It has largely been a year of exits, hiring, and restructuring (and valuation markdowns of course!) for Indian e-commerce behemoth Flipkart. In a second major overhaul to its technology team this year, Flipkart has roped in former Micromax CTO Ashish Aggarwal as Senior VP of engineering vertical responsible for consumer experience.
According to a report in Livemint, Ashish Aggarwal will report directly to Chief Executive Officer Binny Bansal. Before Micromax, Aggarwal had also worked with Amazon for 14 years.
Another major change is that the former engineering head Peeyush Ranjan has been appointed as group Chief Technology Officer. Ranjan has also been given additional responsibility to oversee mobile technology and machine learning verticals and to head technology strategy.
Logistics division Ekart, an important vertical of Flipkart, has also undergone changes under the latest reshuffle. Senior VP of engineering Hari Vasudev will now head the technology team of Ekart and will also report to Head of Ekart, Saikiran Krishnamurthy in addition to CEO Binny Bansal.
Post the major reshuffle and Binny Bansal taking over as CEO, Flipkart has witnessed exodus of many top level executives. These include Chief Product Officer, Punit Soni who resigned in April. Soni was hired by Flipkart last year and was working at Google before joining the Indian e-commerce giant.
Earlier, head of commerce platform and founder of fashion portal Myntra Mukesh Bansal and Chief Business Officer Ankit Nagori had quit their respective positions to start their own ventures.
And while Flipkart has been dealing with these internal shuffles and management changes, it has also been subjected to constantly declining interest of investors this year. Mutual funds of Morgan Stanley, Fidelity, Velic, T-Rowe price have marked down the value of their shares in Flipkart, some of them twice in consecutive quarters.
On the other hand, Amazon is slowly climbing up the ladder of Indian e-commerce. Recently, Amazon CEO Jeff Bezos has commit to pump-in another $3 billion into India unit, giving the US giant a major boost in the country while rivals Flipkart and Snapdeal have struggled to raise fresh funds.