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E-commerce giant Flipkart has reportedly elevated former Tiger Global Management executive Kalyan Krishnamurthy as its new Chief Executive Officer to run operations while elevating co-founder Binny Bansal to the position of Group CEO.

This development means that Sachin Bansal and Binny Bansal, who founded the company in 2007, would lose all operational control over Flipkart.

“We are now ready to build the Flipkart of the future as we continue on our journey of transforming commerce in India through technology. I am confident that this new organisation structure will deliver further value for Flipkart group,” said Binny Bansal.

This move comes a year after Binny Bansal took over as CEO, while co-founder Sachin Bansal was elevated to the position of Executive Chairman. The move to rope in Krishnamurthy in June last year was seen as a move by Tiger Global, the largest shareholder and investor in Flipkart, exerting more control.

Krishnamurthy’s appointment also comes at a time when Flipkart is looking to raise a fresh round of funds. Reportedly, Flipkart is expected to close the fundraising over the next 2-3 months, around the close of the 2016-17 financial year.

Nitin Seth, currently the Chief Administrative officer, will now be the new COO.

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