Binny Bansal Replaces Sachin Bansal as Flipkart's New CEO

"We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce and bring in disruptive technologies," he added.

In addition to this, the official statement mentioned that Mukesh Bansal will continue to take charge of the commerce platform of Flipkart and will take up new responsibilities of look after the company’s ad business. He would also chairmanship at Myntra, online fashion retail business acquired by Flipkart.

"Today, Flipkart is a brand trusted by millions across India backed by a robust seller ecosystem and world-class technology. We are confident that in the coming years, we will continue this momentum as we spread the benefits of e-commerce across the length and breadth of India," Mukesh Bansal said.

The management overhaul is about to take place when the ecommerce is in talks with investors for raising $1.4 Bn. US-based Sands Capital Management is expected to invest $700 Mn whereas the existing investors will put in the same amount. This would elevate the company’s valuation somewhere between $15-$18 Bn, continuing as the most valuable Indian startup.

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