The high-level meeting comes weeks after Moneycontrol reported that Flipkart has begun groundwork to shift its base back to India from Singapore ahead of a planned public listing, though the timeline remains uncertain.
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Speaking at Walmart’s annual Investment Community Meeting on April 9, Krishnamurthy said that Flipkart is investing heavily in artificial intelligence (AI), and making efforts to integrate the technology across all the company’s verticals.
Kohli joins a growing list of senior executives who are on their way out as Flipkart CEO Kalyan Krishnamurthy pushes for better execution with an aim to turn the e-commerce giant profitable.
Flipkart has around 500 million users on its platform, while expansion is key the firm has turned its main focus towards increasing the user frequency to the app.
The Walmart-owned e-commerce giant recently let go of 1,000 employees, as part of its annual performance review exercise. The prolonged funding winter saw major Indian startups handing out pink slips to their employees in 2023, as companies attempt to realign cost structures.
After seven years at the helm, e-commerce chieftain talks about steering the internet behemoth through changes in India's retail sector, changing ownership of the company, and ongoing AI disruption. Krishnamurthy believes the next phase in e-commerce growth lies in fixing the gap between people who buy monthly and those who buy once a year.
According to Krishnamurthy, shareholders and management are too closely involved with the company for them to raise tough questions.
Even as e-commerce giant Flipkart is expanding its financial services portfolio with credit, UPI and insurance, Krishnamurthy says the aim is to enhance the frequency of transactions on the ecommerce platform, adding that it has no ambitions to become a large payments company.
The move to cut jobs comes at a time when Flipkart has frozen fresh hiring for at least 6-7 months to lower costs.
Panel discussion at Bengaluru Tech Summit discussed valuations, India’s strength in the tech and startup ecosystem, backing innovative local ideas and the way forward, among others.
Flipkart CEO says the digital shift due to Covid was overestimated by the markets.
According to an email by Flipkart CEO Kalyan Krishnamurthy to employees, Nagaram will be at Myntra till December-end to ensure a smooth transition, and will continue to be associated in an advisory role.
While details of the meeting were not shared, sources said the top executive informed the minister of the company's engagement with sellers, especially micro, small and medium enterprises (MSMEs).
While the company hasn't officially announced plans for IPO, there have been reports that Walmart is exploring options to list Flipkart in the US.
The companies, however, did not disclose the amount being invested.
Four days after allowing e-commerce firms to also deliver non-essential items such as electronic goods and readymade garments, the government on Sunday said sale of non-essential items will continue to be prohibited during the lockdown period till May 3.
The company plans to use the funds to solve problems of fungal disease, bacterial infection, soil hydration, canopy cover and weather assessment using proprietary technology.
Krishnamurthy also said Chief Minister Yogi Adityanath's "vision and enabling initiatives will boost investor confidence in the state" as ease of doing business is expected to improve.
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Speaking to PTI, Krishnamurthy said Flipkart will continue to invest in innovation for consumers and sellers in the coming year as it focusses on "impactful, inclusive growth" to get the next set of 200 million Indians shopping online.
It will become a Flipkart center of excellence for Voice solutions, and help accelerate an end-to-end conversational shopping experience for its users
"Customers are our most important stakeholder... We want to thank customers for being a part of our fabulous journey by giving them an inside track on Flipkart and showing them how we go about fulfilling their wishes," Flipkart CEO Kalyan Krishnamurthy said in a statement.