News: Mukesh Bansal quits Flipkart to start his own venture


Mukesh Bansal quits Flipkart to start his own venture

Weeks after the top rejig at Flipkart where Binny Bansal took over as the CEO of the company, two top executives Mukesh Bansal, the Head of Commerce, and Ankit Nagori, the Chief Business Officer quit on Wednesday.
Mukesh Bansal quits Flipkart to start his own venture


Mukesh Bansal, the Head of Commerce Platform at Flipkart has resigned, weeks after the co-founder of the country’s largest e-commerce company, Binny Bansal, became the CEO. Bansal would, however, be an advisor to the company, Flipkart said in a statement.

 The company also saw another exit on Wednesday when its Chief Business Officer, Ankit Nagori also resigned to start an entrepreneurial venture in the sports domain. The company statement said, “Mukesh has played a huge role in making Myntra the number one fashion destination and helped build a strong platform at Flipkart, including India's strongest leadership team... Ankit has played an instrumental role in introducing newer initiatives at Flipkart and building the marketplace model for the company. Sachin and Binny will be supporting Ankit in his new initiative and will be his first investors." 

Mukesh Bansal, who founded Myntra, was leading the online fashion retailer as chairman, after selling it to Flipkart two years ago. He ceded its control to Binny Bansal in January. Now, Binny Bansal will consolidate the organisation as competition increases from rivals such as Amazon and Snapdeal. “I will help in the transition, and then, will take a break,” said Mukesh Bansal. “After that, I will look at starting out in the tech space.”

Nagori, who joined the company in 2010 as an engineer, will get the backing of Sachin and Binny Bansal for a sports platform he is starting up. “Developing sports in India is definitely a noble cause, and certainly one in which I am personally vested. We are there to support him fully,” Flipkart quoted Binny Bansal on its blog.

Myntra, the online fashion retail business was acquired by Flipkart for a $370 million in 2014. Analysts claimed Myntra’s merger with Flipkart in 2014 was engineered by common investors on boards of both the companies. Mukesh Bansal’s exit was imminent after an obligatory stay at the online marketplace. Calling his two years with Flipkart "nothing short of fairy tale", he said Sachin and Binny have built a very unique company that has created the e-commerce industry in India and consistently led in innovation like COD, eKart, 30 Day Returns and m-commerce. Mukesh said though his journey comes to an end, he will always be "deeply emotionally" connected to Flipkart and Myntra, and will continue to be available from outside as sounding board and mentor to the team.

Source: The Business Standard





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Topics: C-Suite, Leadership

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