Source | LiveMint : By Mihir Dalal
Bengaluru: Mukesh Bansal and Ankit Nagori, who are among the most powerful executives at Flipkart Ltd, have resigned to start their own ventures, leaving co-founder Binny Bansal firmly in control of the country’s largest e-commerce company. Mukesh, the head of Flipkart’s commerce platform and its fledgling advertising business, will leave by April, while chief business officer Nagori will exit by May.
Both plan to start new ventures. Nagori said he will launch a sports talent development company that will be funded initially by Flipkart co-founders Sachin Bansal and Binny Bansal, while Mukesh said he will start a new venture after taking a break for 3-6 months. Flipkart is looking for a replacement for Nagori while the company said it may replace Mukesh over time.
The surprising departures of Mukesh Bansal and Nagori follow a restructuring undertaken by Flipkart in January when the company named Binny as its new chief executive, replacing Sachin.
The company claimed that the move would strengthen its management bandwidth as it seeks to combat arch rival Amazon India and kick off preparations for an expected initial public offering (IPO) over the next few years.
Sachin is now executive chairman, handling discussions with investors and regulators.
After naming Binny as CEO, Flipkart restructured the company’s core retail and marketplace business, called the commerce platform, into three large product-oriented groups and an engineering division. The three product groups within the commerce platform are marketplace product group, consumer product group and service product group.
With Mukesh Bansal’s resignation, Binny now has total control at Flipkart. The onus is on him to keep Amazon India at bay and maintain Flipkart’s position at the top of India’s e-commerce business.
Amazon (Amazon Seller Services Pvt. Ltd) has been gaining market share from Flipkart and Snapdeal.com (Jasper Infotech Pvt. Ltd) over the past year and analysts and investors say that the US-based online retailer may overtake its local rivals within the next two years.