10 January 2017 Current Affairs: E-commerce giant Flipkart in the first week of January 2017 promoted former Tiger Global Management executive Kalyan Krishnamurthy as its Chief Executive Officer (CEO).
Krishnamurthy will replace Flipkart co-founder Binny Bansal, who has been elevated to the position of Group CEO.
Krishnamurthy had joined Flipkart in June 2017 as the Head of Category Design Organisation. He came over to the e-commerce giant from Tiger Global, a New York-based investment firm, which is also Flipkart’s largest investor.
On the other hand, Flipkart also announced that Nitin Seth, the Chief Administrative Officer, will be the Chief Operating Officer for the company. He will report to Krishnamurthy.
Flipkart : Flipkart is an electronic commerce company.It is headquartered in Bengaluru, Karnataka.
It was founded in 2007 by Sachin Bansal and Binny Bansal. Both are the alumni of the Indian Institute of Technology (IIT) Delhi.
Sachin and Binny initially worked for Amazon.com. They left the company to create their new company incorporated in October 2007 as Flipkart Online Services Pvt. Ltd.Flipkart is registered in Singapore.
It launched its own product range under the name "DigiFlip" with products including tablets, USBs, and laptop bags.
As per Morgan Stanley, the company’s the current market value is USD 5.54 billion as of November 2016. At present, Flipkart employs more than 33000 people.