Former Softbank Investment Advisers managing partner Lydia Jett has rejoined the board of Flipkart, the e-commerce major said on Monday. Jett was on Flipkart's board in 2017 but stepped down after about a year.
Jett was on Flipkart's board in 2017 but stepped down after about a year.
Former Softbank Investment Advisers managing partner Lydia Jett has rejoined the board of Flipkart, the e-commerce major said on Monday. Jett was on Flipkart's board in 2017 but stepped down after about a year.
"The Flipkart Group... announced the appointment of Lydia Jett, a seasoned investment executive and former Managing Partner at SoftBank Investment Advisers, as a Board Member effective June 26, 2024," the e-commerce firm said in a statement.
US-based venture capitalist Jett has two decades of experience investing in and serving on the boards of market-leading consumer technology businesses. "I... look forward to working with the other board members to help the company navigate its next growth phase. The e-commerce market in India is rapidly growing and promises great opportunities for continued innovation and value," Jett said.
As a founding managing partner of Softbank Investment Advisors (SBIA), Jett led the global consumer internet and e-commerce sectors. She has served as an independent board member on the boards of directors of Coupang, Ozon, and Fanatics.
"Her extensive global experience and understanding of the consumer internet and e-commerce industry will add significant value to the Flipkart Group as we focus on creating a positive impact for customers and growth opportunities for businesses," Flipkart Group Member of the Board and Chief Executive Officer Kalyan Krishnamurthy said.
Recently, there were reports that Flipkart was stopping sellers from changing the price of items on its platform. As per Moneycontrol, Flipkart was accused by a number of merchants of effectively breaking the rules on foreign direct investment (FDI) in e-commerce platforms. Additionally, the merchants claimed that Flipkart’s action was anti-competitive as it harmed small sellers more severely while allowing larger competitors to operate more freely.
Following the incident, it was reported that Flipkart is now allowing sellers to change the price of its items, as per a report by Moneycontrol. A Flipkart spokesperson while speaking to Moneycontrol said, As a marketplace, we strive to democratize access to resources, ensuring all sellers have access to our robust seller support system designed to provide needed assistance.”
(With inputs from PTI)