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Flipkart has appointed Ravi Iyer as the new CFO of its ecommerce division, effective immediately. Iyer, who has been with the company for over 11 years, will oversee finance, corporate development, investor relations, and the CEO’s office amid a wave of executive departures and a strategic restructuring aimed at reducing cash burn in preparation for a public offering.This leadership change reflects Flipkart's focus on promoting long-tenured executives with deep institutional knowledge, as the company continues to expand aggressively in quick commerce and fintech, planning to hire 5,000 employees in 2025.
Flipkart's CEO Kalyan Krishnamurthy has been directed to cut the company's monthly cash burn from $40 million to $20 million as it prepares for a potential IPO and shifts its legal base to India. The board is reviewing funding for various units while expanding into quick commerce with plans to launch 500 new dark stores. Despite the challenges, Flipkart's marketplace business reported a 21% revenue increase in FY24, reducing losses significantly.
Flipkart plans to expand its quick commerce operations significantly, aiming to grow its Flipkart Minutes brand from 300 to 800 stores by the end of 2025, driven by demand from affluent consumers in major Indian cities. Despite its large user base, Flipkart faces tough competition from established players like Blinkit and Zepto, who have extensive networks of dark stores. The quick commerce sector is marked by financial challenges, with companies incurring substantial losses while racing for market dominance, highlighting the need for a balance between aggressive growth and sustainability.
Flipkart Group has appointed Dan Bartlett, Executive Vice President of Corporate Affairs at Walmart, to its Board of Directors, effective November 21, 2024. Bartlett, who has been involved with Flipkart since Walmart's investment in 2018, brings expertise in public policy and sustainability, aiming to enhance Flipkart's role in sustainable growth and job creation in India. CEO Kalyan Krishnamurthy emphasized that Bartlett's experience will be a valuable asset as the company continues to expand.
Kalyan Krishnamurthy
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