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Three top level executives resigned from top management level in <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a>, day after the e-commerce giant named new CEO Kalyan Krishnamurthy, who is building his team of top executives primarily consisting of company veterans. 
 
The executives leaving the company are <a href="http://www.businessinsider.in/searchresult.cms?query=Saikiran+Krishnamurthy&amp;sortorder=effectivedate">Saikiran Krishnamurthy</a>, who headed the e-tailer supply chain unit Ekart; senior vice president <keyword id="373799" type="PERSON" weightage="20" keywordseo="Surojit-Chatterjee">Surojit Chatterjee</keyword>, who headed product and chief marketing officer <keyword id="2327848" type="UNKNOWN" weightage="20" keywordseo="Samardeep-Subandh">Samardeep Subandh</keyword>. 
 Reportedly, the three of them had joined <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> in 2015 when Flipkart was aggressively hiring top talent from outside after raising over $2.6 billion in funding between 2014 and 2015. 
 
The reason for the departure of three executives could not be immediately ascertained. 
 The exit of these executives comes after Flipkart announced that Kalyan Krishnamurthy will be the CEO of the main horizontal commerce unit and also oversee <keyword id="2057197" type="UNKNOWN" weightage="20" keywordseo="eKart">Ekart</keyword>. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Binny+Bansal&amp;sortorder=effectivedate">Binny Bansal</a> was elevated to Group CEO and will oversee other businesses, including payments (PhonePe) and fashion (Myntra, Jabong), in addition to finding new growth drivers for the group. 
 
As a part of this reorganisation Nitin Seth, current chief administrative officer at Flipkart, was made the COO for Flipkart with additional responsibility for Ekart and customer experience besides HR, strategy and corporate functions. 
 Seth was directly reporting to Kalyan Krishnamurthy under the new structure. <keyword id="2748488" type="UNKNOWN" weightage="20" keywordseo="Saikiran-Krishnamurthy">Saikiran Krishnamurthy</keyword>, a strategy expert from <keyword id="6372399" type="COMPANY" weightage="20" keywordseo="McKinsey">McKinsey</keyword>, was initially roped in as COO of Flipkart's commerce unit and later went onto lead Ekart. 
 Other two executives - chief product officer <keyword id="278552" type="PERSON" weightage="20" keywordseo="Punit-Soni">Punit Soni</keyword> and chief technology officer <keyword id="4052975" type="UNKNOWN" weightage="20" keywordseo="peeyush-ranjan-">Peeyush Ranjan -</keyword> left the company last year.

Top 3 executives leave Flipkart, restructuring continues

<keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> is all set to scale up its business-targeted food delivery services, after an year of testing and looking at the conditions because of which most startups fail. 
 
India’s largest online retailer has not ignored the cautionary signs but seems to be weighing the potential advantage of generating an expertise in hyperlocal delivery with its consumer facing business. 
 Flipkart started its food delivery business in <keyword id="3789866" type="UNKNOWN" weightage="20" keywordseo="benagaluru">Benagaluru</keyword>, leveraging the tech it had for grocery delivery business. "Food is a different ball game. The challenge of point-to-point delivery is you don't geconomy of scale so you have to build a completely different level of technology and intelligence to be able to place your capacity intelligently and use it when needed," <keyword id="2748488" type="UNKNOWN" weightage="20" keywordseo="Saikiran-Krishnamurthy">Saikiran Krishnamurthy</keyword>, the head of <keyword id="2057197" type="UNKNOWN" weightage="20" keywordseo="eKart">Ekart</keyword>, told ET. 
 Flipkart is looking to target about a thousand orders per day by March. Currently it has a few hundred orders per day. <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> too has been reportedly looking in the food delivery business and is expected to invest in one. 
 
A food delivery business will allow Amazon and Flipkart to 0ptimise their logistic costs. Retail ecommerce deliveries taper through the week after peaking on Mondays as majority of online purchases are made on Fridays or weekends and online ordering of food peaks towards the weekends. 
 
Also, ecommerce deliveries are mostly done during 10m to 7 pm while on the other hand food deliveries are at peak mostly at 7pm-10pm. 
 
Though, it isn't clear if Flipkart will eventually want to deliver food to consumers directly , like Zomato and Swiggy do. 
(image: Indiatimes)

Flipkart is now preparing itself to deliver your next meal

The valuation of the e-commerce giant <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a> has been pegged at $5.56 billion as a <a href="http://www.businessinsider.in/searchresult.cms?query=Fidelity&amp;sortorder=effectivedate">Fidelity</a>-managed mutual fund has further slashed value of its <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> shares by 36.1%. 
 Reportedly, the fund has disclosed that as of November 2016, <keyword id="6405604" type="CITY" weightage="100" keywordseo="fidelity">Fidelity</keyword> has marked the value of their Flipkart shares at $52.13 per share, down from $81.55 per share as of August 2016. This marked as the largest markdown by Fidelity till date and fourth markdown overall. 
 
Also, another bigger mutual fund investors <a href="http://www.businessinsider.in/searchresult.cms?query=Morgan+Stanley&amp;sortorder=effectivedate">Morgan Stanley</a> had also marked the value of their Flipkart shares at $52.13 per share in the September 2016 quarter. Flipkart has also faced a series of market downs from other mutual fund investors like T Rowe Price, and Valic over the past year. 
 
Earlier, Flipkart co-founders have told ET that "markdowns are a theoretical exercise and valuation will be determined when it raises a new round of funding." 
 This move follows a top level management change at Flipkart that led to <keyword id="6379357" type="UNKNOWN" weightage="20" keywordseo="Kalyan-Krishnamurthy">Kalyan Krishnamurthy</keyword>, a former executive at Flipkart's largest investor Tiger Global, taking over from <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> as the new CEO. Co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=Binny+Bansal&amp;sortorder=effectivedate">Binny Bansal</a> moved to a new position as group CEO, and the other co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> continues as executive chairman. 
 
The company has also witnessed a series of exits from the top managment. <a href="http://www.businessinsider.in/searchresult.cms?query=Ashish+Agrawal&amp;sortorder=effectivedate">Ashish Agrawal</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Ashish+Agrawal&amp;sortorder=effectivedate">Hari Vasudev</a>, both senior vice presidents of engineering, have stepped down. Other recent exits include supply chain unit <keyword id="2057197" type="UNKNOWN" weightage="20" keywordseo="eKart">Ekart</keyword> head Saikiran Krishnamurthy, product head Surojit Chatterjee, and chief marketing officer Samardeep Subandh.

Fidelity slashes Flipkart’s valuation to $5.56 billion

After spearheading innumerable innovative projects to enhance consumer experience for three years, <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>’s vice president of products <keyword id="2878282" type="UNKNOWN" weightage="100" keywordseo="Saran-Chatterjee">Saran Chatterjee</keyword> quits. 
 After his stints at companies like <keyword id="2878685" type="UNKNOWN" weightage="60" keywordseo="OmegaMobile">OmegaMobile</keyword> and Fujitsu Network Communications and Yahoo, he had joined Flipkart in 2012 and was leading the e-commerce major's product management and design for its consumer experience and platform team. He was also involved in building out Flipkart’s new advertising business. This resignation comes at a time when Flipkart is investing heavily to recruit talent from global firms like Google and Yahoo to build a technology capability that can rival <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword> in the country. 

	In March, it had roped in two senior Google execs Punit Soni and Peeyush Ranjan for $5-6 million annual packages and former McKinsey director Saikiran Krishnamurthy for a similar pay package, as per company sources familiar with their compensation. Former Yahoo India R&amp;D head Hari Vasudev had also joined Flipkart as Senior Vice President- Engineering, IT &amp; Analytics for its Supply Chain vertical in April this year.

	 
	(image credits: www.brunchnews.com)

Saran Chatterjee leaves Flipkart

Indian eCommerce industry is gearing up to take over the consultancies and consumer goods firms; as the former, also termed as a growth hungry industry, is now focusing on building a second tier of leaders to strengthen its critical operations and grow quicker. 
 As per a report published in Economic Times, the consumer internet startups like <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> and <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> have picked recruits from firms like McKinsey, Unilever and <keyword id="44672" type="CITY" weightage="20" keywordseo="Pepsi">Pepsi</keyword> for roles like finance, marketing, supply chain and business development. 
 Snapdeal, on Thursday, made an announcement that it had hired <keyword id="229048" type="PERSON" weightage="20" keywordseo="Amit-Choudhary">Amit Choudhary</keyword> as senior VP finance. Choudhary, a former <keyword id="6361491" type="CITY" weightage="20" keywordseo="Procter-Gamble">Procter &amp; Gamble</keyword> (P&amp;G) executive had been heading P&amp;G's Asia pet care business across 14 countries including Japan, Greater China and Australia. 
 
Businesses like McKinsey have emerged as beneficial hunting grounds for Indian eCommerce startups, given their need for leaders who have worked across industries and functions and can seamlessly transition between multiple roles. 
 Flipkart, in March this year, hired Saikiran Krishnamurthy as CEO of its commerce division; while mobile commerce biggie Paytm plundered <keyword id="2931547" type="UNKNOWN" weightage="20" keywordseo="Nehul-Malhotra">Nehul Malhotra</keyword>, who is responsible for on boarding merchants. 
 <keyword id="214729" type="PERSON" weightage="20" keywordseo="Amit-Sinha">Amit Sinha</keyword>, who is heading the human resource segment of Paytm said, "This is a new world and we won't always find people with similar experiences. Instead, we have to find people who have or can build the right skill sets. People we're trying to bring on board are the smartest ones around and they won't take much time to learn." 
 
The consumer Internet companies, apart from the stock options, offer a salary hike of upto 40-50%, informs Anju Roy, partner, digital practice at executive search firm Transearch. 
 
Image: indiatimes

Consumer goods and service companies to lose their best hands to eCommerce startups?

<keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> transferred more than 300 middle and lower-level employees, mainly from the technology, payments, cataloguing and seller teams, to the rolls of business process outsourcing firm Serco, primarily to pare operational liabilities. 

	"Flipkart's decision to outsource few roles is a strategic move which will help us scale faster and also grow the partner ecosystem around us," a company spokesman said in an email reply. "We believe that realigning the organisation to business priorities is critical for keeping pace with the dynamic environment that we operate in." 
 

	Transferring out noncore employees to the payrolls of a back-office outsourcing company is common practice in the information technology industry. 
 "When a company has too many people on its payroll, it gets difficult to handle from the compliance perspective," said <keyword id="2497542" type="UNKNOWN" weightage="60" keywordseo="Vaibhav-Parikh">Vaibhav Parikh</keyword>, partner at law firm Nishith Desai Associates. "For example, PF, insurance, gratuity, etc., takes a lot of effort from the HR perspective." Businesswise, too, such shifting out of personnel offers several advantages. "Once employees are on an outsourced payroll, they don't appear in the books of the company and, in turn, the revenue-per-employee is much higher, which is an important metric for companies," Parikh said. 

	Such outsourced employees also don't get stock options, experts said. That the transfers at Flipkart have happened amid a run of high-profile hires seems to be causing some consternation among employees. 

	"Executives have been asked to shift to this new agency right ahead of the appraisal cycle," said an employee who was informed on Thursday about his transfer to Serco, India's thirdlargest BPO. "Mostly these are executives in the lower- to mid-level management," he said, requesting anonymity. Flipkart said it has "rolled out a generous financial package, including a salary hike, for each one of them."
 The company has made several strategic hires in recent months including from <keyword id="6357722" type="COMPANY" weightage="60" keywordseo="silicon-valley">Silicon Valley</keyword>, to build new capabilities and establish its dominance in a sector fast overcrowding: Former <keyword id="6355629" type="CITY" weightage="60" keywordseo="Google">Google</keyword> product head <keyword id="278552" type="PERSON" weightage="60" keywordseo="Punit-Soni">Punit Soni</keyword> to head the products division under its commerce platform; former McKinsey director Saikiran Krishnamurthy as the chief operating officer of its commerce division; former head of engineering at Google, Peeyush Ranjan, as senior vice president; and earlier this week. 

	But it also needs to be leaner and nimbler to be able to effectively take on new startups as well as giants like Snapdeal and Amazon that are competing for the same target buyers. Flipkart employs about 33,000 people. 

	 
	 
	(image credits: Reuters)

This is where Flipkart is transferring hundreds of its employees

Domestic eCommerce company <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> has appointed <keyword id="6357722" type="COMPANY" weightage="60" keywordseo="silicon-valley">Silicon Valley</keyword> veteran <keyword id="2894306" type="UNKNOWN" weightage="80" keywordseo="Ravi-Garikipati">Ravi Garikipati</keyword> for a newly-created role of <keyword id="2896625" type="UNKNOWN" weightage="80" keywordseo="Entrepreneur-In-Residence">Entrepreneur in Residence</keyword> to help the India's most valuable Internet company to grow its nascent online advertising business, according to an ET report. Here we will tell you what does Entrepreneur in Residence means. It is a position in a <keyword id="6357097" type="COMPANY" weightage="80" keywordseo="venture-capital">venture capital</keyword> firm which is temporary and informal. The position is created when an organizations brings in an entrepreneur, who is in the process of starting or expanding a new company. "This is the first time such a role is being created and the possibilities that open up for the future are immense," <keyword id="225032" type="PERSON" weightage="80" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, the group CEO of Flipkart, said in a statement announcing the appointment on Thursday. 

	Garikipati, who comes to Flipkart after stints as head of Silicon Valley-based [24]7 Innovation Labs and software maker Vendio, has to work closely with cofounders Sachin Bansal and Binny Bansal as well as the company's head of commerce Mukesh Bansal.
 

	The IT industry veteran's first assignment will be to grow the online advertising division, a new line of business that Flipkart is chasing since it re-organised its operations earlier this year. 
 

	Mukesh, 39, is now the head of commerce while Sachin has moved away from daily operations to lead new initiatives including advertisements. 
 

	Binny who co-founded the Bengaluru-based company along with Sachin, has oversight of supply chain and logistics. 
 Experts are of the view that Flipkart has little choice but to create new lines of business, a strategy that has worked well for both <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword> and <keyword id="302749" type="COMPANY" weightage="80" keywordseo="Alibaba">Alibaba</keyword>, as the basic business of online retail is not a profitable one. "They need people who can activate (new ideas) and drive them forward. (It) makes sense for them to find someone to run this internally," said an investor, who did not wish to be identified. 

	According to Guhesh Ramanathan, co-founder of seed incubator Excubator, "On one hand it has the M&amp;A team scouting for startups. On the other hand, I think Flipkart is trying to put together an intrapreneurship piece in the company, to motivate smaller teams to do something innovative." 
 

	In the last few months, Flipkart has made several strategic hirings, including that of Punit Soni, a former head of products at Google, and Saikiran Krishnamurthy, earlier a director at consulting firm McKinsey, who is now the chief operating officer of Flipkart's commerce division. Also, Peeyush Ranjan, from Google, is now a senior vice-president at Flipkart. 

	 
	(Image: Indiatimes)

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