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Flipkart’s Woes Continue as Myntra CEO and CFO Quit After Binny Bansal’s Sudden Exit: Report

Myntra could also see its total workforce cut by a significant number.

Updated:November 16, 2018, 1:37 PM IST
New Delhi: Days after Flipkart co-founder Binny Bansal's exit from the company on charges of grave ‘personal misconduct’, Myntra CEO Ananth Narayanan and CFO Dipanjan Basu put in their papers, according to a report by Times of India.

The organisational rejig after Bansal’s exit, announced by majority owner Walmart, had Narayanan reporting to Flipkart CEO Kalyan Krishnamurthy.

It was common knowledge within the corridors that Narayan did not share the best of relations with Krishnamurthy. Earlier, Narayanan used to report to Binny Bansal.

With this, Krishnamurthy becomes the most powerful executive in the Flipkart group, for whom this is the second innings with the Bengaluru-based etailer.

Additionally, Myntra could also see its total workforce cut by a significant number. Two Myntra executives separately told TOI about talks of a potential cut in workforce doing the rounds within the company for a couple of months.

Narayanan joined Myntra as CEO in July 2015, taking over from Myntra co-founder Mukesh Bansal who was on his way out from the fashion-focused e-tailer. He came to Myntra from Mckinsey & Co. He joined the firm at a time when several executives from consultancy companies were joining Flipkart group companies and other top internet majors.

"There have been question marks over the future of Jabong and potential cost trimming of workforce," a mid-level staffer said. Most recently, Jabong's CEO Gunjan Soni had resigned from the company along with Ananya Tripathi who was head of strategy and category business.

Narayanan at Myntra had tried to scale the private label business with brands like Roadster and also pushed the company’s foray into offline channel with brick-and-mortar stores.

Flipkart's fashion business is headed by Rishi Vasudev. Flipkart has earlier claimed its fashion business had surpassed Myntra in gross sales. Under Narayanan, the company has also been trying to inch closer to profitability. Myntra's losses went down by about 25% to Rs 655 crore for the financial year ending 2017.
| Edited by: Aakarshuk Sarna
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