntra will now report to Binny. All Corporate functions including Human Resources, Finance, Legal, Corporate Communications and Corporate Development will also report to Binny.
“At Flipkart, we have come a long 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 smartphones 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,” he added.
One of the other top management officials, Mukesh Bansal, Head of Commerce Platform, will continue to work towards building the company’s core business and will also have additional responsibility of the advertisement business. Mukesh will continue his roles as the Chairman of Myntra.
While Flipkart is in talks with investors to raise around $1.4 million (Retailer reported earlier this month), this move can be considered as a step towards organising operations and sharpening future projections to lure investors.
In a streaking combat with immediate rivals Snapdeal and Amazon, the Bengaluru-based online marketplace aims to grab the lion’s share of Indian online retail horizon. With an investment of $700 million, Flipkart was valued at $15 billion in July 2015.

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