"I am excited to join Flipkart which has revolutionized the way we buy products and experience online commerce. I look forward to supporting the next phase of growth, as we make the Indian shopping experience richer, convenient and more satisfying”, says Karandeep of his new role.
Prior to joining Flipkart, Karandeep held the position of Vice President (Finance) & Managing Director at Sapient Corporation Pvt. Ltd, where he led the India operations and was also part of the company's global leadership team. Karandeep has also held key finance leadership positions at Dell, Moser Baer, Ariba and Yum where he overlooked a number of business support functions.
In a career spanning close to twenty years, Karandeep has led functions in areas of Strategic Business Planning, Financial Operations, Tax Planning, Controllership and Corporate Governance across companies and geographies. He is known for his expertise of scaling businesses profitably and improving cost competitiveness. He brings with him rich experience in running large scale set-ups and leading businesses in diverse sectors such as Software & Services, High-Tech Manufacturing and Quick Service Restaurants.
Speaking about this appointment, Binny Bansal, COO & Co-founder, Flipkart said, “We are excited to have Karandeep on board. He has the reputation of being a respected business and team leader. We believe he is the right person to build upon Flipkart’s current success and lead the company through its growth stage using the wealth of his experience. His track record of leading operational finance teams that are consumer focused aligns well with our business and expansion plans. We are confident that his twenty years of experience in financial management will help us chalk out and implement our expansion plans successfully.”
Karandeep Singh has a Bachelor’s Degree in Commerce from Delhi University (Gold Medalist) and is a member of the Institute of Chartered Accountants of India (ICAI). He was recently presented with the ICAI 2011 Award for CFO (Information Technology). Karandeep is also a fellow member of Aspen Leadership Network, associated through its India Leadership Initiative.
Having chalked up a registered user base of more than 2 million across the country in less than four years since its inception, Flipkart is considered a pioneer in the field of e-commerce. Started in 2007 by former classmates at IIT Delhi and later colleagues at Amazon.com, Sachin Bansal and Binny Bansal, the company is fast gaining dominance in product categories like music, video, games, computers, electronics, mobile phones, TV and home theatre systems, pens and stationery, healthcare and personal product categories. Flipkart is also the largest online book store in India, with over 11.5 million book titles available. Currently, Flipkart ships 30,000 units per day.
With path-breaking features like Cash/Card on Delivery, 30 Day replacement policy and EMI options, Flipkart has now made it possible for anyone across the country with internet access to shop online. The Flipkart experience is characterized by the intuitive user interface, free shipping and low prices. As a testimony to the superior customer experience, the company has consistently recorded repeat purchase rates of more than 70%.
Flipkart is rapidly expanding its network of warehouses, distribution centers, procurement operations and 24/7 customer support teams. The company even has its own delivery network in 27 cities and is set to expand this even further by next year. With a team of around 4500 members, the company operates from offices and warehouses in seven cities at present.