Aakash Moondhra, chief financial officer (CFO) at e-commerce major Snapdeal.com, has quit the company.
This is the second high profile executive exit in as many months. In February, Snapdeal CTO Amitabh Misra had quit the company. Around the same time Jeyandran Venugopal was roped in from Yahoo as technology advisor.
"He is transitioning out from his current role as CFO to be able to pursue his other interests and passions. He continues to be a key member of the Snapdeal family,” said a Snapdeal spokesperson.
The company declined to comment on whether it has chosen a new finance head.
Meanwhile, Moondhra did not share what he is planning to do next and whether it involves starting a new venture himself.
A Chartered Accountant with an MBA from Southern Methodist University, the US, Moondhra has previously worked at Baring Private Equity Partners (India), Bharti Retail, Bharti Airtel and AT&T.
Snapdeal has emerged as one of the top three e-com marketplaces in the country along with Flipkart and Amazon. It is also the second most funded tech venture in India behind Flipkart.
It has also been fairly active in raising money as well as striking deals.
In October 2014, Japanese telecom and internet firm SoftBank Corp (which is the single-largest shareholder of Alibaba) committed $627 million (Rs 3,846 crore) in Snapdeal. Its other investors include eBay, Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital, Ratan Tata, BlackRock, Temasek, Myriad Asset Management, Tybourne Capital, PremjiInvest and Saama Capital. Some of them also put in fresh money at the same time.
Earlier this month, Snapdeal acquired payments provider Freecharge in the biggest tech buyout deal to date and has bought a stake in Jabong’s spun out logistics unit GoJavas.
Last year Snapdeal's top rival in India Flipkart also brought in Sanjay Baweja from Tata Communications as CFO. The CFO role at Flipkart was being handled by a representative of its key investor Tiger Global after its previous finance chief quit in early 2013.
(Edited by Joby Puthuparampil Johnson) Leave Your Comment