Rajesh Magow, co-founder and CEO of MakeMyTrip, has rejoined the board of Flipkart a little over two years after stepping down from the same.
Rajesh has been re-appointment as an independent director at Flipkart, the country’s largest online retailer. Rajesh’s previous stint on the Flipkart board was between May 2012 and May 2015. In that period Flipkart had raised almost $2.5 billion in funding.
Rajesh’s re-appointment has been done within six months of raising $1.4 billion from Softbank followed by funding of $71 Mn from Naspers which in turn Flipkart is expected to have representatives from Tencent, Softbank, Microsoft and other global strategic investors on its board over the next few months.
After these series of funding rounds, Flipkart is expected to go for initial public offering (IPO). And, Flipkart most likely brought Rajesh back keeping the upcoming IPO move in mind.
“I have always admired Flipkart for the impact it has made on India’s e-commerce space over the years,” Magow said in a short statement while expressing he was pleased about the rejoining.
In 2013, NASDAQ-listed MakeMyTrip Ltd has promoted Rajesh Magow as chief executive officer, India as Rajesh had also helped in the process of MakeMyTrip going for public offering back in 2010, which made Makemytrip the first Indian e-commerce company to get listed in the United States.
Flipkart’s board composition currently includes, founders Sachin Bansal and Binny Bansal, Flipkart CEO Kalyan Krishnamurthy, Lee Fixel, partner, Tiger Global, the largest stakeholder in the company, Aditya Agarwal, the former technology head at Dropbox, Accel Partners’ Subrata Mitra and Naspers’ Oliver Rippel.
The development was first reported in Economics Times.