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retail | IST

IPO is not top of the mind for Flipkart, focussed on unlocking customer value at present, says CEO Kalyan Krishnamurthy

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Initial Public Offering (IPO) is not the top priority of Flipkart and the company is focused on unlocking customer value at present, said CEO Kalyan Krishnamurthy. The biggest areas of investment for Flipkart will be in technology, operations and new capabilities, said Krishnamurthy.

Initial Public Offering (IPO) is not the top priority of Flipkart and the company is focussed on unlocking customer value at present, said CEO Kalyan Krishnamurthy.
The biggest areas of investment for Flipkart will be in technology, operations and new capabilities, said Krishnamurthy.
In May, Walmart in a filing with a US regulator had said that it may launch a Flipkart IPO in as early as four years. Flipkart inked a blockbuster deal with Walmart under which the American retailer picked up about 77 percent stake for about $16 billion.
"There is absolutely no integration happening at this point in time. The two businesses, have unique strengths and capabilities, both are market leaders in its own way and the contribution to the customer from both of these platforms have been huge in the last several years," Krishnamoorthy said.
On Binny Bansal's exit, Krishnamoorthy said, "Flipkart is not built on just 1-2 people, so we don’t feel any different for us here,” he said.
However, he said Binny continues to be on the board of Flipkart and they have the benefit of taking his advice all the time.
In November, Binny Bansal resigned as the CEO of Flipkart Group following a probe into an alleged "serious personal misconduct".  He was serving as the Group CEO after Walmart's mega investment in the Bengaluru-based company.
The year 2018 has been a tremendous year for Flipkart, Krishnamoorthy said, adding that the company have had the best year in the last 4-5 years in terms of business performance.
During the festive sales, Flipkart and its rival Amazon have claimed bumper sale on their platforms, and that they were ahead of the competition, as they received orders from customers from over 99 percent of the pin codes in the country.
The companies have claimed record-breaking sales numbers across categories such as smartphones, large appliances and fashion during their festive sales, various reports said.
In 2019, Flipkart is planning to expand the ecommerce customer base further by adding newer categories such as groceries, furniture and fintech, said Krishnamoorthy.