Raghu Krishnananda, chief product and technology officer (CPTO) at Myntra, a fashion e-commerce company owned by Walmart, has resigned from his position and will be moving on from the firm over the coming weeks, according to an internal memo seen by Moneycontrol.
Krishnananda, who joined Myntra a little over five years ago, is the second CPTO to depart from the Flipkart group in a span of about two months. On February 5, Moneycontrol had reported that Jeyandran Venugopal, CPTO at Flipkart, was leaving after an eight-year-long tenure.
"After a stint of over five years, Raghu has decided to explore the next chapter of life outside of Myntra," Nandita Sinha, chief executive officer (CEO), Myntra, said in the internal mail.
"As we seek the right talent to take on his responsibilities, Raghu's direct reports will report to me in the interim. I thank him for his contributions and wish him success in the journey ahead," she added.
Both Myntra and Flipkart are owned by Walmart, a US-based retail giant. The two companies together have a market share of over 57 percent in India’s fashion e-commerce market, analysts at BofA had said in a note to clients earlier this year.
Reliance’s Ajio and Nykaa Fashion are the other popular players in the online lifestyle market which is currently estimated at $16-17 billion and is projected to grow to $40-45 billion by 2028, according to a report jointly published by Bain & Company and Myntra last year.
Myntra confirmed the development to Moneycontrol.
Over the past months, Flipkart has seen several senior employees leave and Myntra recently restructured its operations to give its chief executive officer (CEO), Nandita Sinha, additional responsibilities of leading Flipkart Fashion alongside running Myntra.
CEO Sinha even roped in chief business officer Sharon Pais at Flipkart Fashion to strengthen her grip over the company after its chief left.
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