Godrej & Boyce has appointed Ambarish Singh as a CISO. Singh, in his new role, Singh will head the cybersecurity and risk management of the manufacturing firm. He had served Flipkart for over five years as a Senior Manager-Information Security. In the past, he served the Indian Navy for over two decades and retired as an Associate Director. Singh holds a Master’s degree in Cyber Security & Cyber Law and an MBA in IT.
Flipkart had extended the Voice Search feature from grocery service to its e-com platform in both English and Hindi languages. The company said the objective was to help new users understand who are mostly from non-metro/tier 1 cities. For sellers, the functionality will allow them to make in-roads to a larger market. It has deployed multiple capabilities such as Automatic Speech Recognition, NLP, and Text-to-Speech for Indian languages etc.
Flipkart changed top management ahead of IPO planed at end of 2021. Hemant Badri has been appointed as senior VP, Supply Chain Ops while Amitesh Jha, who previously headed supply chains of Flipkart and Myntra will look after category design operations and Marketing, Merchandising & Monetization. Ranjith Boyanapalli, Head of the fintech group, will take up the additional charge of customer experience, marketplace and Liquidation Team.
Flipkart’s Wholesale app registered a 75% MoM growth in customer base and posted 90% MoM in transactions since September launch. The app currently offers fashion products including clothing, footwear and accessories to retailers across 23 cities. It recently added the grocery category in NCR. The e-commerce company added that 20% of customers on Flipkart Wholesale are from tier 2 or tier 3 cities.
Flipkart and PhonePe have space for other investors and can even go for stock market listings, said Walmart CEO Doug McMillon. McMillon, however, did not share details but said both Flipkart and PhonePe could diversify in a number of ways, including IPOs. Walmart bought around 77% of Flipkart for roughly $16 bn in 2018. Bengaluru based Flipkart, was earlier reported, to preparing for an IPO overseas in the year 2021, which could value the firm at up to $50 bn.
Flipkart co-founder Binny Bansal will join PhonePe’s board of directors, as it separates from parent Flipkart to become independent. PhonePe co-founders Sameer Nigam, Rahul Chari, Rohit Bhagat and two other independent directors from Walmart will be also on the board. Bansal in Nov 2018 had resigned from Flipkart following an internal investigation into an allegation of “serious personal misconduct”. He has now co-founded startup consultancy xto10x Technologies.
PhonePe is “partially” spinning off to kick off a new journey after it has secured $700 mn in a new financing round. The partial spin-off means that Flipkart’s stake in PhonePe will reduce from 100% to 87%. However, the “two businesses will retain their close collaboration.” The round was led by Walmart with participation from some existing investors gave PhonePe a post-money valuation of $5.5 bn. PhonePe has amassed over 100 mn monthly active users.