Update: Snapdeal confirmed Govind Rajan’s departure from the company with the following statements:
“Govind has brought incredible energy and focus in growing FreeCharge. The pace of progress will continue with the strong team that he has built. I am sure he will bring the same level of passion and resolve whatever he chooses next. I wish him the very best”- Kunal Bahl, CEO & Co-Founder Snapdeal
“ It has been a unique privilege to helm FreeCharge in these exciting times of rapid growth and user focused innovation. I am confident that FreeCharge will achieve still greater heights under its incredibly talented team and I look forward to facilitating the transition over the next few weeks”- Govind Rajan
FreeCharge’s CEO Govind Rajan has quit the payments company, reports the Economic Times. The publication added that Rajan gave his resignation late Tuesday which was accepted Snapdeal’s leadership. We have written to Snapdeal for a confirmation and will update once we hear from them.
The report added that Jason Kothari, Snapdeal’s chief investment and strategy officer, will be taking over FreeCharge’s business operations. Kothari is responsible for Snapdeal’s corporate development including all investments and strategic partnerships, raising new capital for the company, portfolio management, and overseeing companies Snapdeal wholly owns or has invested in.
In May 2016, FreeCharge promoted Govind Rajan as the Chief Executive Officer, while co-founder Kunal Shah took charge as Chairman of the company. In the same month, the company’s Chief Product Officer Anand Chandrasekaran put down his papers.
Rajan joined the company as its chief operating officer in 2015 from Airtel Money (where he was CEO), to look into Snapdeal’s payment solutions. Meanwhile, Kunal Shah has joined venture capital firm Sequoia Capital as an advisor and will be looking at mentoring its portfolio across India and South Asia.
Snapdeal had acquired Freecharge in 2015, in a $450 million deal. So far Snapdeal is maintaining Freecharge as a separate entity with its management team, however, both the e-commerce and mobile payments arms cross-sell each other’s businesses on their websites and apps.
Snapdeal has also been shutting down some of its companies. Earlier this month, it shut down its C2C handicrafts marketplace Shopo.Last year, Snapdeal merged Exclusively.in, a luxury fashion store it had acquired in 2015. The Exclusively.in website was discontinued and would not accept orders from users while the brand would be retained
Other moves at Snapdeal and FreeCharge
– Snapdeal witnessed two top executives leaving the company in this month: Abhishek Kumar, the company’s head of corporate development and senior vice president Sandeep Komaravelly had put down their papers
– In November last year, Vijay Ghadge, the COO of Vulcan Express, Snapdeal’s logistics arm, had left the company after joining the position in July, the same year. Note that it recently opened 6 new fulfilment centres through Vulcan Express.
– In October, FreeCharge appointed Karthik Rajeshwaran as director of strategy. Rajeshwaran joined the company from Obi Worldphone where he functioned as head of global marketing.