Online classifieds and e-commerce company, Justdial’s Chief Financial Officer Ramkumar Krishnamachari has put down his paper and his resignation has been accepted, the company informed BSE. He will continue to serve in his role till September 30, 2017. The company didn’t provide any details regarding the reasons why Krishnamachari decided to call it a day, after seeming quite buoyant during Justdial’s year-end earnings call a few months back.
Krishnamachari has been with Justdial for nearly seven years, and leads the finance, legal, taxation and secretarial functions. He is also responsible for investor relations and stakeholder management. His LinkedIn profile mentions that he had played an important role in laying the groundwork for and leading Justdial’s IPO in 2013, which had been fully subscribed with bids for more than 12 times the amount at hand.
This development comes less than a year after Justdial’s Chief Technology Officer (CTO) RV Raman had resigned. This was the second CTO the company has lost within a year. In November 2015, Sandipan Chattopadhyay had resigned as the CTO for unknown reasons. At the time, the company mentioned that he would continue to advise it on technical matters.
Note that in June last year, Shailendra Singh, Managing Director of Sequoia Capital India, left JustDial’s board of directors. A month before that, Ravi Adusumalli, Managing Partner at SAIF Partners had also left the company’s board.
Justdial financials: JustDial reported operational revenues of Rs 181.71 crore for the quarter ended March 31, 2017 (Q4 FY17), up 5.89% from Rs 171.60 crore in the same quarter last year. The company’s net profits for the quarter stood at Rs 25.35 crore, down 37.08% from Rs 40.29 crore in Q4 FY16. At the end of the quarter, JustDial was conducting 435,360 paid campaigns for advertisers, as compared to 368,800 paid campaigns in Q4 FY16, representing a growth of 18%. On dividing the operating revenue by the number of campaigns, it appears JustDial made Rs 4173 per paid campaign, down from Rs 4870 per paid campaign in the same quarter last year.