Flipkart CEO refutes Morgan Stanley report; says Walmart unfazed by short-term hurdles
Kalyan Krishnamurthy, the head honcho of Walmart-backed Flipkart, sends an internal email to employees reiterating Walmart's confidence in the Indian market. Kalyan Krishnamurthy, the CEO of Walmart-backed Flipkart yesterday shot down a recent Morgan Stanley report that suggested India's new FDI (foreign direct investment) norms for e-commerce might prompt the US retail behemoth to divest its stake in the homegrown e-tailer unless it found a long-term path to profitability. According to The Business Standard, the head honcho sent an internal email to Flipkart employees on Tuesday reiterating Walmart's confidence in India. "The report couldn't be further than the truth. Walmart remains extremely confident about the potential of the Indian market and in Flipkart's ability to lead the e-commerce space," read the email. "By partnering with Flipkart, Walmart has taken a long-term view of the opportunities and hence is unfazed by any short-term ...