At a town hall meeting, he said, “Look at the top level around you. Everyone has changed. In fact, even I am gone. Some of our targets have been missed and everyone, including the top management, has paid the price.”
He was replaced by Binny Bansal, who was promoted from Chief Operating Officer to head the company.
Flipkart, set up in 2007, sells everything from cellphones to suitcases and cosmetics, competing with home-grown rival Snapdeal and Amazon’s Indian unit. But the company’s valuation fell from $15 billion to $11 billion earlier this year.