Thursday, February 11, 2016

Myntra founder Mukesh Bansal and Ankit Nagori Quit Flipkart



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 Bansals 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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