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Flipkart management reshuffle continues. Commerce head Mukesh Bansal resigns, will stay on as advisor

Speed News Desk | Updated on: 14 February 2017, 5:38 IST

Weeks after the top-level rejig at Flipkart, the e-commerce giant's head of commerce and advertising business Mukesh Bansal has put in his papers.

Mukesh Bansal, who joined Flipkart when the online marketplace acquired fashion e-retailer Myntra in 2014, will continue to be an advisor to the company. A Flipkart spokesperson made the announcement in an emailed statement:

"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 Bansal plans to take a break from work for the next 3-6 months in order to spend time with family.

A computer science graduate from IIT-Kanpur, Bansal founded Myntra in 2007. He sold Myntra to Flipkart in what is one of the largest M&A deals in the Indian e-commerce space. While neither companies disclosed the deal size, it was estimated to be worth about Rs 2,000 crore.

Mukesh Bansal's departure is one of the most high-profile exits yet for Flipkartann, which is competing head-on with Amazon and Snapdeal for a larger share of the booming Indian online retail industry.

Binny Bansal will now directly oversee the commerce and advertising platforms.

Flipkart's Chief Business Officer Ankit Nagori has also quit the firm to start an entrepreneurial venture in the sports domain. Interestingly, Flipkart co-founders Sachin and Binny Bansal are the first investors in his new company. Announcing his departure, Flipkart said:

"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".

In January, Flipkart announced a major top management reshuffle with Binny Bansal taking over as CEO in place of Flipkart co-founder Sachin Bansal. Sachin took over as the Executive Chairman.

-With agency inputs

First published: 11 February 2016, 12:06 IST
 
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