Rajesh Magow, co-founder and chief executive of India’s largest online travel agency MakeMyTrip Ltd, is back on the board of e-tailing major Flipkart after a span of two years, a financial daily reported.
Mint, which reported the development citing unnamed sources, said that Magow’s new assignment will most likely be to help Flipkart go public within the next two to three years.
MakeMyTrip confirmed the development, but refused to divulge further details. “I have always admired Flipkart for the impact it has made in India’s e-commerce space over the years. So, happy to join Flipkart board,” Magow told VCCircle in en e-mailed statement.
E-mail queries to Flipkart seeking more information on the development did not elicit any immediate response.
The development assumes significance given that Flipkart had received a mega fund infusion of $2.5 billion from marquee investor SoftBank last month. In April, it had raised another $1.4 billion in a transaction that saw Flipkart acquire the Indian operations of eBay Inc.
It is largely believed that this was possibly Flipkart’s last external funding round before it floats an IPO.
Magow, who is believed to share a good rapport with the Bansals of Flipkart, is also touted to be close to Lee Fixel, the managing director Tiger Global, which happens to be a significant investor in both Flipkart and MakeMyTrip.
Flipkart, which was founded in 2007, is one of the most significantly-funded ventures, even by global standards. It has raised over $6 billion in external funding from a bevy of investors, including Tencent, Microsoft,eBay, Naspers, Steadview Capital and Accel Partners, besides Softbank and Tiger Global.
Flipkart is currently locked in a pitched battle with US-based arch rival Amzaon, which has committed $5 billion to its India kitty. Leave Your Comment