Flipkart has rehired former executive Nishant Verman as a senior vice president, a key hire as the company prepares for its anticipated initial public offering. Verman, who played a central role in Flipkart's past major deals and fundraising, is expected to focus on corporate development and IPO-related strategy.
This senior-level appointment occurs against a backdrop of broader senior leadership restructuring at Flipkart, which has reduced its SVP ranks while making select strategic hires in finance and technology. The company is taking multiple steps for its public listing, including shifting its domicile to India and hiring senior executives across compliance and technology functions.
Flipkart is concurrently focusing on profitability, expanding newer business lines, and streamlining operations, which recently included a round of employee layoffs.
Flipkart has brought back Nishant Verman as senior vice president (SVP) amid the Walmart-owned ecommerce majorâs preparations for its much-anticipated initial public offering (IPO), people familiar with the development said.
Verman was earlier part of Flipkartâs corporate development team and played a key role in the companyâs $16 billion sale to Walmart in 2018, one of the largest deals in Indiaâs startup ecosystem. He was also involved in Flipkartâs $4 billion fundraise from SoftBank, Tencent, eBay, and Microsoft, and led the companyâs acquisitions of PhonePe, Jabong, and eBay India.
This is among the select few SVP-level hires at Flipkart over the last year amid a broader pruning of its senior leadership under CEO Kalyan Krishnamurthy. ET had reported in February that the ecommerce marketplace's SVP ranks were cut to less than a dozen from around 18 two years ago. In January, the company roped in Gunjan Bhartia as its SVP, business finance. Prior to that, Bharath Chinamanthur had joined as SVP, technology, last August.
Verman confirmed the development to ET.
In his new role, Verman is expected to work on initiatives tied to Flipkartâs IPO, including corporate development, investor engagement, and capital markets strategy. His return comes after he shut down his startup Bzaar, a cross-border commerce platform for home and kitchen products. Verman had been working on the venture over the past few years after leaving Flipkart. Bzaar had raised $4 million in seed funding from the venture capital firm (and Verman's former employer) Canaan Partners, alongside angels including Flipkart cofounder Binny Bansal and PhonePe cofounders Sameer Nigam and Rahul Chari in 2021.
Before starting his venture in 2020, Verman spent several years at Flipkart where he was closely involved in mergers, acquisitions, and fundraising, and worked closely with Krishnamurthy.
His return comes at a crucial time for Flipkart, which is taking multiple steps to prepare for a public listing in India. The company recently received approval from the National Company Law Tribunal to shift its domicile from Singapore to India, bringing it closer to listing on the domestic exchanges.
Besides the SVPs, the company has also been roping in several senior executives in other roles across tech, business, and compliance functions. Jane Duke joined from parent Walmart as group chief ethics and compliance officer in January, while Balaji Thiagarajan joined as chief product and technology officer (CPTO).
Flipkart is sharpening its focus on profitability and operational discipline while expanding newer business lines such as quick commerce, fintech, and advertising ahead of the listing. The company is also eyeing an entry into the food delivery space, ET had reported on February 12.
Last week, ET reported that the ecommerce major had let go 400-500 employees post the companyâs annual performance review.
Verman was earlier part of Flipkartâs corporate development team and played a key role in the companyâs $16 billion sale to Walmart in 2018, one of the largest deals in Indiaâs startup ecosystem. He was also involved in Flipkartâs $4 billion fundraise from SoftBank, Tencent, eBay, and Microsoft, and led the companyâs acquisitions of PhonePe, Jabong, and eBay India.
This is among the select few SVP-level hires at Flipkart over the last year amid a broader pruning of its senior leadership under CEO Kalyan Krishnamurthy. ET had reported in February that the ecommerce marketplace's SVP ranks were cut to less than a dozen from around 18 two years ago. In January, the company roped in Gunjan Bhartia as its SVP, business finance. Prior to that, Bharath Chinamanthur had joined as SVP, technology, last August.
Verman confirmed the development to ET.
In his new role, Verman is expected to work on initiatives tied to Flipkartâs IPO, including corporate development, investor engagement, and capital markets strategy. His return comes after he shut down his startup Bzaar, a cross-border commerce platform for home and kitchen products. Verman had been working on the venture over the past few years after leaving Flipkart. Bzaar had raised $4 million in seed funding from the venture capital firm (and Verman's former employer) Canaan Partners, alongside angels including Flipkart cofounder Binny Bansal and PhonePe cofounders Sameer Nigam and Rahul Chari in 2021.
Before starting his venture in 2020, Verman spent several years at Flipkart where he was closely involved in mergers, acquisitions, and fundraising, and worked closely with Krishnamurthy.
His return comes at a crucial time for Flipkart, which is taking multiple steps to prepare for a public listing in India. The company recently received approval from the National Company Law Tribunal to shift its domicile from Singapore to India, bringing it closer to listing on the domestic exchanges.
Besides the SVPs, the company has also been roping in several senior executives in other roles across tech, business, and compliance functions. Jane Duke joined from parent Walmart as group chief ethics and compliance officer in January, while Balaji Thiagarajan joined as chief product and technology officer (CPTO).
Flipkart is sharpening its focus on profitability and operational discipline while expanding newer business lines such as quick commerce, fintech, and advertising ahead of the listing. The company is also eyeing an entry into the food delivery space, ET had reported on February 12.
Last week, ET reported that the ecommerce major had let go 400-500 employees post the companyâs annual performance review.
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