Former SoftBank Managing Partner Lydia Jett Rejoins Flipkart Board

3 minutes of reading Last updated: Jul 01, 2024 | 22:09 IST

Lydia Jett, a seasoned investment executive and former managing partner at SoftBank Investment Advisers, has returned to Flipkart’s board as a board member, effective June 26, 2024, the company announced on Monday evening.

Jett brings a unique blend of two decades of experience investing in and serving on the boards of leading consumer technology companies. As founder and managing partner of SoftBank Investment Advisors (SBIA), Jett led the global consumer internet and e-commerce sectors, working with many of the world’s leading consumer platforms.

She has served as an independent board member on the boards of NYSE: Coupang, NASDAQ: Ozon, and Fanatics. Her committee service includes the Audit, Compensation, IPO Readiness, Nominating, and Corporate Governance committees.

“I am pleased to join the Flipkart board and look forward to working with the other board members to help the company navigate its next phase of growth,” said Jett. “The e-commerce market in India is growing rapidly and promises great opportunities for continued innovation and value.”

Welcoming Jett to the Board, Kalyan Krishnamurthy, CEO and Board Member, Flipkart Group, said, “We are delighted to have Lydia join the Flipkart Board. Her extensive global experience and understanding of the consumer internet and e-commerce industry will add significant value to Flipkart Group as we focus on creating positive customer impact and growth opportunities for businesses, especially SMEs in India, that want to be part of the rapidly evolving digital economy.”

Apart from Krishnamurthy, Flipkart’s board also includes HDFC CEO Keki Mistry and senior Walmart executives.

Jett is a graduate of Stanford Graduate School of Business, Smith College and the London School of Economics and Political Science. She previously represented SoftBank on the board of Flipkart when the fund invested in it in 2017. She later stepped down when US retail giant Walmart acquired a majority stake in the e-commerce company in 2018.

Earlier this year, Flipkart co-founder Binny Bansal officially left the board of the Walmart-owned e-commerce company that he founded with Sachin Bansal 16 years ago. The move comes months after he sold his remaining stake in the company. Binny Bansal recently launched his new startup, OppDoor, to provide end-to-end solutions for e-commerce businesses.

Sachin Bansal, the other co-founder, left the board in 2018. After leaving Flipkart, Sachin founded Navi, a financial services company.

In 2018, when US retail giant Walmart invested $16 billion for a majority stake in Flipkart, the Bengaluru-based company was valued at less than $21 billion.

Jett joins Flipkart’s board as the e-commerce company plans to move its headquarters from Singapore to India, according to industry sources. The company, valued at $33 billion, could provide the Indian government with a significant tax benefit.

In May, Flipkart raised $350 million from tech giant Google, according to sources. The investment is part of a $1 billion funding round that Flipkart raised in 2023.

The company is ramping up its efforts to reach profitability as it looks to be valued at around $60 billion at the time of its initial public offering (IPO), currently targeted for 2025-26 instead of this year, according to people familiar with the matter. The company may consider listing in India and other geographies, including the U.S. The move to India is tied to the eventual IPO plans.

The company, which faces rivals in India’s growing e-commerce market including Amazon and Reliance’s JioMart, had also considered an IPO in 2022 or 2023 but had to shelve that plan due to financial concerns and global macroeconomic uncertainty.

First published: Jul 01, 2024 | 22:08 IST