Anup Vikal, the chief financial officer (CFO) and general counsel of Jasper Infotech — the parent company of Snapdeal, has submitted his resignation from the company.
It was first reported by Economic Times, but the report mentions that they have not yet received any confirmation regarding this. The development comes after around two months of the Flipkart-Snapdeal merger deal, which didn’t materialize.
The departure of Anup Vikal is the latest in a list of about dozen executives who have either resigned from the company or are serving their notice period.
Earlier, the company’s VP of Product, VP of Engineering and Head of IT had left the firm, among many other senior-level executives.
Anup Vikal had joined Snapdeal in October 2015 from Aircel, where he also led the telecom operator’s finance operations. Prior to joining Aircel, Vikal was the group CFO and head of IT and strategy at InterGlobe Enterprises, which owns and operates the country’s leading airline IndiGo.
As per the report, discussions between Anup and the Snapdeal founders have been taking place over the last month. The date of his last working day at Jasper Infotech is not yet clear.
During his stint of over two years at Snapdeal, Vikal has also been spearheading the company’s efforts in offloading assets and exiting from the investments it has made in multiple ventures, in a bid to shore up its balance sheet.
The Flipkart-Snapdeal merger deal was being led by Anup Vikal on behalf of the Snapdeal with Flipkart. He was reportedly in favour of deal going through, but due to few of Snapdeal’s stakeholders, the founders’ reluctance to sell, and the onerous terms and conditions set for the sale, led to the failure of the deal.
After that, the company decided to keep operating business as an independent entity with a new strategy — Snapdeal 2.0. It decided to raise money by selling all of its non-core assets and entities. In line with that, Snapdeal recently sold off its payments platform FreeCharge for around ₹385 crore to Axis Bank.