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Flipkart India receives Rs 2,190 Cr; leadership reshuffles: report

Flipkart infused Rs 2,190 crore into its wholesale arm Flipkart India early this month, reports the Economic Times citing regulatory filings. The funding came in on December 4. Earlier in March, Flipkart India had received a funding of Rs 4.472 crore from Flipkart Singapore. American e-commerce giant Walmart acquired Flipkart in August in a $16 billion deal.

This year alone, Flipkart’s entities have received several rounds of funding:

  • September 2018: Flipkart Singapore invested Rs 3,463 crore in Flipkart Internet ahead of the annual Big Billion Days sale.
  • March 2018: Flipkart Singapore invested Rs 4,472 into Flipkart India
  • January 2018: Flipkart invested Rs 1,632.8 crore into its logistics arm eKart

Note that the funding comes just days after Amazon India received Rs 2,200 crore in funding from Amazon Corporate Holdings and Amazon.com.

Moves at Flipkart

Flipkart is rejigging its top deck, reports ET.

  • Flipkart’s chief financial officer Sriram Venkataraman has taken on the additional role of COO. He will be responsible for the company’s marketplace & retail division, as well as logistics division eKart, says an email sent by CEO Kalyan Krishnamurthy to employees.
  • Flipkart’s head of marketplace Anil Goteti will now lead marketing, while Flipkart VP for product Ranjith Boyanapalli will take over the company’s fintech business, along with payments and customer experience.
  • Flipkart VP for smartphones and large appliances Ajay Veer Yadav will now take on the additional role of leading 2GUD, the refurbished goods marketplace which was rebranded from ebay.in.
  • Lifestyle and home business finance head Ramesh Bafna is moving to Myntra as head of finance.
  • Amar Nagaram is moving to Myntra as head of engineering and product, reporting to CEO Ananth Narayanan. Nagaram may take over as CEO as Narayanan is rumoured to be leaving the company soon.

Last month, Myntra CFO Dipanjan Basu quit to join Fireside Ventures. There has been speculation of Narayanan’s departure, although he has previously said that he will continue in his role.

The reshuffles have been ongoing since Flipkart group CEO Binny Bansal’s resignation last month following an investigation into an allegation of sexual harassment against him.

Flipkart’s moves to diversify

  • Credit: Flipkart launched ‘Cardless Credit’ a service where users will get instant credit of up to Rs 60,000 for 3 and 12 months. The company is targeting 45 million Flipkart users who do not have any form of credit.
  • Payments: PhonePe is owned by Flipkart, and last month claimed to have crossed 1 billion transactions, and 100 million users.
  • Refurbished goods: Flipkart shut down eBay.in and launched 2GUD, an online marketplace for refurbished electronics.
  • Groceries: Launched an online grocery service ‘Supermart’ in Bangalore, with plans 5-6 unnamed cities by the end of this year. This is the company second attempt at groceries business, it shut down an earlier attempt ‘Nearby’.
  • Flipkart also acquired Indian languages speech recognition startup Liv.ai in August for an undisclosed amount.

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