Flipkart announced a US $ 700 million investment with new investors: Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates? and Qatar Investment Authority, along with existing investors: DST Global, GIC, ICONIQ Capital and Tiger Global, who also participated in this latest financing round. Flipkart said that these funds will be used towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences. 2014 has been a roller coaster year for Flipkart. With raising nearly $2 B funding from existing and new investors, Flipkart has sent a strong message to its competitors that it’s here to stay long and be the number one online shopping site.
Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a Public Company. This is a mandatory procedure for all companies where the number of shareholders exceeds 50. This filing ensures Flipkart is in compliance with the laws of Singapore and is in no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world. [Source: Flipkart Press Release]
Flipkart recently inducted Dropbox’s VP of Engineering Aditya Agarwal to its Board of Directors. Aditya Agarwal oversees the different engineering teams of Dropbox including new product development, infrastructure, platform and operations. Aditya came to Dropbox via the acquisition of Cove, a company he co-founded that was focused on improving group collaboration and communication. Prior to Cove, Aditya was the Director of Product Engineering at Facebook where he oversaw the development of core products such as News Feed, Search, Photos, Profile and Applications. Aditya was one of the first engineers at Facebook and played an important role in helping to design and build core parts of the Facebook engineering infrastructure. Aditya holds Master’s and Bachelor’s degrees in Computer Science from Carnegie Mellon University.
In addition to Aditya’s appointment, Flipkart also announced the joining of Sanjay Baweja as company’s Chief Financial Officer. Sanjay, who in his earlier role was Global CFO for Tata Communications, brings with him over three decades of valuable experience, having worked with large names like Bharti Airtel, Emaar MGF and Xerox ModiCorp. In a career spanning close to thirty years, Sanjay has gained expertise in areas of Corporate Finance and Budget Control, Controllership, Acquisitions, Financial Analysis, Strategic Business Planning, Tax Planning and Risk Management. He has a Bachelor’s Degree in Commerce and is a Chartered Accountant and Cost and Works Accountant.
Flipkart also announced addition of Rishi Vasudev as the new Vice President - Fashion (Retail) and Parameswaran Balakrishnan as Vice President – HR for supply chain. In his new role Rishi will spearhead P&L for all fashion categories at Flipkart. Parameswaran will drive all business partnering, talent acquisition and functional L&D for supply chain at Flipkart.
Roller Coaster ride of 2014
Flipkart achieved sales of $1 B in early 2014 within six years of its establishment. It introduced same day delivery and started premium subscription services like Flipkart First and services like Flipkart Students.
Flipkart’s Big Billion Day has been the talk of the town for this year and generated lot of PR for the company.
Read how competitors like Amazon and Snapdeal responded to Flipkart’s Big Billion Day.
Launched in 2007, Flipkart now offers over 20 million products across 70+ categories. Flipkart, started by a team of 2 is currently 20000 people strong and has 26 million registered users clocking over 8 million daily visits. Flipkart’s technology has enabled them to deliver 5 million shipments per month.
With the acquisition of Myntra, Flipkart had a roller coaster ride in 2014. With public listing around the corner, Flipkart will be strengthening the backend as well as the technology so that it can deliver the promises told to the customers.