Mukesh Bansal Quits Flipkart; To Continue As Flipkart’s Advisor

Mukesh Bansal, founder of Myntra, who was recently appointed as Head of Commerce Platform for Flipkart’s core business, has resigned and will continue with the ecommerce giant until the end of March, reported ET.

Also, chief business officer Ankit Nagori has resigned, and will be serving Flipkart for another three months.

Flipkart co-founder Binny Bansal, who will now directly oversee the commerce and advertising platforms, said, “Mukesh will continue to be an adviser to Flipkart and Myntra, besides me and Sachin (Bansal) personally. He has been one of the best leaders that I have had the privilege to work with.”

Mukesh Bansal joined Flipkart when it acquired his fashion portal Myntra for about $375 Mn in May 2014.

As of now, Mukesh Bansal’s departure is said to be the most high-profile exit yet for Flipkart, which is locked in a fierce rivalry with Amazon and Snapdeal for dominance in India’s online retail industry.

“Things are all settled at Flipkart now and the time is right,” said Mukesh Bansal, who plans to take a break for 3-6 months from work  and return to starting up after that. He further added, “Myntra has a new leader and is on a good path to profitability. Over the past one year, we have built the best leadership team for Flipkart.”

As for Ankit Nagori, he has been with Flipkart since 2010 and now plans to start a sports talent development company – a field he is passionate about. The firm is likely to be backed by Sachin Bansal and Binny Bansal, Nagori said.

As part of restructuring last month, Flipkart had announced Sachin Bansal (CEO & co-founder) as the Executive Chairman in the company, on the other hand, Binny Bansal (COO and co-founder) as the new Chief Executive Officer. Mukesh Bansal was also given charge of Flipkart’s recently-launched advertising business that Sachin Bansal was helming.

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