“Ankit Nagori is also moving on from Flipkart 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.
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Mukesh Bansal was supposed to continue in his roles as chairman of Myntra and head of the commerce division. “Over the past one year, we have built the best leadership team for Flipkart”, said Mukesh Bansal.
“We have 60% market share of m-commerce in India, four times bigger than our closest rival”, Binny said in an interview on Wednesday. “Binny, along with the leadership and the awesome talent pool at Flipkart, will do justice to any mandate and continue to push the boundaries for e-commerce / Internet businesses in India and beyond”.
In May 2014, Flipkart bought fashion e-tailer Myntra for a reported $330 million. We have a three-time lead in the fashion category compared to our competitors. In the last 20 months we have put in all our energy into winning mobile commerce and we have truly become a mobile-first company. “Also, in the next few months I will make sure I spend more time with my family, who has always been fully supportive of my adventures with Flipkart”, Nagori said in the email. Since then, he has been working very closely with Sachin and Binny on all aspects including strategy and organization. Mukesh said in the letter, “I am looking forward to a long break after my transition and catching up on my reading, travel and fitness”.
He further added that he got financially and emotionally vested in the success of the group and for him, it was about setting up the company for long-term success.
“I have been discussing this for some time with each Sachin and Binny and it felt this was proper time to do it. We finalised it just about final month when the administration restructuring occurred”.
“He has been one of the best leaders that I have had the privilege to work with”, he added.
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.
Meanwhile, Nagori an IIT-Guwahati alumnus has been working with Flipkart since 2010.
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Mukesh’s exit comes at a time when Flipkart has set a goal to sell goods worth $12 billion by March 2016 which is nearly a three-fold increase from previous year during the same period.
