It seems, there’s no end to the road of troubles for Indian ecommerce firm Snapdeal. After going through a period of tiresome acquisition discussions with Indian ecommerce leader Flipkart, which eventually fell through, the firm has now seen a high profile exit.
Anup Vikal, the chief financial officer (CFO) and general counsel of Jasper Infotech, the parent company of Snapdeal, has put in his in papers and decided to leave the organisation for greener pastures after completing two years of employment with the firm.
Vikal’s resignation comes at a time when several senior Snapdeal executives have either, already hung up their boots, or are currently serving their notice period. The high profile list includes names such as Viraj Chatterjee, VP of engineering; Srinivas Murthy, VP of marketing; Gaurav Gupta, head of IT and Pradeep Desai, vice-president of product, among several others.
“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 Snapdeal, which the deep bench of Snapdeal’ finance team will continue. I wish him the very best for his professional pursuits,” Kunal Bahl, chief executive of Snapdeal, said in a statement to Economic Times.
Vikal had joined Snapdeal in October 2015 from Aircel, where he was also given the responsibility of heading the telecom operator’s finance operations. He is now reportedly planning to join Essar Oil, which was acquired Russian energy behemoth Rosneft, global commodity trading and logistics giant Trafigura and United Capital Partners in 2016 for a gigantic amount of $12.9 billion.
Immediately after the Rs 385 crore Freecharge-Axks Bank deal came to a close, Snapdeal founder and chief executive officer Kunal Bahl made his mind clear to the employees that he was not in the favour of being acquired by Flipkart.
In a letter written to his employees, the Wharton graduate wrote that now that the Freecharge responsibility is off their shoulder, it is now time to “focus energy and passion on continuing the Snapdeal journey.” The letter was considered testimonial of the fact that Bahl still had confidence in Snapdeal.
The Snapdeal-Flipkart merger deal was being enthusiastically pursued by Snapdeal investors, following the cut-throat competition the company is facing in the country from global ecommerce giant Amazon and its domestic rival Flipkart. However, after inflow of cash from FreeCharge sale, Snapdeal decided to give independent run another chance.
This development was first reported in Economic Times.
(Image: The Indian Wire)