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Tuesday, 25 April 2017

When Flipkart CEO Kalyan Krishnamurthy 'Quit' His Job For A Day

Kalyan Krishnamurthy on Tuesday stepped aside as Flipkart chief executive officer (CEO). He handed over the reins of the company to Padmini Pagadala. But, the new CEO will witness a term of just a day. This comes after the e-commerce major announced an opportunity for its employees, under 'BIG10' celebrations, to become the new chief executive. Ms Pagadala will be chairing some seriously big meetings, Flipkart stated. In a tweet, Mr Krishnamurthy said, "Excited to hand over the reins of Flipkart to #CEOForADay, Padmini Pagadala!"

Excited to hand over the reins of @Flipkart to #CEOForADay, Padmini Pagadala!
— Kalyan Krishnamurthy (@_Kalyan_K) April 25, 2017

Flipkart recently raised $1.4 billion in its biggest fundraising to date as it took on US tech giant Inc for a larger share of the country's burgeoning online retail market.

Chinese social media and entertainment firm Tencent Holdings Ltd, the world's biggest software company Microsoft Corp and online marketplace eBay Inc participated in the funding round, which will value the Indian company at $11.6 billion, Flipkart said in a statement earlier this month.

That was lower than the $15 billion valuation achieved at its last fundraising in 2015, reflecting how competition has intensified in the e-commerce sector as companies vie for a slice of the world's fastest-growing internet services market.

As part of the fundraising, eBay invested $500 million in Flipkart for a stake, according to a separate statement by both companies. In exchange, eBay will merge its India operations with Flipkart.

Prior to the latest round, Flipkart had raised more than $3 billion in funding via 10 rounds, mostly from international investors but it has burnt through cash in a competitive market.

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