New Delhi: Flipkart, an e-commerce company owned by Walmart, is about to launch its IPO. Flipkart has made several major changes to its board before. In the year 2021, along with Group CEO Kalyan Krishnamurthy in Flipkart, the responsibility of the director will be taken over by Keki Mistry as the Vice President and CEO as the officials of HDFC. At the same time, two new directors have been added to Flipkart’s board, including Suresh Kumar, Walmart’s Global Chief Technical Officer, and Leigh Hopkins, Chief Development Officer.
Information provided by the Group CEO via email
Flipkart Group CEO Kalyan Krishnamurthy informed the employees of the company about the changes made in the board via email. He also shared this information with current board members Stuart Walton, Dirk van den Berghe, executive vice president of Walmart Asia. Rajendra Mago and Rohit Bhagat, co-founders of Make My Trip, who left the board, were also informed. Let me tell you, Rohit Bhagat has recently joined the digital payment app Phonepe.
Responsibility for raising funds
Walmart is working on a plan to bring Flipkart’s IPO to the U.S. stock market. The company wants to raise 10 10 billion (Rs. 73.93 thousand crores) from Flipkart’s IPO. For this, the company has hired Goldman Sachs as a consultant.
They have a stake in Flipkart
Walmart holds an 82.3% stake in Flipkart. Chinese gaming company Tencent owns 5.21%. Also, Binny Bansal, the founder of the company, has a 1.45% stake. So if this IPO plan is successful then it will be the largest listing of an Indian company in the overseas market.
