"2016 has been truly an extraordinary year for Flipkart," Binny Bansal said in an emailed statement.
"We are now ready to build the Flipkart of the future as we continue on our journey of transforming commerce in India through technology. I am confident that this new organisation structure will deliver further value for Flipkart group," Bansal added.
Krishnamurthy joined Flipkart from Tiger Global, the e-commerce firm's largest investor with a share of about 30-33 per cent in the company. He had earlier served as the interim CFO and sales of the company but reportedly left after clashes with Sachin Bansal in 2014.
Krishnamurthy had been recently credited for bringing Motorola and Xiaomi back to Flipkart along with success of the Big Billion Day Sale in October 2016.
Flipkart has been involved with a bitter war with its major rival Amazon. Amazon's founder and CEO Jeff Bezos, announced last year that the company will increase its investments into India from $2 billion to $5 billion.
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