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Balaji Krishnamurthy becomes chief financial officer at Uber
Internal finance veteran steps up as Uber enters next phase of growth
SAN FRANCISCO: Uber has handed the keys of its finance function to Balaji Krishnamurthy, who has taken charge as chief financial officer, marking a promotion from within the company’s strategic finance ranks.
Krishnamurthy steps into the role after more than six years at Uber, where he most recently served as VP, strategic finance and investor relations. Over that time, he worked across the company’s mobility and delivery businesses and led its investor relations efforts, building a reputation as a steady hand behind the numbers.
Announcing his first day in the new role, Krishnamurthy thanked outgoing CFO Prashanth Mahendra-Rajah and chief executive officer Dara Khosrowshahi for their support, calling the appointment both a privilege and a responsibility.
He said he was stepping into the role at a “moment of strength” for the company, pointing to accelerating growth across consumers, drivers, couriers and merchants, along with expanding cash flows that would be used to invest in long term growth while returning excess capital to shareholders.
Krishnamurthy also highlighted Uber’s focus on innovation, particularly in autonomous vehicles, and praised what he described as a “go get it” culture within the company.
Before joining Uber in 2019 as senior manager, investor relations, he spent more than eight years at Goldman Sachs as vice president in equity research, covering US hardware and communications technology companies. His earlier roles included stints at Irevna and iTrust Financial Advisors in India, where he worked in equity research and wealth management.
In addition to his responsibilities at Uber, he also serves as a board member at autonomous trucking startup Waabi.
With an internal finance veteran now at the helm, Uber appears to be betting on continuity as it shifts from growth-at-all-costs to a more measured, cash-generating ride.
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Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
