Walmart-owned Flipkart has appointed former Meta executive Dan Neary to its board of directors as the ecommerce giant prepares for its public listing.
Neary, with over 35 years of experience across companies, most recently served as the vice president of Asia Pacific at Meta for nearly 13 years. Prior to that, he worked at eBay, Skype, Kellogg Company, and more.
He also sits on the board of Liven and Singapore Tourism Board, while also acting as an advisor at Asia Partners Private Equity and Tanglin Ventures.
“Dan’s global experience across technology, digital commerce, and platform scale will be invaluable as we shape the next phase of Flipkart’s journey. With AI transforming every layer of retail, from customer experience to supply chain and seller empowerment, Dan’s perspective and leadership will help accelerate our innovation agenda,” Flipkart CEO Kalyan Krishnamurthy said.
This comes at a time when Flipkart, last valued at over $35 Bn, prepares for its mega public listing. The company is currently in the process of moving its headquarters to India.
Ahead of the IPO, it has also been strengthening its board. In October last year, Flipkart brought in Walmart Inc’s senior executive Dan Bartlett to its board. Prior to that, the company roped in former SoftBank managing partner Lydia as an independent director on the board.
Besides, Flipkart is also looking to improve its financials. While the company is investing in new segments, like Flipkart Minutes, it has also undertaken restructuring exercises to cut costs. Earlier this year, Flipkart shut full-stack ecommerce enabler ANS Commerce, three years after its acquisition.
On the financial front, Flipkart Internet, the ecommerce major’s B2C arm, clocked an operating revenue of INR 20,493 Cr in FY25, up 14.4% from INR 17,907 Cr in FY24. Its net loss declined 37% to INR 1,494 Cr during the fiscal year from INR 2,359 Cr in FY24.
Amid the ongoing new-age tech IPO boom in the Indian equities market, fintech major PhonePe, which was spun off from Flipkart, also filed its confidential DRHP with SEBI in September for an IPO at a valuation of $12 Bn to $15 Bn.
Meanwhile, the public issue of Flipkart’s rival Meesho is currently open for subscription. Meesho is seeking a valuation of INR 50,096 Cr (about $5.6 Bn) for the public issue and is set to become the first horizontal ecommerce player to list on the exchanges.
The post Flipkart Appoints Former Meta Executive Dan Neary To Its Board Ahead Of IPO appeared first on Inc42 Media.
https://ift.tt/EWlFivT
0 Comments