IndiaMART Reshuffles Top Management, Names New CSO, CFO

B2B marketplace IndiaMART InterMESH has announced two key changes at the top management level. While Jitin Diwan has been appointed as its new chief financial officer (CFO) from June 15, Prateek Chandra will transition into a new role within the company as chief strategy officer.

Diwan will take over from Chandra, who earlier served as the CFO of the company.

“Based on the recommendations of the nomination and remuneration committee, the board of directors have approved the transition of Prateek Chandra as the senior management personnel in a new role within the company as chief strategy officer with effect from June 15,  2024. He would relinquish his position as chief financial officer and key managerial personnel of the company with effect from the end of June 14, 2024,” said IndiaMART in a recent exchange filing.

“Board of directors approved the appointment of Jitin Diwan as senior management personnel in the role of chief financial officer designate of the company with effect from May 15, 2024, and as chief financial officer and key managerial personnel of the company with effect from June 15, 2024,” said the company.

This comes days after IndiaMART’s board also approved the scheme of amalgamation amongst its three wholly-owned subsidiaries – Busy Infotech Private Limited (transferor company 1), Hello Trade Online Private Limited (transferor company 2), and Tolexo Online Private Limited (transferee company). 

According to the company, the restructuring is aimed at streamlining group structure and optimising operations and costs across the wholly owned subsidiary companies.

Meanwhile, IndiaMART has re-appointed Dinesh Chandra Agarwal as MD and CEO for a period of five years, with effect from January 8, 2025.

Shares of IndiaMART fell sharply last week (down 3.8%). On Monday, the stock was trading 0.51% higher at INR 2,556.95 on the BSE at 2:50 PM. 

In Q3 FY24, IndiaMART reported a 27.4% decline in consolidated net profit to INR 82 Cr.