Former SoftBank managing partner Lydia Jett rejoins Flipkart's board

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 made the announcement on Monday night.

Jett brings a unique blend of two decades of experience investing in and serving on the boards of market-leading consumer technology businesses. As a founding managing partner of SoftBank Investment Advisors (SBIA), Jett led the global consumer internet and e-commerce sectors, working with many of the most significant consumer platforms worldwide.

She has served as an independent board member on the boards of directors of NYSE: Coupang, NASDAQ: Ozon, and Fanatics. Her committee work includes the Audit, Compensation, IPO Readiness, Nomination, and 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 growth phase,” said Jett. “The e-commerce market in India is rapidly growing and promises great opportunities for continued innovation and value.”

Welcoming Jett to the board, Kalyan Krishnamurthy, chief executive officer and member of the board, 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 the Flipkart Group as we focus on creating a positive impact for customers and growth opportunities for businesses, particularly MSMEs in India seeking to be part of the fast-evolving digital economy.”

Besides Krishnamurthy, the Flipkart board also comprises HDFC chief executive Keki Mistry and senior Walmart executives.

Jett is a graduate of the Stanford Graduate School of Business, Smith College, and the London School of Economics and Political Science. She had earlier represented SoftBank on Flipkart’s board during the fund’s investment in 2017. She later stepped down after US retail giant Walmart acquired a majority stake in the e-commerce firm in 2018.

Earlier this year, Flipkart co-founder Binny Bansal officially exited the board of the Walmart-owned e-commerce firm, which he founded along with Sachin Bansal 16 years ago. The move comes months after he sold his remaining stake in the firm. Binny Bansal recently also floated his new startup, OppDoor, to provide end-to-end solutions to e-commerce firms.

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

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

Jett joining the Flipkart board comes at a time when the e-commerce firm is planning to move its domicile back from Singapore to India, according to industry sources. The company, valued at $33 billion, may provide a significant tax gain for the Indian government.

In May, Flipkart raised $350 million from tech major Google, according to sources. The investment is part of the $1 billion funding round started by Flipkart in 2023.

The firm is intensifying its efforts to achieve profitability as it eyes a valuation of approximately $60 billion at the time of its initial public offering (IPO), now planned for 2025-2026 instead of this year, according to people familiar with the matter. The firm might consider listing in India and other geographies, including the US. Moving domicile to India is linked to eventual IPO plans.

The company, which counts Amazon and Reliance's JioMart among its competitors in India's burgeoning e-commerce market, had also contemplated launching an IPO in 2022-2023. However, it had to postpone the plan due to financial considerations and global macroeconomic uncertainty.