Mukesh Bansal Leaves Flipkart
Mukesh Bansal, who was heading the commerce and advertising business of Flipkart, quit on Wednesday, weeks after the co-founder of the country’s largest e-commerce company, Binny Bansal, became the chief executive officer.Flipkart also lost another senior executive, Ankit Nagori, its chief business officer.
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.
“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.”
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.
“No founder wants to lose their company to a competitor. This was predicted right from the moment that acquisition happened,” said Debabrat Mishra, a director at the consultancy Hay Group, where he works with start-ups. “I think the obligatory period is over (for Mukesh) and he’s doing what he always wanted to do, be in charge of his own destiny.”
In the January rejig, co-founder Sachin Bansal became chairman, a role in which he will look at raising funds, hiring top talent and mentoring the leadership team, and not involve himself in day-to-day operations.
Binny Bansal’s elevation was christened as the “next phase of the journey” to build a great internet company out of India, ahead of a public listing in the US bourses in the next few years.