The logo of India's largest online marketplace Flipkart is seen on a building in Bengaluru, India, April 22, 2015.Reuters

Flipkart, India's largest e-commerce firm is into a management rejig once again. The company's founders Sachin Bansal and Binny Bansal have stepped aside and handed over Flipkart's operational control to Kalyan Krishnamurthy, from the category design division. 

Binny Bansal has been elevated to the designation of Group CEO, while Sachin Bansal will continue as chairman, Business Standard reported. Kalyan Krishnamurthy joined the Bengaluru-based e-commerce firm in June 2016, after he left Tiger Global, which is one the largest investors in the Flipkart. 

Also read: Morgan Stanley cuts Flipkart's valuation for the fourth time in 9 months

"Kalyan Krishnamurthy, currently heading the Category Design Organisation, will become the CEO of Flipkart. Kalyan will be responsible for operationally driving Flipkart and will be responsible for Flipkart P&L," Flipkart said in a statement. 

Flipkart's management rejig comes at a time when its rival, US-based Amazon is stepping up investments in India in order to grab more market share. Now, Binny Bansal's new role would include looking at strategy, M&As, exploring new business ideas. 

According to media reports, apart from the change in the roles of Krishnamurthy and Bansal, other roles will remain intact. Ananth Narayanan will continue to be the CEO of Myntra-Jabong, Sameer Nigam will continue as CEO of PhonePe.

Who is Kalyan Krishnamurthy?

Prior to being elevated as the CEO of Flipkart, Krishnamurthy was head of Category Design Organisation at Flipkart, according to his LinkedIn profile. Previously, he served as the Managing Director and Director of Finance and Portfolio Companies at Tiger Global Management LLC.

Prior to joining Tiger Global, he held various senior positions at eBay and has also worked at Procter & Gamble. Krishnamurthy is an alumni of UIUC College of Business, Illinois and holds an MBA degree from Asian Institute of Management, Philippines, Bloomberg reported.