Infibeam president Jason Kothari has quit the company, barely five months after he joined from Snapdeal. An official filing from the Bombay Stock Exchange shows that Kothari has stepped down to “spend more time abroad due to personal reasons” and will continue at Infibeam as a senior advisor.
Kothari was with Snapdeal for a year and a half as chief strategy and investment officer. He was the CEO and a board member of Freecharge briefly last year. Prior to that, he was CEO of Housing.com between 2015-2017 and also served on its board.
Last month, Infibeam shares plunged 73% after it surfaced that the company had given interest-free and unsecured loans to one of its subsidiary units. After word of the loans spread, traders on Dalal Street began offloading the company’s stock after receiving WhatsApp messages detailing the loans. The company released a statement soon after, declaring that there was no pending information or announcement that may impact its share price. The company’s stock, however, did not recover remarkably.
Infibeam runs an e-commerce platform, owns the payments platform CCAvenue, and is the government’s official partner for GeM (the government e-marketplace).