Anup Vikal, the Chief Financial Officer (CFO) and general counsel of Jasper Infotech, which is the parent company of the online marketplace Snapdeal has resigned from the company. The resignation comes just two months after the scheduled acquisition by the rival Flipkart crumpled.
Anup Vikal may join Essar Oil soon. He joined Snapdeal in October 2015 from Aircel. He has worked for InterGlobe Enterprises, the parent company of India’s leading airline IndiGo, where he was the chief financial officer (CFO) as well as the head of IT and strategy.
Snapdeal has recently seen a lot of resignations and exits. In May, its Human Resource (HR) Head Saurabh Nigam resigned. A number of senior executives including Tony Navin, head of partnerships and strategic investments; Sandeep Komaravelly, senior vice president – Marketing, Anand Chandrasekaran, chief product officer; Abhishek Kumar, head of corporate development; and Amit Maheshwari, CEO of Snapdeal’s luxury and premium fashion portal Exclusively, Pradeep Desai, vice-president of product; Viraj Chatterjee, VP of engineering; Gaurav Gupta, head of IT and Srinivas Murthy, VP of marketing also exited from the company.
Snapdeal has been witnessing a lot of exits since it commenced acquisition talks with Flipkart. After a lot of negotiations and speculations, Snapdeal decided to pull out the deal in July. In July, Axis Bank acquired Snapdeal’s payment platform, Freecharge for $60 million. Freecharge was acquired by Jasper Infotech in 2015 at around $400-450 million in a cash-and-stock deal which was then the largest acquisition in the Indian startup space.
The company has also been facing some legal turmoils with its competitors. This month, Gurugram based Quickdel logistics, which runs its operations under the brand Gojavas, sent a legal notice of R. 300 crore to Jasper Infotech, the parent company of e-commerce platform Snapdeal, and its founders Kunal Bahl and Rohit Bansal. The legal notice says accuses Snapdeal of deceitfully laundering the money from GoJavas to Vulcan Express, the in-house logistics firm of the company.