MAM
ChyronHego appoints Neil Foster as COO and CFO
MUMBAI: With an aim of continuing its global growth both organically and through acquisitions, ChyronHego’s has appointment Neil Foster as chief operating officer and chief financial officer. Foster will be based at the ChyronHego headquarters in Melville, New York reporting directly to the company’s president and CEO Johan Apel.
“We’re very privileged to welcome Neil to our senior management team as we continue to deepen and scale our operations in support of our continued expansion in global markets,” said Apel. Adding further, “With his rich experience in executive-level management at high-profile, global enterprises, Neil will play a valued leadership role in our rapidly growing company.”
Foster brings to ChyronHego more than 25 years of executive experience in various strategic, operational, financial, and corporate development roles at the nexus of media, technology, and entertainment.
“I am thrilled to join ChyronHego and Johan’s team at this exciting time in the company’s evolution,” Foster added. “With innovative products and services that empower graphics and data for the broadcast and sports industries, ChyronHego is well-positioned as a leader in one of technology’s most attractive vertical markets for software applications. I’m looking forward to applying my strategic, operational, and financial expertise to help ChyronHego create value for shareholders.”
Prior to joining ChyronHego, he served as executive vice president, operations, for Take-Two Interactive Software Inc. He has also held a number of roles in the recorded music business, including executive vice president, finance and operations, for the Columbia/Epic Label Group of Sony Music Entertainment, and co-president of Sony Music Entertainment Canada. Foster’s early career included positions at McKinsey & Company Inc. and PricewaterhouseCoopers.
Brands
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.
