Bengaluru: Flipkart made important changes to its board of directors as Walmart Inc’s e-commerce company prepares for a planned IPO next year.
The new board members starting next year are Keki Mistry, Vice Chairman and CEO of HDFC, two new directors of Walmart – the global chief technology officer and chief development officer Suresh Kumar and Leigh Hopkins, executive vice president of strategy and development at Walmart International with Kalyan Krishnamurthy, CEO of the Flipkart Group.
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In an email this week, Krishnamurthy informed staff of the changes, which includes current board members Steuart Walton, Dirk Van den Berghe, Executive Vice President of Walmart Asia, MakeMyTrip co-founder Rajesh Magow and Rohit Bhagat. Bhagat joined PhonePe’s chairman after the digital payments firm was spun off in early December. mint checked a copy of the email
Walmart of Bentonville, Arkansas has hired Goldman Sachs to consider an initial stock sale of its Flipkart in the United States to raise approximately $ 10 billion. He plans to sell around 25% to India’s largest online retailer. mint Reported earlier this month.
Walmart now has an 82.3% stake in Flipkart. U.S.-based hedge fund Tiger Management, China’s Tencent, Accel Partners, and Microsoft Corp. are among the other main investors. The IPO offers minority investors the opportunity to sell or reduce their holdings.
The pandemic has spurred millions of new small town customers to switch to online platforms, which has boosted the ratings of e-commerce companies.
Bengaluru-based Flipkart competes with Amazon India and Reliance Industries Ltd who are expanding their e-commerce business with JioMart to challenge their competitors in the e-commerce space.