Flipkart Names Former SoftBank Managing Partner Lydia Jett To Board
Online marketplace Flipkart has named former SoftBank managing partner Lydia Jett to its board, as it strengthens governance and prepares for an initial public offering.
The veteran investment adviser has about 20 years of experience and is currently serving on the boards of several consumer technology businesses.
Jett's appointment is effective June 26, 2024. She has served as an independent member on the boards of Coupang, Ozon, and Fanatics. "Her committee work includes the audit, compensation, IPO readiness, nomination, and governance committees," a statement read.
"I am pleased to join the Flipkart Board and look forward to working with the other Board members to help the company navigate its next growth phase," Jett said in a statement. "The e-commerce market in India is rapidly growing and promises great opportunities for continued innovation and value."
Jett had been on Flipkart's board earlier, representing SoftBank's Vision Fund since 2017. However, she left the company's board after her resignation as managing partner at SoftBank Investment Advisers in February 2024.
SoftBank was a large investor in Flipkart, and held about 20%, which it sold to Walmart in 2018 but returned to the company with an investment of $3.6 million in 2021.
In 2018, Jett was also on the board of Jasper Infotech, which operated then e-commerce major Snapdeal and payments platform FreeCharge.
Walmart Inc. is exploring the right time to bring Flipkart to primary markets, according to Chief Executive Officer Kathryn McLay's comments on an analyst call in May 2024.
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