The Indian e-commerce company Flipkart is by many viewed as the Amazon of India, even though Amazon now has entered the country themselves. Flipkart was started 2007 by Sachin Bansal and Binny Bansal who both previously had been working for Amazon.
Flipkart is currently valued at somewhere around $15 billion and is inching closer to an IPO in the United States. A listing in the US could be one of the biggest for an Indian company.
Sachin Bansal is now stepping down as the CEO of Flipkart in a move that might be in preparation for an IPO. The co-founder Binny Bansal will take the position as CEO and Sachin, no they are not related, will become executive chairman of Flipkart.
A banker familiar with the company said to Reuters that the separation of the offices of chairman and CEO will help Flipkart to focus on, among other things, IPO preparations.
"50 Million Customers"
Binny will be responsible for operations and will lead all corporate functions including human resources, finance and legal. Sachin will provide strategic direction and represent the company in external forums, according to the company.
- Today, we are in a very strong leadership position with over 60 percent market share of the m-commerce market, 50 million customers and clear leadership in smartphones and fashion, said Binny Bansal, new CEO of Flipkart.
Flipkart is expecting to ride the e-commerce wave in a country with more than 1.3 billion people. E-commerce in India is set to explode the coming years. There are however obstacles in the way, infrastructure is one of them.
- 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, said Sachin Bansal.