With this, Flipkart Internet Pvt Ltd has become the group’s holding company after government approval for internal restructuring, clearing a key step toward the e-commerce major's upcoming domestic listing.
The Walmart-owned e-commerce firm’s latest round of exits impacts about 1.5 percent of its roughly 20,000-strong workforce
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.
Kathryn McLay signaled continued bets on quick commerce, fashion and fintech despite tighter burn targets, while speaking at the Bernstein Annual Strategic Decisions Conference
From quick commerce and fashion-led growth to AI bets and an India domicile shift, Flipkart laid out its next playbook at its May 26 townhall
The initial plan was for Ashish to start a fantasy gaming platform, but the ideas are still evolving so it is not clear if that will be the final form of the business
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.