Flipkart CFO Sriram Venkataraman quits amid IPO preparations
What's the story
Sriram Venkataraman, the Group Chief Financial Officer (CFO) of Flipkart, is set to step down from his position. The news was confirmed by the Walmart-owned e-commerce giant in a statement on Friday. Venkataraman has been with the company since 2015 and will be leaving over the next few months. Flipkart announced that Ravi Iyer will oversee the broader finance organization.
IPO preparations
Venkatraman's exit amid IPO preparations
Venkatraman's exit comes as Flipkart prepares for its initial public offering (IPO) next year. The company has also appointed Nishant Verman as Senior Vice President to further its IPO efforts. Earlier this month, ET reported that Flipkart had completed its reverse flip, moving its domicile from Singapore back to India. The move was approved by the National Company Law Tribunal (NCLT) in December but was pending central government approval under Press Note 3 rules.
Corporate restructuring
Flipkart completes reverse flip
Founded in Bengaluru by Sachin Bansal and Binny Bansal, Flipkart shifted its holding structure to Singapore in 2011. This is a common practice among Indian start-ups as it makes accessing global capital easier under simpler regulatory regimes in markets like Singapore and the US. Now, under the new structure, several Singapore-based entities including the parent company will be merged into Flipkart Internet Private Limited.
Leadership transition
Venkatraman's journey at Flipkart
Venkataraman has been with Flipkart since 2015, holding various roles. He has been leading the group's finance function since 2018 but has reduced his operational involvement over the past six months. Iyer, who joined Flipkart in 2014 and was recently CFO of Flipkart's marketplace arm, has been reported to take over Venkataraman's responsibilities. Kalyan Krishnamurthy, Group CEO at Flipkart thanked Venkataraman for his contributions to strengthening their finance organization over the years.