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Flipkart VP Ashish Vijayvergiya to launch new startup within company fold
The venture is still in the ideation phase, though early discussions suggest it may focus on consumer content or digital consumption, rather than its initially rumoured fantasy gaming concept.
Vijayvergiya, a long-serving Flipkart executive, had reportedly been considering stepping away to pursue entrepreneurial interests. Instead, the company's leadership is said to have encouraged him to remain and build his new business within the Flipkart ecosystem.
PhonePe and super.money started within Flipkart
The model is expected to be similar to that of super.money, a UPI-based fintech app which operates independently while remaining part of the Flipkart group. Super.money, founded by another Flipkart veteran, is currently seeking to raise up to $100 million at a valuation of $1 billion.
PhonePe followed a similar trajectory. Originally incubated within Flipkart after being founded by former employees in 2015, it was later acquired and eventually spun off in 2022. Now, PhonePe is preparing for a public listing and is valued at over $15 billion.
Vijayvergiya's upcoming venture is expected to adopt a comparable path, starting under Flipkart's wing. However, key details, including the final nature of the business and its timeline, remain undecided.
This development unfolds as Flipkart, under Walmart's direction, is aiming to halve its monthly cash burn to $20 million from $40 million, amid efforts to tighten operations ahead of a possible stock market debut.
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