Speaking at a townhall, Krishnamurthy called the company’s reverse flip to India — approved by the board in April — a key step towards aligning with the country’s regulatory framework. ET had earlier reported Flipkart’s plan to shift its domicile from Singapore to India as part of its preparations for a public listing in 2026.
“He talked about the group’s continued focus on profitability with a renewed emphasis in the context of the reverse flip being initiated,” one of the sources said.
Krishnamurthy also noted that the company is on track for 30% order growth in June, indicating sustained momentum amid a cooling market. According to a recent Bain & Company–Flipkart report, India’s ecommerce sector is expected to grow 10–12% in 2024, down from over 20% in previous years.
The Flipkart CEO said the fashion vertical, including Myntra, accounted for 40% of the group’s new customer additions. Myntra, which turned profitable in FY24, improved its bottom line by cutting down on return costs.
Also present at the townhall were senior vice presidents Ramesh Gururaja (consumer shopping experience), Hemant Badri (supply chain), and Seema Nair (chief human resource officer), who shared updates from their respective business units.
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Krishnamurthy reiterated that Flipkart’s quick commerce arm, Minutes, is on track to operate 800 dark stores by the end of 2025. As ET reported on Friday, Minutes has been doubling its daily order volume every 45 days, according to Flipkart VP Kabeer Biswas.Gururaja also spoke about the company’s renewed focus on GenZ customers across verticals such as fashion, travel, and Shopsy, Flipkart’s value commerce platform that competes with SoftBank-backed Meesho and Amazon’s Bazaar.
The development was first reported by Press Trust of India.
