Barely a month after a top deck reshuffle at Flipkart, head of commerce division and Myntra chairman Mukesh Bansal has quit the company. Chief business officer Ankit Nagori too has put his papers down. The development was first reported by the Economic Times.
Separately, a spokesperson for Flipkart confirmed the development to MediaNama. Flipkart’s official statement:
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, including India’s strongest leadership team. Ankit Nagori, Chief Business Officer, Flipkart is also moving on from Flipkart to start an entrepreneurial venture in the sports domain. Ankit has played an instrumental role in introducing newer initiatives at Flipkart and building the marketplace model for the company. Sachin and Binny will be supporting Ankit in his new initiative and will be his first investors. We thank both Mukesh and Ankit for their invaluable contribution to the growth of Flipkart and wish them all the best.
According to the Economic Times report Mukesh Bansal will stay on in the company till the end of March while Nagori will stay on till three more months.
Earlier in January, Flipkart named named Binny Bansal as the new chief executive officer while Sachin Bansal took on the role of executive chairman. The Bansals are not related.
Mukesh Bansal was supposed to continue in his roles as chairman of Myntra and head of the commerce division. At the time Mukesh Bansal was also given the added responsibility of Flipkart’s ads business. Binny Bansal will now oversee the commerce division and the ads business.
In May 2014, Flipkart bought fashion e-tailer Myntra for a reported $330 million. At the time Mukesh Bansal joined Flipkart’s board.
Ankit Nagori, a long-time employee of Flipkart, was named chief business officer in June 2015. In his previous role, Nagori was vice-president of marketplace and reported directly to Mukesh Bansal.
In September 2015, Flipkart confirmed that it raised $700 million in a fresh round of funding at a valuation of $15.2 billion. Tiger Global and existing investors including Steadview Capital participated in the fundraise. Sachin Bansal’s and Binny Bansal’s holdings of about 8.5% each in the company are now worth more than $1 billion.
The company had previously raised $700 million in December 2014 from a clutch of investors, and with the number of shareholders exceeding 50.
Recent departures and moves to advisory roles
– Ravi Vora, CEO of Strategic Brands at Flipkart quit in September, after a little over four years at the company.
– Flipkart’s CTO Amod Malviya moved to an advisory role earlier, while its Head of Engineering Sameer Nigam quit. More here.