Flipkart chief rules out IPO timeline; Infosys names new CEO

Happy Friday! Flipkart group CEO Kalyan Krishnamurthy talked to us about IPO plans, quick commerce, and festive demand. That and more in today’s ETtech Morning Dispatch.

Also in the letter:
■ Byju’s-BCCI settlement remains stalled
■ Swiggy renews Indian-ownership bid
■ GCCs’ IT influence

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Flipkart isn't rushing to the public markets. Group CEO Kalyan Krishnamurthy told ET the Walmart-owned company has no IPO timeline, while making it clear that quick commerce is being built as an extension of its core ecommerce marketplace, not as a standalone business.

Why it matters: Flipkart is taking a markedly different approach from rivals like Zepto, betting that its existing customer base and marketplace scale can power quick commerce without creating a separate business identity.

Between the lines: Krishnamurthy also signalled that India's quick commerce market may not sustain the large number of players currently battling for share, hinting at eventual consolidation.


Quote, unquote: "We are not a quick commerce company in the narrow sense… we're a horizontal marketplace. It's one of the businesses we're in...It's not more important or less important than the others," Krishnamurthy said.

Also Read: Beyond the top 3, Amazon and Flipkart wage war to win the quick commerce crown

What's next: Even without IPO plans, Flipkart is continuing to expand aggressively, crossing 1,000 dark stores as it takes on Blinkit, Amazon Now, Instamart and Zepto in one of India's most competitive consumer internet markets.

Financial position: Krishnamurthy also played down the financial strain of the incremental investment going into quick commerce. “We are generally quite okay and happy with our financials,” he said. “I'm not able to share any specific detail. We are not in a position to share those numbers.”

Also Read: Flipkart rolls out $50 million Esop buyback, second payout in a year

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The IT services giant reported healthy growth in revenue and profit for the first quarter of FY27.

• Net profit: Up 12% year-on-year (YoY), at Rs 7,769 crore, versus Rs 6,921 crore last year.
• Revenue from operations: Increased 14% YoY to Rs 48,211 crore.
• AI revenue: At 8.2% of total revenue in Q1
• Large deal total contract value (TCV): $3.6 billion; 61% of the net new business.

Guidance trimmed: For the full 2027 financial year, the company has trimmed the upper end of its revenue growth guidance to 1.5-3% in constant currency, while the operating margin outlook was 20-22%. This shows that despite large deal wins, demand visibility in the sector remains limited.


Infosys on Thursday announced the appointment of Ashiss Kumar Dash as its CEO designate.

The details: Dash will succeed Salil Parekh as Infosys managing director and chief executive officer on April 1, 2027, following the completion of the latter's second term. Parekh’s total stint at the firm would span over nine years.

Dash's appointment is for a period of five years based on the recommendation of the Nomination and Remuneration Committee of the Infosys board.




Ecommerce marketplace Meesho saw strong revenue growth in Q1, while its losses narrowed.

Financials:

• Consolidated revenue from operations: Up 48% YoY to Rs 3,713 crore
• Net loss: Halved to Rs 133 crore from Rs 289 crore a year ago.
• Net merchandise value (NMV): Increased 34% to Rs 11,614 crore.

Soft outlook: The ecommerce marketplace expects on-year growth in net merchandise value (NMV) to dip in the July-September quarter, and plans to increase spending on acquiring new users as it builds up to the festive season.

This is due to Meesho shifting its flagship Mega Blockbuster Sale to the October-December quarter this year from the July-September period last year.


Kamesh Goyal, founder, Go Digit

New-age insurance startup Go Digit General Insurance reported a narrowing in net profit for the June quarter, as a higher loss ratio and the impact of Indian Accounting Standards (Ind AS) ate into its bottom line.

Financials:

• Net profit: Down 38% year-on-year to Rs 86.4 crore.
• Gross written premium: Down 8.4% year-on-year to Rs 2,731 crore.
• Loss ratio: Increased to 73.3% from 70.3% a year ago. Loss ratio is the share of an insurer's premium income that is paid out as claims.

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Byju Raveendran, CEO, Byju's

Byju’s proposed Rs 158-crore settlement with the Indian cricket board has hit another delay, with the company’s creditors yet to take a call despite repeated directions from the insolvency court.

Driving the news: The decision has also become central to a broader settlement being discussed among GLAS Trust, the Byju’s founders, Manipal group and Aakash Educational Services. The US lenders are negotiating for about 30% of Aakash as part of an arrangement aimed at ending litigation across India, the US and Singapore.

Why the BCCI decision matters:

• If creditors approve the withdrawal and the NCLT accepts it, Think & Learn would exit insolvency and BCCI would receive the Rs 158 crore.
• If the request is rejected, Ravindran’s counsel said the money would return to Riju Ravindran, while the insolvency process would continue.
• Keeping the insolvency alive would allow any transfer of Aakash shares to the lenders to be implemented through a resolution plan for Think & Learn.

What happened in court:

• The creditor committee said it met on June 29, July 16 and July 20 but still needed information on the source of funds, renewal of a bank guarantee and Ravindran’s Supreme Court application.
• Ravindran’s counsel said the questions had already been answered and accused the lenders of delaying a decision. BCCI also opposed further delay. The matter will next be heard on September 15.

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Sriharsha Majety, CEO, Swiggy

Swiggy’s board has approved a 49.5% cap on aggregate foreign ownership and key changes to its articles of association, in a renewed push to qualify as an Indian-owned and controlled company (IOCC) after failing to garner shareholder support for this in May.

Driving the news:

• The proposed changes will go to shareholders as special resolutions at its August 18 AGM, which they will need to vote on; following this, Swiggy must seek RBI approval for the cap.
• The cap, on a fully diluted basis, covers direct and indirect foreign ownership, including FPIs, NRIs, and foreign-controlled Indian vehicles.
• It also plans to remove existing individual and institutional board nomination rights, and add or revise rights for specific resident individuals in order to establish domestic control.

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GCCs’ IT influence: Global capability centres (GCCs) now influence $45-55 billion of India’s Information Technology (IT) services exports, according to Deloitte India, as multinational companies increasingly shift enterprise technology decisions to their India centres. Industry executives said GCCs are no longer just executing work from global headquarters.

Karnataka gig workers' law: Platforms deposit welfare fee | Ecommerce companies such as Eternal, Zepto, Swiggy, Urban Company, and Meesho have deposited the welfare fee mandated under Karnataka's gig workers' law with the High Court (HC), in compliance with its interim order.

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