Mukesh
Bansal has resigned as head of commerce and advertising platform at Flipkart
and will be moving to an advisory role. The development comes weeks after
management restructuring at India's largest e-commerce company which saw Binny
Bansal taking over as the CEO and Sachin Bansal moving to the role of executive
chairman at Flipkart.
Mukesh,
the founder of Myntra, will stay with the company for two more months for
smooth transition of business to Binny Bansal. Another senior executive, chief
business officer Ankit Nagori, has also quit Flipkart to start his own venture.
Nagori will stay with Flipkart for about three months.
A
computer science graduate from IIT-Kanpur, Mr. Bansal founded Myntra in 2007.
He sold Myntra to Flipkart in one of the largest M&A deals in the Indian
e-commerce space. While neither companies had disclosed the deal size, it was
estimated to be worth about Rs. 2,000 crore.
Mukesh
Bansal plans to take a break from work for the next 3-6 months to spend time
with family.
“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,” a Flipkart spokesperson said in an emailed statement.
"I
have been discussing this for a while with both Sachin and Binny and it felt
this was right time to do it. We finalised it pretty much last month when the
management restructuring happened. We have built great leaders who will take
Flipkart and Myntra to new heights now. I will take a break and then think of
what to do next," Mukesh Bansal told TOI.
"My
two years with Flipkart has been nothing short of fairy tale. Sachin and Binny
have built a very unique company that has practically created the e-commerce
industry in India and consistently led in innovation like COD, eKart, 30-day
return and m-commerce. The Audacity, Flipkart first and Bias for action have
been cornerstone of the Flipkart culture that enables us to dream big and consistently
beat our own expectations. We are well on our way to build India's first real
tech company, drive genuine innovation and transform commerce in India through
technology," Mukesh Bansal wrote in a letter to Flipkart employees.
Mukesh
Bansal’s departure is one of the
most high-profile exits yet for Flipkart, which is competing head-on with
Amazon India and Snapdeal for a larger share of the booming Indian online retail
industry.
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