Co-founder and CEO of online travel agency MakeMyTrip, Rajesh Magow has rejoined the board of India’s largest ecommerce firm Flipkart, two years after giving up his seat on board, reported Mint.
As per the sources Magow’s appointment comes at a time when Flipkart has raised $2.8 billion from SoftBank, Tencent, eBay and Microsoft this year. Magow is likely to help Flipkart go public within the next two to three years.
MakeMyTrip confirmed the development, but refused to divulge further details. “I have always admired Flipkart for the impact it has made in India’s e-commerce space over the years. So, happy to join Flipkart board,” said Magow.
Other board members at Flipkart include the Bansals, Krishnamurthy, Fixel and former Dropbox technology chief Aditya Agarwal.
Magow entered Flipkart’s board in March 2011, months after its first major fundraise from Tiger Global. During that time, Flipkart was only into sale of books and electronics, and the Indian e-commerce market was just in its cocoon with a potential of just $50 million.
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He left the board in May 2015 after a one-year period, in which Flipkart had raised roughly $2.5 billion in capital. At that time, Flipkart was trying to shift its business model and become more of a so-called product company from its roots as an Indian version of Amazon.com, the giant American online retailer.
Flipkart’s attempt to beef up its board comes at a time when it is locked in a defining market-share battle with Amazon’s India business. According to experts tracking e-commerce, companies such as Flipkart need more experienced corporate leaders on their boards to help them become more mature companies.
Flipkart, which has more than $4 billion in cash, has so far raised over $6 billion from investors since it started out in 2007, while Amazon has committed to spend at least $5 billion in growing its India business.
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