Binny Bansal appointed as the new CEO of Flipkart in a major shuffle; Sachin Bansal steps down
Bengaluru, India | Red Newswire | Jan 11, 2016 Last Updated at 06:10 PM IST.
Flipkart just had a major management reshuffle and Sachin Bansal is stepping down from his position of CEO. His co-founder Binny Bansal will be the new CEO of the india’s largest e-commerce company.
The official statement regarding the shuffle was posted on the company’s website. It stated that Sachin will remain as the exective chairman of the company and “will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities.”
In the statement, Sachin said, “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.”
Binny before this was serving as the COO of the company which is presently valued at $15 billion. He took care of the company’s supply chain and logistics.
Bansal also said, "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.”
He further added, “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.”
The company also announced that the commerce platform and ads business will continue to be led by Mukesh Bansal. He will also remain the chairman of Myntra.
Mukesh Bansal said, “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.”
The announcement has come at a time when the company is in talks for raising funds worth $1.4 billion. Sands Capital management is expected to lead the round with $700 million alone. With this upcoming investment, the valuation might touch $18 billion.Source: ET Bureau