Snapdeal is in talks with larger rival Flipkart for a stake sale. The company has been undergoing financial and business due diligence for last few weeks
At a time when as the merger of e-commerce firm Snapdeal with rival Flipkart remains uncertain, another senior executive Vivek Patankar has quit the firm, according to people privy to the development.
Patankar was the senior vice president, business finance at Snapdeal and had been with the company for the last over two years.
He was brought in at a crucial time when the company's then chief financial officer Akash Moondhra had left.
Snapdeal is in talks with larger rival Flipkart for a stake sale. The company has been undergoing financial and business due diligence for last few weeks.
A chartered accountant with a Masters in Business Administration from Jamnalal Bajaj Institute of Management Studies, Patankar was responsible for business partnering, financial planning and procurement.
Patankar who earlier has worked with companies such as Unilever and Marico Limited is expected to have quit the e-commerce firm to join an offline retail firm in India, according to one of the persons quoted above.
Patankar confirmed that he has quit Snapdeal but declined to comment further.Explainer: Why are Indian Startups Stumbling?
His departure comes at a time when Snapdeal is also mulling an alternative survival plan in case the company's merger with Flipkart doesn't go through.
According to an alternative plan, Snapdeal may witness another round of layoffs which may impact 600 to 1,000 odd employees, Moneycontrol reported last email@example.comGet access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.