Flipkart is once again making headlines as its Vice President and Chief of Staff to CEO Kalyan Krishnamurthy, Ashish Vijayvergiya, prepares to launch a new startup within the company. This move underscores Flipkart’s unique approach of nurturing entrepreneurial ventures from within its ecosystem, following the successful paths of fintech giant PhonePe and credit-first UPI app super.money.
A New Venture Born Inside Flipkart: What to Expect?
Ashish Vijayvergiya, who has been with Flipkart for over a decade, was reportedly considering leaving to start his own company. However, Flipkart’s leadership convinced him to stay and build his new venture under the Flipkart umbrella. The exact nature of the business is still evolving. Initial discussions pointed towards a fantasy gaming platform, but recent insights suggest the focus might shift towards consumption and content-driven models, tapping into India’s booming digital entertainment and commerce sectors.
This internal startup will likely operate similarly to super.money-an independent entity incubated within Flipkart but functioning with startup agility and autonomy.
Flipkart’s Proven Playbook: Incubating Startups Within
Flipkart’s approach to fostering startups internally is not new. PhonePe, now a fintech behemoth valued at over $15 billion and preparing for a public listing, began as a small startup founded by former Flipkart employees in 2015. It was acquired and incubated by Flipkart before spinning off as a separate company in 2022.
Similarly, super.money was born when senior VP Prakash Sikaria planned to exit Flipkart in 2022. After negotiations, Sikaria stayed and launched super.money within Flipkart’s fold. The fintech app has since scaled rapidly, currently seeking to raise $60-100 million at a valuation of $1 billion, on track to becoming a unicorn.
Ashish Vijayvergiya’s new venture is expected to follow this successful trajectory, leveraging Flipkart’s resources while maintaining entrepreneurial freedom.
Ashish Vijayvergiya: A Decade of Leadership and Innovation at Flipkart
With a rich background in multiple leadership roles at Flipkart-from heading the FMCG business and grocery monetization to leading middle-mile operations and supply chain design-Vijayvergiya brings deep operational expertise and strategic vision. His experience spans over ten years, including stints at Hindustan Coca-Cola and Microsoft, complemented by top-tier education from IIM Kozhikode and Bocconi University.
His leadership in this new venture is seen as a strategic move by Flipkart to retain top talent and foster innovation internally rather than risk losing valuable executives to external startups.
Strategic Context: Flipkart’s Focus on Efficiency Amid IPO Preparations
This development comes at a time when Flipkart, under Walmart’s ownership, is tightening its financial belt. The company aims to reduce its monthly cash burn from $40 million to $20 million as it prepares for a possible stock market debut. Despite this focus on operational efficiency, Flipkart continues to invest in innovation and internal entrepreneurship, demonstrating a balanced approach to growth and cost management.
Flipkart: India’s Startup Factory Reimagined
Flipkart’s unique culture of internal incubation has earned it the reputation of being India’s “Startup Factory.” Over 44 startups have been founded by former Flipkart employees, with six achieving unicorn status, including PhonePe, Groww, Udaan, Spinny, cult.fit, and Slice. This ecosystem thrives on Flipkart’s risk-taking environment, mentorship, and significant ESOP buybacks that have empowered employees to pursue entrepreneurial ventures.
By enabling leaders like Vijayvergiya to build startups within the company, Flipkart not only retains talent but also creates new growth engines that can scale independently or synergize with its core business.
What Lies Ahead for Vijayvergiya’s Startup?
While the exact launch date and business model remain under wraps, the industry is keenly watching this new venture. Whether it emerges as a fantasy gaming platform, a content-commerce hybrid, or an entirely new concept, it is expected to embody Flipkart’s blend of innovation, technology, and customer-centricity.
With Ashish Vijayvergiya at the helm, backed by Flipkart’s resources and Walmart’s strategic oversight, this new startup could well be the next big success story incubated within India’s e-commerce giant.
Flipkart’s continued commitment to internal entrepreneurship reflects a broader trend in corporate India-leveraging in-house talent to build disruptive startups while maintaining strategic control. As the company prepares for its IPO journey, ventures like Vijayvergiya’s startup will play a crucial role in shaping Flipkart’s future growth narrative and India’s startup ecosystem.