Mukesh Bansal resigns as Flipkart’s Head of Commerce Platform
Mukesh Bansal, head of commerce platform of the e-commerce giant Flipkart and founder of Myntra, announced his resignation on Wednesday. The Chief Business Officer, Ankit Nagori also announced his resignation.
These resignations came right after Binny Bansal, the co-founder was made the CEO and Saachin Bansal was made the executive chairman.
Reportedly, Mukesh will continue with Flipkart for a few weeks and later be an advisor to the organisation.
Mukesh Bansal had joined Flipkart when it acquired his fashion portal Myntra in May 2014 for an estimated Rs 2,000 crore. Mukesh spearheaded Myntra even after the buyout and had said recently that the company would turn profitable by 2017, by slashing discounts. In FY15, Myntra, by some estimates, reported a loss of Rs 740 crore on revenues of Rs 758 crore, with the margin of loss rising to 98 per cent. Myntra appointed McKinsey director Ananth Narayanan as its CEO in July last year.
Flipkart’s losses in FY15 were close to Rs 2,000 crore — this includes Flipkart Internet and Flipkart India. Mukesh Bansal said he was taking a break of 3-6 months after which he would start a venture of his own.