Days after the dramatic exit of Flipkart founder Binny Bansal over “personal misconduct” allegations, which stook the Indian entrepreneurs, there are now reports of Myntra–Jabong CEO Ananth Narayanan and CFO Dipanjan Basu putting in their papers.
In a reply to TOI, without confirming or denying the reports, Kalyan Krishnamurthy, CEO, Flipkart, said, “The Flipkart group is committed to the success of Myntra and growing the business, now more than ever. The Myntra team has been doing innovative work to grow the company and create India’s leading online platforms for fashion and lifestyle. We want to empower the Myntra team to continue to operate independently to achieve even greater success.”
In a Walmart statement on the resignation of Binny Bansal, the retailer said, that going forward, Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong.
The statement further said, that Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong, and will report into Kalyan.”
Further adding to the troubled times for Flipkart, reports have also surfaced that Myntra could see a significant reduction in its workforce by 100, the number could go up to 500.
Ananth Narayanan, a former McKinsey & Company executive was brought on to head Myntra in 2015, after the exit of Myntra Co-Founder Mukesh Bansal. Dipanjan Basu joined Myntra in 2016, after his stint as Vice President at Wipro.
Earlier this year, Gunjan Soni, Chief Marketing Officer at Myntra and Head of Jabong, along with Ananya Tripathi, Chief Strategy Officer and Head of Categories at Myntra, had also quit the fashion company.
Post Walmart’s acquisition of Flipkart in August this year, in behemoth $16 billion deal, Flipkart co-founder Sachin Bansal was forced out of the company after differences arose with the company’s then board members regarding his role after the acquisition, as per reports.
While Flipkart continues to lead the Indian e-commerce industry, it is to be seen how the recent upsets are going to affect the company as it continues to compete with its e-commerce rival Amazon and Paytm Mall, which is starting to boost its business aggressively.