BENGALURU: Flipkart is now one Bansal short, as in a high- profile exit, Mukesh Bansal, Myntra’s head of commerce and advertising business, has resigned.
Bansal had founded Myntra, India’s biggest online fashion retailer, and it was acquired by Bengaluru-based Flipkart in 2014 for a consideration of about Rs 2,000 crore. The merger is said to have been majorly influenced by two of their large common shareholders, Tiger Global and Accel Partners. Even post the merger, Myntra continues to function and operate independently. It today enjoys a marketshare of 50 per cent to 70% across categories.
This development comes barely days after Binny Bansal, the co-founder of Flipkart, was elevated to the post of CEO, in the rejig at the top. The other founder of Flipkart Sachin Bansal became the Executive Chairman when Binny Bansal was made the CEO. Joining Mukesh on the way out is also Ankit Nagori, the chief business officer.
Binny Bansal was quoted by a section of the media as saying that Mukesh would continue to be an adviser to Flipkart and Myntra. “He has been one of the best leaders that I have had the privilege to work with,” Binny Bansal is reported to have added.
Mukesh Bansal would continue to advise founders Sachin and Binny Bansal, but would give up his active role in the running of the country. “Mukesh has played a huge role in making Myntra the number one fashion destination and helped build a strong platform at Flipkart,” it said.
Nagori, who joined the company in 2010 as an engineer will get the backing of Sachin and Binny Bansal for the sports engaging platform he is starting up.
Myntra was founded in 2007 by IIT graduates including Mukesh Bansal and had initially focussed on personalisation of gift items.
Mukesh’s departure is one of the most high-profile exit yet for Flipkart, which is competing with Amazon and Snapdeal for a larger share of the booming online retail industry.