As the deadline for Flipkart-Walmart deal nears, reports have surfaced that Walmart is likely to gain about three to four seats on the 10-member board of homegrown ecommerce unicorn Flipkart, which will continue to run as an independent company if the deal goes through.
A report quoted people close to the matter as stating that keeping its startup culture, cofounders Binny Bansal and Sachin Bansal along with CEO Kalyan Krishnamurthy will remain in their present roles.
Flipkart is also targeting a potential public offer in the future as “Flipkart is taking a longer-term view and is looking at the entire team. They are excited about the market and want everyone to be incentivised for an IPO.”
However, this is not expected to happen for next four to five yearsand will depend on either Flipkart reaching profitability milestones or by getting a significant market leadership over Amazon India.
Furthermore, sources also revealed that Walmart may get a CFO at the helm and handle legal compliance.