Mumbai, 26 May-2014, Reuters: Flipkart, India's largest e-tailer, raised $210 million in a fresh round…
Mumbai: Weeks after the top-level rejig at Flipkart, its head of commerce and advertising business Mukesh Bansal has put in his papers. Mukesh Bansal is the co-founder of fashion e-commerce brand Myntra which got brought over by Flipkart in May 2014 for $330 million.
Apart from Mukesh, Flipkart’s Chief Business Officer Ankit Nagori has also quit the firm to start an entrepreneurial venture in the sports domain.
A statement by Flipkart’s spokesperson said, “Mukesh Bansal, Head of Commerce Platform, Flipkart is moving out of his active role to be an advisor to the company. Mukesh has played a huge role in making Myntra the number one fashion destination and helped build a strong platform at Flipkart.” It further said Mukesh plans to take a break from work for the next 3-6 months to spend time with family.
After the takeover by Flipkart, Mukesh was put in charge of the entire fashion domain of Flipkart. There were even rumours that he would be elevated to CEO of Flipkart after Sachin Bansal took over the Chairman position in the company.
However, the CEO role was given to Flipkart’s co-founder and COO, Binny Bansal earlier this year. According to a report by a leading English daily, this move did not go too well with Mukesh, even though he had not admitted this publicly.
Mukesh had entered into Flipkart at a time when Amazon just started its aggressive push for growth in the Indian market. The idea to join hands with Flipkart was resisted for some time, until he realised that it was better to tie up in order to better compete with Amazon.
It was only in January this year that Myntra said that it aims to turn profitable by FY17.
Mukesh told the daily that it was very challenging initially when he came to Flipkart due to the scale and size being much bigger and the fact that the company was growing at a frenetic pace.
He was at the centre of all the major developments at Flipkart during his two-year tenure at the company, which had won him the trust of employees and investors alike, who had welcomed his leadership. His involvement in Flipkart grew after a year of being brought over and helped in keeping the company ahead with competition from Amazon heating up.
He had also got Ananth Narayanan as the new CEO of Myntra so that he could focus on Flipkart. There were however rumours that all was not well in the company with many senior-level management exits.