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Former SoftBank managing partner Lydia Jett has joined Flipkart’s board, according to regulatory filings made by the firm in Singapore.
Jett has joined the ecommerce major’s board as an independent director, marking her second stint at the Walmart-owned company’s board, after she represented SoftBank Vision Fund in 2017.
However, she left Flipkart’s board after US retailer Walmart acquired a majority stake in the company for $16 billion in 2018, marking its entry into the Indian retail market.
In 2018, Softbank sold its near 20% stake in Flipkart to eventual owner Walmart. It returned to Flipkart’s captable when it co-led a $3.6-billion funding in 2021.
Known for her expertise in retail and consumer internet, Jett has made several investments in the ecommerce space. She backed Coupang, an e-commerce giant in South Korea, Gopuff, Indonesia-based Tokopedia and others.
Jett is also on the board of other ecommerce firms like Russia’s Ozon and South Korea’s Coupang, besides being an investor in several startups.
The appointment comes at a time when the e-commerce major is preparing to foray into quick commerce.
With Jett’s appointment, Flipkart has strengthened its board as it prepares for an initial public offering. Flipkart CEO Kalyan Krishnamurthy, HDFC’s Keki Mistry and other Walmart executives.
Meanwhile, Flipkart has been working towards profitability amid a rejig in the senior management and cost cutting-led layoffs earlier this year. The e-commerce major raised $350 million from Google and closed a $950 million round at a valuation of $36 billion, reported businessline in May.
- Also read: SoftBank likely to exit Paytm this month
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