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Ashish Vijayvergiya, Vice President at Flipkart and chief of staff to CEO Kalyan Krishnamurthy, is reportedly preparing to launch a new venture within the Walmart-owned e-commerce giant, according to a report by Moneycontrol.
The report said Vijayvergiya is in early discussions with a select group inside the company. While the final idea is still evolving, the venture is expected to focus on the consumption or content space. An earlier version of the plan involved a fantasy gaming platform, but that direction may shift as the concept develops further.
The report further said that Vijayvergiya is likely looking to exit the company after working for over a decade. However, Flipkart’s top management proposed that he continue within the company and even start his own business that will grow under Flipkart’s fold.
This internal incubation model is not new for Flipkart. A similar thing happened in 2022 when Prakash Sikaria, a Senior Vice President who had spent more than seven years at the company, was finalising his departure. After deliberations with the leadership, Sikaria stayed on and went on to found super.money, a credit-focused UPI fintech startup built within the Flipkart ecosystem.
While super.money operates with the agility of a standalone startup, it remains structurally tied to Flipkart. Now, just over two years since its inception, super.money is reportedly in talks with external investors to raise $60–100 million at a valuation of $1 billion, potentially making it a unicorn, the publication reported.
This trajectory has seemingly validated Flipkart’s approach of nurturing entrepreneurial talent within its walls rather than seeing them exit the company.
Notably, the Vijayvergiya development also draws parallels to Flipkart’s earlier support of PhonePe. Founded in 2015 by former Flipkart executives Sameer Nigam, Burzin Engineer, and Rahul Chari, PhonePe was quickly acquired by Flipkart in 2016. It scaled rapidly under the group’s umbrella before being spun off as an independent entity in December 2022.
The UPI payments giant is now preparing for an initial public offering and is reportedly seeking a valuation of $15 billion. Last month, PhonePe transitioned into a public company, changing the name from PhonePe Private Limited to PhonePe Limited.
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