Flipkart's group chief financial officer Sriram Venkataraman is stepping down, the Walmart-owned ecommerce company said in a statement on Friday, as it moves towards a planned initial public offering next year.
Venkataraman, a decade-long company veteran who joined in 2015, will exit over the coming months. Flipkart has not named a successor yet.
“It has been a privilege to be part of Flipkart’s journey and to work alongside such a talented team. I am proud of what we have built together and wish the company continued success in the years ahead,” Venkataraman said in a prepared statement.
Flipkart also announced the appointment of Nishant Verman as senior vice president to aid its IPO push – a move ET had first reported on March 9.
Flipkart Group CEO Kalyan Krishnamurthy acknowledged Venkataraman's stint at the organisation, saying that he "played an important role in strengthening our finance organization over the years."
ET was the first to report earlier in March that the ecommerce marketplace has completed its reverse flip, shifting its domicile back to India from Singapore. The Walmart-owned company had received a nod from the National Company Law Tribunal (NCLT) in December but was awaiting central government approval per Press Note 3 rules, ET had reported earlier.
Founded in Bengaluru by Sachin and Binny Bansal, the ecommerce company moved its holding structure to Singapore in 2011. At the time, several Indian startups adopted similar structures to tap global capital more easily under simpler regulatory regimes in markets such as Singapore and the US.
Per the new structure, several Singapore-based entities — including the parent company — will be merged into Flipkart Internet Private Limited. These include the holding companies for the logistics arm Ekart, fashion retailer Myntra, fintech platform Super.money, online travel agency Cleartrip, and Flipkart Health.
Venkataraman, a decade-long company veteran who joined in 2015, will exit over the coming months. Flipkart has not named a successor yet.
“It has been a privilege to be part of Flipkart’s journey and to work alongside such a talented team. I am proud of what we have built together and wish the company continued success in the years ahead,” Venkataraman said in a prepared statement.
Flipkart also announced the appointment of Nishant Verman as senior vice president to aid its IPO push – a move ET had first reported on March 9.
Flipkart Group CEO Kalyan Krishnamurthy acknowledged Venkataraman's stint at the organisation, saying that he "played an important role in strengthening our finance organization over the years."
ET was the first to report earlier in March that the ecommerce marketplace has completed its reverse flip, shifting its domicile back to India from Singapore. The Walmart-owned company had received a nod from the National Company Law Tribunal (NCLT) in December but was awaiting central government approval per Press Note 3 rules, ET had reported earlier.
Founded in Bengaluru by Sachin and Binny Bansal, the ecommerce company moved its holding structure to Singapore in 2011. At the time, several Indian startups adopted similar structures to tap global capital more easily under simpler regulatory regimes in markets such as Singapore and the US.
Per the new structure, several Singapore-based entities — including the parent company — will be merged into Flipkart Internet Private Limited. These include the holding companies for the logistics arm Ekart, fashion retailer Myntra, fintech platform Super.money, online travel agency Cleartrip, and Flipkart Health.
