Just over two months after merger talks with Flipkart fell through, beleaguered ecommerce platform Snapdeal has hit another snag. The company’s Chief Financial Officer (CFO) Anup Vikal has reportedly put in his papers. Vikal also served as the General Counsel of Jasper Infotech, the parent entity that runs the online marketplace.
According to some sources, the former Aircel CFO will be joining Rosneft-owned Essar Oil as its new Chief Financial Officer.
Confirming the development, Snapdeal co-founder and CEO Kunal Bahl said in a statement, “Anup has done sterling work at Snapdeal, building high levels of governance and helping structure various transactions of importance for the company. He has led the finance function with distinction, contributing immensely in furthering the profitability initiatives of the company, which the deep bench of Snapdeal’ finance team will continue. I wish him the very best for his professional pursuits.”
Vikal was brought on board in October 2015, after the then CFO Aakash Moondhra resigned. Prior to that, he worked as the Group CFO, Head of IT & Strategy at InterGlobe Enterprises, a Gurugram-headquartered conglomerate that owns and operates IndiGo airlines. He also spent several years as the VP – Finance Head of telecom major, Bharati Airtel.
During his time at Snapdeal, Vikal spearheaded all activities pertaining to offloading assets and transferring ownership of assets for strategic financial reasons. He was also responsible for leading a number of exits from ventures Snapdeal had invested in over the course of the last three to four years.
As per reports, Vikal also played an integral role in the proposed acquisition deal with Flipkart, which was ultimately abandoned towards the end of July this year.