Flipkart's vice-president and chief of staff to CEO Kalyan Krishnamurthy, Ashish Vijayvergiya, is set to unveil a new startup under the e-commerce major's umbrella, Moneycontrol reported. The step follows previous internal startup ventures by Flipkart, including PhonePe and super.money.

The project is yet in the idea stage, although initial rumors indicated that it might concentrate on consumer media or online consumption, instead of its originally rumoured fantasy game theme.

Flipkart veteran Vijayvergiya, who was said to be contemplating quitting to indulge in entrepreneurial activities, was reportedly nudged by the leadership of the company to stay on and establish his new venture in the Flipkart environment.

The model will be akin to that of super.money, a UPI-based fintech app which is independent but still part of the Flipkart group. Super.money, founded by another Flipkart alumnus, is now looking to raise up to $100 million at a valuation of $1 billion.

PhonePe's path was similar. Initially incubated at Flipkart after it was started by ex-employees in 2015, it was acquired and later spun off in 2022. PhonePe is now gearing up for a public listing and is worth more than $15 billion.

Vijayvergiya's next company is also predicted to follow a similar trajectory, beginning under the umbrella of Flipkart. Although crucial information like the ultimate kind of business as well as how long it may take is undecided.

All this comes after Flipkart, led by Walmart, is currently trying to cut its monthly burn rate to half, to $20 million, from $40 million, amid an effort to trim costs prior to a potential stock market launch.