Mukesh Bansal, the head of commerce and advertising business and Ankit Nagori, Chief Business Officer of Flipkart has put in his papers. Mr. Nagori 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. Bansal, who joined Flipkart when the online marketplace acquired fashion retailer Myntra in 2014, will continue to be an adviser to the company.
“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,” a Flipkart spokesperson said in an emailed statement.
Mukesh Bansal plans to take a break from work for the next 3-6 months to spend time with family. A computer science graduate from IIT-Kanpur, Bansal founded Myntra in 2007. He sold Myntra to Flipkart in one of the largest Merger and acquisition deals in the Indian e-commerce space. While neither companies had disclosed the deal size, it was estimated to be worth about `2,000 crore.
Mukesh Bansal’s departure is one of the most high-profile exits yet for Flipkart, 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.