Soon after the revamping of the top management at Flipkart, its head of commerce, Mukesh Bansal and its Chief Business Officer Ankit Nagori have put in their papers. It has been reported that they have quit to start their own ventures in the coming months.
Ankit is starting his own venture in the sports domain, reportedly Flipkart co-founders Sachin Bansal and Binny Bansal are the first investors of his company. On the other hand Mukesh will retain his position as the advisor to the eCommerce company.
Flipkart spokesperson quoted, “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.”
Mukesh is looking towards a break from work in the coming 3-6 months and wants to relax with family. Mukesh, a CS graduate from IIT-K, founded fashion eCommerce platform Myntra in 2007 and it was sold to Flipkart. Though the deal was not disclosed, it was estimated to be around Rs 2,000 crore. His exit from the company marks one of the most high profile exits from the yet and this comes at a time when the company is fiercely competing with US-based eCommerce giants Amazon and local rivals Snapdeal.
On Ankit leaving the company, the spokesperson stated that Ankit has played an instrumental role in introducing new initiatives at Flipkart and building a marketplace model for the company. Sachin and Binny will be supporting Ankit in his new initiative and will be his first investors
The Myntra acquisition took place with common investors being the bridge, Mukesh’s joining in the new company was obligatory and his leaving the company was predicted then itself. As reported, Alibaba was about to invest in Flipkart and this exit might be just another indicator for the same.
Since its inception, Flipkart has acquired six companies in total, which include MapMyIndia, FX Mart, Appiterate, Myntra, Lets Buy and WeRead, raising a total of $3.15 billion from 16 investors. The company has also invested in various tech startups including TinyStep, ZAPR, MechMocha, BlackBuck, Qikpod, Cube26, NestAway and Zinka Logistics.