Ashish Vijayvergiya, the vice president of Flipkart and chief of staff to CEO Kalyan Krishnamurthy, is getting ready to start a new business under the e-commerce behemoth’s auspices. The action is similar to Flipkart’s previous internal startup projects, like super.money and PhonePe.
Though early talks indicate it may concentrate on consumer content or digital consumption instead of its first rumored fantasy gaming premise, the firm is still in the brainstorming stage.
According to reports, longtime Flipkart executive Vijayvergiya has been thinking of leaving the company to pursue business ventures. Rather, it is reported that the company’s executives urged him to stay and establish his own venture inside the Flipkart network.
It is anticipated that the approach will resemble that of super.money, a financial app based on UPI that functions autonomously while still being a member of the Flipkart group. Another Flipkart veteran established Super.money, which is currently looking to fund up to $100 million at a $1 billion valuation.
PhonePe took the same course. Founded by former workers in 2015, it was first developed within Flipkart before being bought and eventually spun out in 2022. PhonePe, which is worth more than $15 billion, is currently getting ready for a public listing.
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It is anticipated that Vijayvergiya’s next project will follow a similar course, beginning under Flipkart’s tutelage. Important aspects, such as the ultimate nature of the company and its schedule, are still up for debate.
This comes as Flipkart, led by Walmart, is working to streamline operations in preparation for a potential stock market debut by seeking to cut its monthly cash burn in half, from $40 million to $20 million.
