In a significant reshuffle, Flipkart’s co-founder Binny Bansal has been appointed as the chief executive officer of India’s largest e-commerce company.
He has replaced Sachin Bansal, other co-founder, whose role has been elevated to that of the Executive Chairman.
In his previous role, Binny Bansal served as the chief operating officer as well as headed the company’s supply chain and logistics business.
According to an ET report, Flipkart has been in talks with investors to raise about $1.4 billion primarily ‘to maintain its dominance in the online retail market.’
“E-commerce in India is going through its most exciting phase and Flipkart has played a pioneering role in shaping this very remarkable journey. We believe that Flipkart can play a transformational role in improving commerce in India and improve the quality of lives of millions of people across the farthest corners of the country,” Sachin was quoted as saying.
He added, “In this next phase of the journey, it will be our endeavour to fulfill this responsibility and prove that India can produce a world class internet company that can outshine any global behemoth. We also want to continue to play a pivotal role in shaping the internet and the commerce ecosystem of India.”
Myntra co-founder Mukesh Bansal who was made as the head of Flipkart commerce platform early last year, will continue in his role.
He will have additional responsibility of the ads business, which was previously overseen by Sachin Bansal.
Mukesh Bansal will also continue in his role as Chairman of Myntra, Flipkart said.