Chief Financial Officer of Flipkart Sanjay Baweja handed in his papers on Tuesday, marking another top level resignation from the e-commerce major. While a spokesperson for the company confirmed that Baweja had quit, he did not elaborate on the reason, according to Mint.
Flipkart has already started the process to fill the vacancy created by 56-year-old Baweja, whose last day with the company will be December 31. He had joined the Bangalore-based firm in November 2014 after stints at Emaar MGF, Tata Communications Ltd and Bharti Airtel.
Baweja had been brought attempting to bring Flipkart on to a profitable track and preparing the company for an eventual initial public offering. However, the company had been steadily posting increased losses, losing market revenue to Amazon and failing to draw new investors. At the same time, its valuation was being lowered by its existing investors, Mint reported.
There is speculation that Baweja may join the Tata Group and help with its e-commerce ventures, according to Financial Express.
Co-founder of Myntra Mukesh Bansal, who headed Flipkart's commerce and advertising business, had quit the e-commerce giant in February, along with Ankit Nagori, who was the chief business officer. In August, Sachin Bansal was replaced by co-founder Binny Bansal and re-designated executive chairperson.
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