#kalyan krishnamurthy
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Unlocking the Secret Weapon: How Flipkart Is Redefining E-Commerce
In the ever-evolving landscape of e-commerce, where giants clash and startups strive, Flipkart stands tall as a beacon of innovation and accessibility. At the helm of this homegrown behemoth is Kalyan Krishnamurthy, the visionary CEO whose mission goes beyond mere transactions to revolutionise the very essence of online shopping.
With over 600 million users under its wing, Flipkart isn’t just…
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The Rise and Exit of Sachin Bansal: The Founder of Flipkart
Sachin Bansal is one of the most influential entrepreneurs in India, who co-founded Flipkart, the country’s largest online retailer, with his friend Binny Bansal in 2007. He led the company as its CEO from 2008 to 2015, and as its executive chairman from 2016 to 2018. He played a pivotal role in shaping the Indian ecommerce industry, attracting investments from global players, and turning Flipkart into a unicorn with a valuation exceeding a billion dollars. His entrepreneurial journey exemplified the potential of the Indian startup ecosystem.
Sachin’s exit from Flipkart-
However, in 2018, Sachin Bansal made a surprising and controversial exit from Flipkart, after the company was acquired by US-based retail giant Walmart for $16 billion. He sold his entire 5.5% stake in the company for about $1 billion, and signed a non-compete clause with Walmart, which restricted him from starting or investing in any business that directly or indirectly competed with Flipkart for a certain period of time.
There are different versions of the story behind Sachin Bansal’s exit from Flipkart, depending on who you ask. Some sources say that Sachin Bansal wanted to stay on board and play a more active role in the company, but he faced resistance from the Flipkart board, led by Tiger Global Management’s Lee Fixel, who had a strained relationship with him. The board members believed that Kalyan Krishnamurthy, who was appointed as the CEO of Flipkart in 2017, had earned the right to continue as the boss, and that Sachin Bansal had lost his relevance and influence in the company.
Other sources say that Sachin Bansal was unhappy with the terms of the deal with Walmart, which valued Flipkart at a lower price than he expected, and that he wanted to negotiate for a better deal and a bigger role. However, he had a fallout with Walmart as he did not get the rights and the role he wanted. He also had disagreements with Binny Bansal, his co-founder and friend, who decided to stay with the company and take up the role of the group CEO.
Whatever the reason, Sachin Bansal’s departure from Flipkart marked the end of an era for the Indian ecommerce industry, and left many wondering what he would do next.
Sachin’s new Venture —
Sachin Bansal did not waste much time after leaving Flipkart. He quickly moved on to pursue his new interests and ambitions, mainly in the financial sector and the mobility space. He also became an active angel investor and mentor for other entrepreneurs in the country.
In December 2018, Sachin Bansal registered a new company called BAC Acquisitions Pvt Ltd, along with his friend Ankit Agarwal, with the aim of acquiring, developing, and making new technologies available for innovation across sectors such as data sciences, healthcare, energy, media and entertainment. In January 2019, he invested $7 million in his new venture.
Since then, Sachin Bansal has made several investments in various startups, such as:
- $51 million in Ather Energy, an electric scooter maker
- $92 million in Ola, a cab aggregator service
- $20.8 million in VOGO, a ride-sharing service
- $250 million in IndoStar Capital Finance, a non-banking finance company
- $14 million in Altico Capital, a real estate-focused lender
- $23 million in U Gro Capital, a small business lending platform
- $3.4 million in Kissht, a consumer lending startup
- $6.8 million in Navi Technologies, a fintech startup
In September 2019, Sachin Bansal made his biggest bet yet, by acquiring 94% stake in Chaitanya Rural Intermediation Development Services (CRIDS), a microfinance company, for $104 million. He also took up the role of the CEO of the company, marking his comeback as an entrepreneur. He said that his goal was to build a universal bank that would cater to the underserved segments of the society.
Sachin Bansal has also been vocal about his views on various issues related to the Indian startup ecosystem, such as data privacy, digital taxation, foreign direct investment, and regulatory policies. He has also been supportive of the government’s initiatives such as Digital India, Startup India, and Make in India.
To know more about the Success Story of Sachin Bansal and the Recent Clash between ED and Navi, CLICK HERE.
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Flipkart's Leadership Shakeup: CEO Resigns Amid Misconduct Allegations
In a startling turn of events, the chief executive officer of Flipkart Group, the Indian e-commerce giant under Walmart Inc, has resigned. Walmart confirmed on Tuesday that Binny Bansal’s departure follows an internal investigation into allegations of “serious personal misconduct.”
While specifics were not detailed, two individuals familiar with the matter indicated that these allegations stemmed from a claim of sexual assault. Bansal, a prominent figure as one of the co-founders of Flipkart, took over as CEO in 2016 and had recently assumed the role of chairman and group CEO earlier this year.
Walmart’s acquisition of a majority stake (approximately 77%) in Flipkart for $16 billion was a strategic move aimed at expanding its presence in India’s expansive consumer market and competing against the likes of Amazon.
Bansal, in a note to Flipkart employees seen by Reuters, mentioned stepping down due to recent events related to a misconduct claim against him. He denied the Sexual Allegations, stating they left him stunned, and emphasized that an independent law firm’s thorough investigation had found the claims uncorroborated.
However, while the investigation didn’t substantiate the specific allegations, it did uncover judgment lapses and a lack of transparency in Bansal’s handling of the situation, as acknowledged by Walmart. Neither Bansal nor his representatives provided further comment, and Flipkart remained silent in response to requests for clarification.
The nature of the accusation, brought to Walmart’s attention in late July, dated back a few years and was made by a former Flipkart associate not employed at the time of the alleged incident. Walmart, conducting its own investigation, noted a lack of transparency in Bansal’s responses to the matter but found no evidence to support the claims.
Amidst these developments, Bansal, a well-known entrepreneur in India’s business landscape, remains a shareholder in Flipkart. Walmart, in conjunction with Flipkart, had been contemplating a succession plan, now hastened due to recent events.
Kalyan Krishnamurthy, overseeing Flipkart’s main e-commerce operations, assumes a broader leadership role encompassing Myntra and Jabong. Ananth Narayanan, CEO of Myntra and Jabong, will continue in his position, now reporting to Krishnamurthy.
The exit of Binny Bansal, along with the broader context of #MeToo movement discussions gaining momentum in India, underlines the significance of corporate responses to allegations of misconduct. This transition in leadership signals a pivotal moment for Flipkart, Walmart, and the e-commerce landscape in India.
The fallout from these events led Walmart’s shares to dip slightly in the stock market. As the repercussions unfold, attention remains focused on Flipkart’s future trajectory and how this leadership shift may impact its operations and market strategies.
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Sexual Assault Probe on Flipkart's Binny Bansal Reveals 'Consensual Affair
Flipkart co-founder Binny Bansal’s sudden exit from the online retailer on grounds of “serious personal misconduct” is a result of a two-year-old complaint of Sexual Assault made by a former female employee of Flipkart, sources told News18.
The complainant had left the company in 2012. It was only in 2016, when she started a firm of her own that she came in contact with Bansal again when the alleged sexual assault incident took place.
It was the time when Binny Bansal had just taken over as group CEO from co-founder Sachin Bansal, who had become executive chairman.
After finding no appropriate action being taken, the former employee approached Walmart Global in July this year. She wrote to Walmart CEO Doug McMillon explaining the incident.
Walmart and Flipkart then roped in an international law firm to investigate the matter, even as Walmart closed the Flipkart deal by mid-August. The global retailer initiated investigations post July 2018.
The investigation conducted by the global law firm could not corroborate the allegation. It did, however, surface a lack of transparency and inadequate disclosures on Bansal’’s part, said a statement by Walmart.
The investigators concluded Binny Bansal and the woman had a consensual affair, Bloomberg reported.
Bansal, on the other hand, strongly denied the allegation of “serious personal misconduct” but did not disclose the details. He said the developments had accelerated his decision to step down from the company he set up 11 years ago.
The Flipkart co-founder said he was ‘stunned’ by the charges. “For some time, I have been mulling over the right time to step away from an operating role at Flipkart Group. My plan was to continue in my current role for a few more quarters to continue the transition after closing the deal with Walmart. However, my decision to step down has been accelerated by certain personal events that have taken place in the recent past,” he wrote in an email to employees.
Since the resignation, the entire Flipkart staff has been on chats and calls to see if they could get any additional information than what was officially disclosed about the allegations of personal misconduct. “Generally even the slightest of news reaches the office floor. But regarding this, we had no clue. None of us,” a current employee said.
Several employees told News18 that Flipkart has instructed staff not to talk to the media on the matter.
However, Bansal’s departure is not expected to change things much. A former executive noted that he was due to transition out of the company anyway. “It was planned, it might have happened next year,” he said. Binny Bansal too had pointed out in his email to employees that his plan was to continue in his group CEO role for only a few more quarters.
Flipkart CEO Kalyan Krishnamurthy also sought to reassure employees. “I wanted to personally let you know that there will be no changes in our operating processes, or to the mission of the company as a result of this news,” he said in an email to staff.
He said the board remains committed to investing for the long-term and is supportive of the leadership team’s desire to evolve into a publicly-traded company in the future.
Flipkart Chief Executive Kalyan Krishnamurthy, credited as the man behind the Flipkart buyout, will remain CEO of the company, which includes Myntra and Jabong continuing to operate as separate platforms within the Flipkart business, said Walmart.
“As we look ahead, we have full confidence in the strength and depth of leadership across the company. We remain committed to investing for the long-term and are supportive of the leadership team’s desire to evolve into a publicly-traded company in the future,” Walmart added.
Krishnamurthy had first joined the online retailer in 2013 as its interim chief financial officer, following which he joined Tiger Global as its finance director in 2014. He was earlier with eBay’s Asia finance operations. He became the CEO of Flipkart in January last year and was given the mandate to turn around the company’s fate against rival Amazon.
Ananth Narayanan as CEO of Myntra and Jabong will report into Kalyan. Ananth was earlier with consulting firm McKinsey & Company and came to Myntra as CEO in October of 2015.Sameer Nigam will continue leading PhonePe as CEO, Walmart said. Sameer served as Senior Vice President of Engineering at Flipkart until August 2015. He co-founded PhonePe in December of 2015, which was subsequently acquired by Flipkart in April 2016. Both Kalyan and Sameer will report directly into the board, Walmart said.
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🗞️In the previous week, a lot has unfolded in the EV sector specifically in metropolitan cities of India🗞️.
Read the weekly news on electric scooters and bikes to stay informed at https://lnkd.in/ghuyukgz
TRiDE Mobility - EV Rides | Zypp Electric | Akash Gupta | Rashi Agarwal | Tushar Mehta | Zomato | Deepinder Goyal | e-Sprinto | Atul Gupta | Shalu Gupta | Girish Redekar | Matter | Mohal Lalbhai | Steven Collens | Flipkart | Kalyan Krishnamurthy | Gogoro | Horace Luke | Komaki Electric Vehicle Official | Rajender Malhotra | OTO | Sumit Chhazed | Harsh Saruparia | Bajaj Auto Ltd | raj marakanti | Yulu | Amit Gupta | RK Misra
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Kalyan Chart is a popular charting technique used by traders and investors to gain insights into the behavior of the stock market. It was developed by the renowned trader Kalyan Krishnamurthy in the early 1990s. The chart provides an accurate representation of how stocks behave over time, allowing traders and investors to make better-informed decisions when it comes to their investments.
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Nandita Sinha, Myntra CEO – First woman executive hired at this position by e-commerce group
Myntra CEO, Nandita Sinha is all set to become the leading lady of a Walmart-owned online fashion retailer. On November 12, 2021, Myntra appointed her as its new CEO, effective from January 1, 2022. She is a notable businesswoman who holds great expertise in leading businesses apart from driving tech-oriented growth and innovation. Nandita is successfully able to build a strong organization by grooming future leaders with her top-notch people skills.
Nandita Sinha’s Educational Qualifications
Nandita completed her B.Tech from IIT Banaras Hindu University, Varanasi in 2003
She pursued her MBA in marketing and strategy from the Faculty of Management Studies (FMS) Delhi from 2003–2005.
Nandita Sinha’s Professional Career
Nandita worked as a trainee in Hindustan Unilever Limited (HUL) from April 2004.
By October 2007, she became the sales and customer manager in HUL.
In September 2009, Nandita joined Britannia Industries Limited as a product manager.
In 2012, she co-founded MyBabyCart.com, a Bengaluru-based e-commerce platform that deals in baby and maternity products.
In August 2013, Nandita joined Walmart-owned Flipkart as the associate director of health and beauty.
She became the director of books, FMCG, and auto accessories in July 2014.
In January 2016, Nandita was promoted as the senior director of lifestyle accessories, books, media, and food and nutrition in Flipkart.
She became the CEO of Myntra on November 12, 2021, replacing Amar Nagaram.
Nandita Sinha’s Achievements
Nandita was an active participant in the flagship of Flipkart’s Diwali sale event, ‘Big Billion Days.
She will be reporting to Flipkart Group CEO, Kalyan Krishnamurthy, while in her appointment at Myntra.
Nandita Sinha’s Reaction on the latest appointment
“I am very excited about my new role and look forward to the opportunity of driving Myntra’s vision of democratizing fashion further while working with a very talented team at Myntra.”
#Myntara CEO#myntra ceo net worth#Nandita Sinha#nandita sinha biography#nandita sinha myntra ceo#Walmart
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25,000 Flipkart Employees To Benefit From $700 Million Cash Payout: Report
25,000 Flipkart Employees To Benefit From $700 Million Cash Payout: Report
Flipkart and PhonePe announced last week that they have completed their separation. (File)
New Delhi:
E-commerce giant Flipkart has planned to award a one-time payout of $700 million to its employees. The move is likely to benefit up to 25,000 of Flipkart’s current and past workers, reported Moneycontrol quoting sources.
Kalyan Krishnamurthy, the Flipkart CEO (chief executive officer),…
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Winter is coming & it will be rough!
“This is going to be tough next year. My estimate is that a lot of startup founders will hit the market between April to June next year, and that’s the moment of truth for the ecosystem,” he said at a gathering over the weekend organized by Indian newspaper Economic Times.
Typically a reserved and soft-spoken executive, Krishnamurthy told hundreds of attendees that startup founders should embrace a down-round and restructure their firms. Many startup founders are not wiling to take a haircut on their previous valuations in new funding deliberations, investors say.
Yeah, this will break a lot of businesses. But hopefully, many will figure out a way to survive this pending ecopocolypse.
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Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months • TechCrunch
Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months • TechCrunch
The funding winter for the startup ecosystem may continue for another 12 to 18 months and the industry might have to grapple with a “lot of turmoil and volatility,” e-commerce giant Flipkart chief executive Kalyan Krishnamurthy has warned executives.
“This is going to be tough next year. My estimate is that a lot of startup founders will hit the market between April to June next year, and that’s…
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Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months
Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months
The funding winter for the startup ecosystem may continue for another 12 to 18 months and the industry might have to grapple with a “lot of turmoil and volatility,” e-commerce giant Flipkart chief executive Kalyan Krishnamurthy has warned executives.
“This is going to be tough next year. My estimate is that a lot of startup founders will hit the market between April to June next year, and that’s…
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Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months
Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months
The funding winter for the startup ecosystem may continue for another 12 to 18 months and the industry might have to grapple with a “lot of turmoil and volatility,” e-commerce giant Flipkart chief executive Kalyan Krishnamurthy has warned executives.
“This is going to be tough next year. My estimate is that a lot of startup founders will hit the market between April to June next year, and that’s…
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Flipkart freine l'embauche et les offres alors que les pertes augmentent
Flipkart freine l’embauche et les offres alors que les pertes augmentent
Le directeur général de Flipkart a déclaré que le groupe de commerce électronique appartenant à Walmart réduirait les transactions et les embauches afin de réduire les coûts, car ses pertes gonflent face à la concurrence féroce d’Amazon et de Reliance.
Dans une interview au Financial Times, le directeur général Kalyan Krishnamurthy a déclaré que la récente crise de financement dans la technologie…
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Next 300 million users in focus: Flipkart CEO - Times of India
Next 300 million users in focus: Flipkart CEO – Times of India
BENGALURU: Flipkart CEO Kalyan Krishnamurthy has said the next 200-300 million users will be a disproportionate focus for the Indian e-commerce major in the coming times. The pioneering Indian e-commerce company, now part of Walmart, already has about 200 million monthly active users, and is now looking at the next several hundred million. In an exclusive interaction with TOI, Krishnamurthy said…
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Flipkart Big Billion Days 2022 Date September Deals
Flipkart Big Billion Days 2022 are set for September 23–30, 2022.
Every year, millions of customers anticipate the Flipkart Big Billion Days Sale, which is the largest sale in the nation. The Big Billion Days Sale will coincide with Amazon’s Great Indian Festival.
The CEO of the Flipkart Group, Kalyan Krishnamurthy, stated that “TBBD highlights our dedication towards giving access to quality and affordability to the customers and growing the economy through our activities in a sustainable manner while creating jobs and livelihood possibilities across the country.”
The Big Billion Days, the centrepiece event for Flipkart, will begin on September 23 and run through September 30. The Big Billion Days sale offers some of the finest discounts on a variety of products, and thanks to Flipkart’s partnerships with several banks, we may receive additional savings when using certain debit and credit cards.
Flipkart has modernised shopping experience
This year’s Big Billion Days will feature a redesigned Flipkart app. Aesthetic design, convenience of use, quick discovery of deals and products, and an immersive, interactive experience with influencers and celebrities are the main themes of the revamped experience. More TBBD premieres, games, interactive videos, live streaming, and opportunities to win prizes and discounts are all planned for this year.
Fashion and lifestyle items will also be introduced to tier-2 locations with the introduction of the new season. The Brand Mall mode is a facilitated shopping experience on the app with a high-end user interface to assist customers in locating and navigating premium, branded goods in fashion, lifestyle, mobiles, and electronics.
Users can take advantage of a variety of benefits with SuperCoins’ reinvention of loyalty rewards on every transaction.
What deals are available during The Big Billion Days?
Customers will be able to acquire a few special products under the ‘TBBD Specials’ this year. Customers will find 10,000+ new products in a wide range of 130 “Special Edition” collectibles from 90+ brands across categories. You will have access to a large selection of fresh items that well-known businesses and adored public figures like Virat Kohli, Kriti Sanon, Chef Vikas Khanna, and Ayushmann Khurrana have jointly developed.
With creative Flipkart app deals, TBBD this year will honour innovation, impact, and inclusivity. This will incorporate a “Coupon Rain” gamification experience that lets users play with friends and family and awards seasonal prizes. By making a small advance payment of INR 1, customers can pre-order goods in the cosmetics, general merchandise, home, technology, and lifestyle categories.
Additionally, Flipkart offers a number of promotions, such as Crazy Deals, Early Bird Special, Rush Hours, and Tick Tock Deals. The “Crazy Deals” will be offered every day at 12 a.m., 8 a.m., and 4 p.m. Early Bird Special discounts will be available during “Rush Hours,” and there will also be “Tick Tock Deals,” which are simply fresh deals that are offered at the lowest prices every hour.
Best Flipkart Smartphone Deals: Huge Discounts on iPhones and Android Phones
Many Android and iPhone models will be available at some of the greatest discounts during the Big Billion Days Sale. You will be happy to know that several phones have had their prices significantly lowered, just as Flipkart regularly announces discounts on specific phone models from various brands.When it comes to smartphones, you need to keep an eye on the iPhone 12, iPhone 12 Mini, iPhone 13, and iPhone 13 Mini because we will undoubtedly receive incredible discounts on them.
B2B value — Flipkart Wholesale
Once again this year, the Big Billion Days Sale will spread holiday pleasure to its B2B customers by giving them access to Flipkart Wholesale’s excellent deals on a variety of goods and high margins across many different categories.
Up to 80% off on TVs, refrigerators, washing machines, and many other appliances
You may easily get up to an 80% discount on all major and small appliances for your home during the Flipkart Big Billion Days sale. These gadgets can include everything from a washing machine to a TV or a refrigerator. Forget about traditional TVs; even the market-leading smart Android TVs will be offered at steep discounts.
In the Flipkart Big Billion Days Sale, there are other other categories that will receive significant savings, including fashion, cosmetics, furnishings, etc. Check them out on Flipkart if possible.
Up to 80% off electronics and accessories
The greatest moment to purchase the electronics and mobile accessories you have been adding to your cart without actually checking them out appears to be right now. Since you can get discounts of up to 80% on electronics and accessories including cell phone cases, trimmers, gaming laptops, monitors, etc. while Flipkart’s Big Billion Days Sale was in effect.
Various Additional Customer-Offerings
People in Tier-2 and Tier-3 cities can purchase real medications and health products on the Big Billion Days Sale at discount costs through the Flipkart Medicines category. Flipkart Hotels will assist 3 lakh domestic and foreign hotels with room bookings throughout major metropolises and beyond by providing flexible and affordable booking options along with simple EMIs.
People in Tier-2 and Tier-3 cities can purchase real medications and health products on the Big Billion Days Sale at discount costs through the Flipkart Medicines category. Flipkart Hotels will assist 3 lakh domestic and foreign hotels with room bookings throughout major metropolises and beyond by providing flexible and affordable booking options along with simple EMIs.
Accessibility to Affordable Products in Tier II and Beyond Markets
Leading banks will extend more credit this year, further reducing the cost of shopping.
● Paytm, the first business to accept digital payments, promises 10% off Paytm UPI and Wallet purchases.
● Customers of Flipkart Pay Later will receive up to Rs. 1 lakh in credit, which could be paid back the next month or in convenient EMIs.
● At the checkout, customers have the option to combine Flipkart Pay Later with third-party prepaid options and offers. Holders of EMI cards from Bajaj Finserv receive free EMI.
● Flipkart hopes to provide eligible Indians with access to its more than 250 million products at cost-effective prices through these partnerships.
How will delivery be handled?
For high-value items like gadgets and smartphones, Flipkart has introduced the option of open box deliveries. The consumer must only accept delivery of their item if it is in an intact state since as part of the Open Box Delivery process, the Flipkart Wishmaster will open the goods in front of the customer at the time of delivery.
This effort, which is focused on customers, aims to increase customer trust. For a select few brands in a select few PIN codes in India, Open Box Delivery is now an option.
The majority of shipments will be processed in sustainable supply chain facilities for delivery by a fleet of thousands of electric vehicles (EVs) across the nation as part of the Big Billion Days Sale 2022.
According to the company, this year’s customers will also have access to a tempting range of distinctive goods under the ‘TBBD Specials’, which feature firsts for the market and are intended to make customers’ shopping experiences unforgettable.
The Big Billion Days Sale at Flipkart will begin for everyone on September 23 and for Flipkart Plus subscribers on September 22. On September 30, the company will complete the sale. Ordering is now possible! Why are you still waiting?
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