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Myntra founder Mukesh Bansal, chief business officer Ankit Nagori quit Flipkart

Myntra founder Mukesh Bansal and senior executive Ankit Nagori have resigned from Flipkart. The move comes after a major reshuffle at Flipkart that saw Binny Bansal getting elevated to the CEO position.

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Almost a month after top-level reshuffle where co-founder Binny Bansal was elevated as the CEO of Flipkart, the company’s head of commerce and advertising business, Mukesh Bansal and chief business officer Ankit Nagori have put down their resignation. While Mukesh Bansal will continue working with the e-commerce site until March end, Nagori will stay on till May. Mukesh joined Flipkart in May 2014 when the company acquired the fashion portal Myntra for an estimated $375 million.

A graduate from IIT-Kanpur, Mukesh started working as a software engineer for a consulting firm Deloitte, followed by some startups. During his early days, Mukesh spent a decade in Silicon Valley before founding customized gifts and merchandising portal Myntra in 2007. He was also one of the top talent hirings from Silicon Valley, who was also rumored to be a top contender for CEO’s post.

Mukesh’s departure from Flipkart also marks the most high-profile exit for the company, which is currently facing fierce competition for dominance among its rivals Snapdeal and Amazon India. With Mukesh gone, Binny Bansal will be at the helm to oversee the company’s advertising and commerce platforms. It is also important to point out that Mukesh’s exit comes right when the e-commerce company has set aggressive targets for growth with an aim to sell goods worth $12 billion by the quarter ending March 2016, which is almost three times more than last year.

ALSO READ: Flipkart appoints Binny Bansal CEO, Sachin Bansal appointed Executive Chairman

“Mukesh will continue to be an adviser to Flipkart and Myntra, besides me and Sachin (Bansal) personally. He has been one of the best leaders that I have had the privilege to work with,” Binny Bansal told ET Tech.

“Things are all settled at Flipkart now and the time is right. Myntra has a new leader and is on a good path to profitability. Over the past one year, we have built the best leadership team for Flipkart,” said Mukesh Bansal. After completing his tenure, Mukesh plans to take a sabbatical for three-six months before starting up again.

Meanwhile, Nagori an IIT-Guwahati alumnus has been working with Flipkart since 2010. After departure from Flipkart, he plans to start a company that focuses on sports talent development, something that he is passionate about. Sachin and Binny Bansal are likely to back his new endeavor. Nagori also posted a Tweet with a link to his blog on his experience along with a comic strip that says “It’s time to ‘go explore.’

There are also reports that Flipkart is looking forward to raise about $1.4 billion, Rs 9,200 crore approximately, in a bid to continue its momentum in e-commerce segment.

Image: Zee News

  • Published Date: February 10, 2016 9:34 PM IST
  • Updated Date: February 12, 2016 10:05 PM IST