Former SoftBank managing partner Lydia Jett rejoins Flipkart’s board: Report

Lydia Jett, the former managing partner at SoftBank Vision Fund, has rejoined Flipkart’s board as an independent director. This is Jett’s second tenure with the Walmart-owned e-commerce giant, according to a Moneycontrol report. 

Previously, she represented SoftBank Vision Fund on Flipkart's board in 2017 when SoftBank was an investor in the company.

Jett initially left the board following Walmart's $16 billion acquisition of a majority stake in Flipkart in 2018.

Why did Jett rejoin Flipkart’s board?

Jett's reappointment comes as the company gears up for an initial public offering (IPO). The report said Walmart and Flipkart CEO Kalyan Krishnamurthy have strong confidence in Lydia Jett. 

Her expertise in the retail and consumer internet sectors is highly valued, particularly given Flipkart's recent fundraising efforts and future strategic plans.

Jett's role in Flipkart's fundraising

The report said that Jett had played a key role in Flipkart’s recent fundraising activities. In May, Flipkart raised $350 million from Google and closed a $950 million funding round, which brought its valuation to $36 billion—a 10% increase from its previous valuation.

Targeting the quick commerce segment

Flipkart is preparing to enter the quick commerce market, competing with players like Blinkit, Swiggy Instamart, and Zepto.

Earlier, it was in talks with Zepto for a stake purchase, but the negotiations fell through as Zepto chose to seek a financial round rather than a strategic sale, focusing on a valuation increase and preparing for an initial public offering (IPO).