Head of Corporate Development of Snapdeal, Abhishek Kumar, has resigned. This is the 2nd instance of a senior executive leaving the company as it struggles to find more funding and reduce spending the amount that is available.
He was associated with the online marketplace for near about 3 years and was responsible for overseeing the acquisition of $400 million mobile wallet company, FreeCharge in 2015. He is presently serving notice period in the company, a spokeswoman of Snapdeal stated.
According to executives of Snapdeal who are aware of the development, Abhishek Kumar along with Rohit Bansal and Kunal Bahl took part in raising fresh funds for the company. But, funds have yet not come through. Kumar’s responsibilities will be taken over by former CEO of Housing.com, Jason Kothari, who has been hired as the chief strategy and investment officer in January, 2017.
Sandeep Komaravelly who was the senior vice-president of Shopo, Snapdeal’s mobile customer-to-customer marketplace, left the organisation in January, 2017. He joined the organisation in the year 2010 and was head of marketing of the company from 2010 to 2015. He is also the person who brought onboard Aamir Khan, for the Unbox Zindagi promotional campaign.
According to a Snapdeal spokeswoman, Komaravelly has moved on to pursue other opportunities whereas Abhishek Kumar decided on taking forward his entrepreneurial interest. Both the person’s were not available for any comment.