Flipkart Removes Co-founder Binny Bansal

In a major reshuffle, Flipkart replaced its co-founder and CEO Binni Bansal with former Tiger Global Management executive Kalyan Krishnamurthy.

Binny Bansal has, however, been redesignated as the group chief executive while co-founder Sachin Bansal remains the executive chairman of the group.

With this, Flipkart's biggest investor Lee Fixel has occupied the drivers seat. Both the founders of India’s most valuable Internet startup stand replaced. However, Flipkart sources say that the shakeup was being speculated for quite some time.

Krishnamurthy, who currently heads the Category Design Organisation, has now been tasked with operationally driving Flipkart and will be responsible for Flipkart profit and loss. The decision comes after Flipkart conceded the No 1 position to Amazon.