In a move that has been gossiped for a while, Flipkart co-founder Sachin Bansal has ventured down as CEO of the Indian e-business organization, the organization announced. He will be supplanted by his co-founder, Binny Bansal (no relation). Sachin Bansal will get to be executive chairman and “mentor the senior leadership of the company and look for new investment opportunities,,” the organization said in the declaration.
Binny Bansal, formerly chief operating officer, will now maintain the everyday business. Mukesh Bansal will keep on being the Head of Commerce Platform, Flipkart’s center business, and will have extra obligation of the promotions business. Mukesh will likewise proceed in his part as Chairman of Myntra, the Indian e-tailer said in the announcement.
The move comes as rivalry for piece of the pie in India’s expanding web shopping industry has sloped up between Amazon, Flipkart and kindred Indian upstart Snapdeal. Amazon has guaranteed to put billions into its India business, which is controlled by Amit Agarwal, who was known as the right-hand man of Jeff Bezos.
Snapdeal has raised more than $1.5 billion from investors such as Alibaba and SoftBank and is attempting to assemble a ecosystem of trade brands that emphasis on every diverse sort of online exchanges. Flipkart, as far as it matters for its, has raised more than $3 billion and is esteemed at $15 billion. It has been the reasonable pioneer in piece of the overall industry for a long time in India, however has been feeling the hit from both of its huge rivals in the most recent year.