Amid investment talks with Walmart, Flipkart CFO puts in his papers
It also comes in a year that has been defined by high-level resignations and a huge layoff in July
Flipkart CFO Sanjay Baweja has put in his papers and will be leaving the company on December 31st, according to local media reports.
The news comes in context of an Indian e-commerce unicorn that is struggling to keep its top brass on board for the long-term. Furthermore, the company is currently in discussions with US retail giant Walmart about a potential investment.
The most significant change for the company in the last 12 months was the decision by Sachin Bansal to step down as CEO in January to be replaced by COO Binny Bansal.
A month later, Mukesh Bansal, the Founder of e-commerce fashion startup Myntra, one of Flipkarts major acquisitions, and who had been tabbed to lead Flipkart’s commerce platform, left the company.
Also Read: Flipkart in talks with Wal-Mart to raise up to US$1B to check Amazon’s dream run in India
The company also lost its Chief Product Officer, Punit Soni (who was wooed away from Google) and its General Counsel Rajinder Sharma in the following months.
Furthermore, Flipkart reportedly fired anywhere between 700 and 1,000 people in July.
Flipkart is losing Baweja, who was in charge of matters such as fundraising, while it is said to be in talks with Walmart — the world’s largest company according to the Fortune Global 500 list — about potential investment.
Walmart has done a remarkable job of transitioning into the e-commerce industry, and an investment into Flipkart is seen as a strategy to compete with Amazon in India. An example of the strategy just occurred in China, as Walmart finalised a US$50 million investment in JD.com’s grocery service New Dada to compete with Alibaba.
It remains unclear who will replace Baweja in January.
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