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Governance in Indian startups needs to improve, more independent directors needed: Flipkart CEO Kalyan Krishnamurthy

Money ControlMoney Control · 1y ago
Governance in Indian startups needs to improve, more independent directors needed: Flipkart CEO Kalyan Krishnamurthy
Medial

Flipkart Group CEO Kalyan Krishnamurthy highlighted the need for improved governance in Indian startups and stressed the importance of having more independent directors on company boards. He emphasized the need for compliance, code of conduct, and faster evolution of these aspects. Krishnamurthy mentioned that having independent directors can help address governance issues in startups and facilitate asking tough questions. He also noted that the presence of independent board members can reassure investors during due diligence. The call for better governance comes amidst a funding slowdown and several governance lapses in the startup ecosystem.

Practo appoints Jagnoor Singh as chief operating officer

EntrackrEntrackr · 4m ago
Practo appoints Jagnoor Singh as chief operating officer
Medial

Practo appoints Jagnoor Singh as chief operating officer Health services platform Practo has announced the appointment of Jagnoor Singh as its Chief Operating Officer (COO). According to Practo, this appointment aligns with its vision of improving health outcomes while building a profitable, innovative, and user-focused business. Jagnoor will focus on establishing robust processes, ensuring seamless execution, and driving accelerated growth. He will lead go-to-market (GTM) strategies, deepening penetration in existing markets and expanding into new ones. Singh brings over 16 years of leadership experience from Airtel, OYO, Mondelez, and Unacademy. He has deep expertise in sales, marketing, and business development, with a proven track record of implementing structured, scalable processes that enhance execution, optimize operations, and drive exponential growth. In his new role, Jagnoor will work closely with Shashank ND, Co-founder & CEO of Practo, to expand the company’s footprint and accelerate its reach, driving impact in the healthcare sector. Jagnoor Singh, on his appointment as Chief Operating Officer, said, “I am truly honored to join Practo at such a pivotal moment for the healthcare industry. Practo’s focus on improving health outcomes and its tech-first approach resonate deeply with me as we build impactful solutions that benefit both patients and providers. I look forward to contributing to Practo’s journey by building strong teams and implementing strategies that drive sustainable growth.” Practo aims to enhance health outcomes by enabling patients and healthcare providers to make informed decisions. The platform leverages computer science and data science to ensure that every interaction contributes to better health results. Practo claims to operate in 22 countries, connecting over 40 crore patients with more than 500,000 doctors and healthcare providers across more than 700 cities.

Meesho appoints three independent directors

EntrackrEntrackr · 11m ago
Meesho appoints three independent directors
Medial

E-commerce firm Meesho has appointed Jubilant Bhartia Group founder Hari S Bhartia along with three other seasoned business leaders as independent directors. Along with Bhartia, Meesho has onboarded former JP Morgan Chairman Kalpana Morparia and PhonePe non-executive Chairman Rohit Bhagat to its board of independent directors. Bhartia is also the co-chairman of Jubilant Ingrevia Ltd and Jubilant FoodWorks Ltd, the master franchisee of Domino’s Pizza and Dunkin’ Donuts restaurants in India. Before serving JP Morgan, Morparia was at ICICI Bank. In May, Meesho appointed Surojit Chatterjee as an independent director to its board. The development comes at a time when Meesho is in the process of moving its domicile to India from the US. Meesho recently announced an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date.

Milky Mist appoints independent directors ahead of IPO

EntrackrEntrackr · 3m ago
Milky Mist appoints independent directors ahead of IPO
Medial

Indian dairy company Milky Mist has appointed two independent directors to comply with the Companies Act’s independence requirements ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Milky Mist has appointed Radha Venkatakrishnan and Mallika S Janakiraman as additional directors (in the capacity of independent directors), its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to media reports, the company plans to raise Rs 2,000 crore through its IPO, comprising a mix of fresh issues and offers for sale, with an estimated valuation of around $2.3 billion. JM Financial, IIFL Capital, and Axis Bank are likely to serve as lead managers for the offering. Founded by T. Sathish Kumar, Milky Mist follows a direct farm-to-fork model, sourcing milk from farmers and processing it in its facility. Specializing in value-added dairy products like paneer, cheese, and curd, it serves modern trade, quick commerce, and HoReCa segments. The company claims to process 1.5 million litres of milk daily at its fully automated 75-acre facility in Perundurai, Tamil Nadu. During the fiscal year ending March 2024, the company recorded 33% year-on-year growth in its revenue to Rs 1,900 crore. However, its profit slipped to Rs 19.46 crore in FY24 from Rs 28 crore in FY23. Recently, several companies such as Zepto, Physics Wallah, and Shadowfax have appointed independent directors to comply with regulatory requirements set by the Securities and Exchange Board of India (SEBI) ahead of their planned public listings.

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