NEW DELHI: In a major management overhaul, Flipkart , the country’s largest ecommerce company, announced on Monday that current Chief Executive Sachin Bansal will step down from his role, and will be replaced by his co-founder Binny Bansal An official statement, released on Flipkart’s website, stated that Sachin Bansal will, however, continue as executive chairman of India’s largest ecommerce company and “will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities.”“Binny as chief executive officer will now be responsible for operationally driving the company and will be accountable for Flipkart’s overall performance. All the business areas – Commerce, Ekart and Myntra will now report to Binny. All corporate functions including Human Resources, Finance, Legal, Corporate Communications and Corporate Development will also report to Binny,” Bansal was quoted as stating in the company-issued statement.Binny Bansal, who immediately prior to being elevated as the new chief executive of the company, which is currently valued at about $15 billion, served as Flipkart’s chief operating officer and had the responsibility of overseeing the company’s critical supply chain and logistics business.“Today, we are in a very strong leadership position with over 60% market share of the m-commerce market, 50 million customers and clear leadership in smartphones and fashion. The journey ahead is equally exciting and challenging. Flipkart has all the necessary ingredients of brilliant talent and great technology to win this next phase as well,” Bansal said in the statement.“We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce and bring in disruptive technologies,” he added.Additionally, the Bengaluru-based company also announced that Mukesh Bansal will continue to be lead the company’s Commerce platform, its core business, but will also take additional charge of Flipkart’s burgeoning ads business.Bansal, who was appointed to lead the commerce platform last year, will also continue in his role as chairman of Myntra, the online fashion retail business acquired by Flipkart, for a reported $370 million, in 2014.“Today, Flipkart is a brand trusted by millions across India backed by a robust seller ecosystem and world-class technology. We are confident that in the coming years, we will continue this momentum as we spread the benefits of e-commerce across the length and breadth of India,” Mukesh Bansal said.The announcement comes at a time when Flipkart is reportedly in talks with investors to raise about $1.4 billion, ET reported earlier this month.US-based Sands Capital Management, two direct sources said, is in talks to lead the round with funding of $700 million. Existing investors are expected to bring in an equal amount. The valuation of the company could end up between $15 billion, which is what India's most valuable startup is worth now, and $18 billion, the sources said.The Bengaluru-based company, which is in a bruising battle with rivals Snapdeal and Amazon, as it tries to cement its pole position in India’s online retail market, had previously closed a $700 million at a valuation of $15 billion in July last year. New York-based investment firm Tiger Global and existing investors including Steadview Capital had participated in the fundraise, ET reported in July.