Christmas may be just around the corner, but it doesn’t seem to be a very happy season for some startups.
The last week of November saw a few of the biggest names in the startup ecosystem bidding their companies adieu to venture into supposedly greener pastures.
So without wasting much time, let’s get cracking on the executive shuffles that caught the Indian startup world off guard.
Things haven’t been going great for Flipkart as it faced two consecutive markdowns in a week, first by multinational financial services Morgan Stanley and then by US-based investment firm Vanguard.
To make things even worse, it was reported on Wednesday that Flipkart CTO, Peeyush Ranjan will be leaving the company by the end of December. He had joined the Indian e-commerce major in 2015 as their Director of Engineering.
While speaking to The Economic Times, he cited family matters as one of the major reasons for moving to the United States, a move which will leave him unable to continue with Flipkart.
It was also reported that Peeyush will be joining alternative stay network Airbnb as Vice President of Engineering, basing himself out of San Francisco.
If the group CTO leaving wasn’t enough, Paroma Chatterjee, Director — Seller Ecosystem, Flipkart, put in her papers, adding to the company’s troubles.
According to media reports, her resignation was internally announced to the team last week. She used to report to Anil Goteti, Head of Marketplace.
However, the departure of top executives isn’t exactly an unfamiliar situation for Flipkart. Just last month, Flipkart CFO Sanjay Baweja quit after a two-year stint with the company. On the list of recent exits was also Flipkart’s HR Director Priya Cherian who left the company to join Alibaba.
Other notable exits from Flipkart this year include former Chief Product Officer, Punit Soni; former Commerce Platform Head and Myntra Co-founder Mukesh Bansal; former Chief Business Officer Ankit Nagori; and Head of Seller Business and Ecosystem Manish Maheshwari, amongst others.
On Tuesday, reports emerged that Meru Cabs’ Chief Executive Officer, Siddhartha Pahwa had decided to quit after being with the cab aggregator for five years.
Sharing his announcement on LinkedIn, he said,
Dear friends. Thank you very much for the wishes on completing five years at Meru. It has indeed been one of the most satisfying and enriching experiences. Meru is stable and will continue to grow profitably. Hence, I have decided to move on. I thank once again for all the support received from all of you. Cheers, Sid.
The company’s Chief Technology Officer, Nilesh Sangoi, is expected to fill in Siddhartha’s shoes.
The bug seems to be catching, and no e-commerce company is safe. Flipkart-owned Myntra also saw its Chief Technology Officer, Shamik Sharma, putting in his papers, according to the Times of India.
Confirming the development, Myntra said that Shamik has moved on to an advisory role and will continue to contribute to the company’s product and technology growth.
Further, it is also said that engineering SVP Ajit Narayanan has now been appointed the new Myntra CTO.
On Monday, it was reported that Rajiv Sodhi, Vice President and Managing Director of GoDaddy India and Australia, had quit to head the cloud and server business for Microsoft India.
Rajiv, who joined GoDaddy in 2012, was responsible for setting up the company’s India arm. He was also with Microsoft between 2002 and 2012.
In a company statement, Naspers-backed PayU announced on Sunday that it had appointed Maneesh Goel as its new Chief Financial Officer.
Having served as the CEO of DEN Snapdeal TV-Shop, building a TV commerce business, Maneesh has over 19 years of experience in the field of finance.
He has also worked as CFO for iDiscoveri Education and Getit Infoservices (Askme.com).
Online lending marketplace CoinTribe has appointed Pankaj Ghanshani as the Vice President and Head of Products.
Having more than 10 years of industry experience, Pankaj has worked with multinationals like Oracle India, Amazon, and Expedia.
In his new role, he will be the driving force behind CoinTribe’s product vertical. He has previously been in a senior product leadership position at CommonFloor, the online real estate platform.
Pankaj also co-founded Lifepad.in, a marketplace of fully furnished homes which aimed at simplifying rental living in India.
While e-commerce majors losing out on top executive talent has definitely been a talking point, it is Flipkart that has managed to garner the most attention. Until something new comes along to grab headlines, the question of the hour remains how Flipkart is going to manage to turn things around and see a resurgence in the market.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.