Executive change at Flipkart amidst IPO preparations.
Sriram Venkaraman, CFO of Walmart-owned Flipkart Group, is stepping down after nearly 15 years with the e-commerce giant. The move occurs as Flipkart prepares for a potential IPO.
Venkaraman has been with Flipkart since 2015. The company has not specified reasons for his departure but stated he will remain for a transitional period.
Ravi Iyer, currently Senior Vice President, has been promoted to CFO. Iyer initially joined Flipkart as Senior Director of Business Finance in 2014.
Additionally, Nishant Verma returns as Senior Vice President of Corporate Development and Partnerships. Verma previously held this role for six years before departing in 2020 and was involved in Walmart’s majority stake acquisition.
This leadership change coincides with Flipkart’s preparations to list on domestic stock exchanges. The company recently completed its redomiciliation from Singapore to India, a move finalized after government approval in February, to facilitate its public listing.
Flipkart has engaged with investment banks, including Goldman Sachs, Kotak Mahindra Capital, Morgan Stanley, and JP Morgan, to evaluate the IPO’s feasibility.
Financially, Flipkart Internet, the marketplace arm, reported a 14% increase in FY25 operating revenue to ₹20,493 Cr from ₹17,907 Cr in FY24. Net loss decreased by 37% to ₹1,494 Cr from ₹2,359 Cr year-over-year.
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