Indian e-commerce sector is currently having a tough time in retaining their senior level executives. While Flipkart has been facing such a situation for quite some time, now Snapdeal is also in the same situation.
Snapdeal’s one of the longest working executive — Tony Navin, who was the Senior Vice President of Partnerships and Strategic Initiatives, has resigned. The news about his exit from the company comes on the same day when Snapdeal has shut down its C2C marketplace ‘Shopo’.
Tony Navin had joined the e-commerce startup when his group buying startup Grabbon was acquired by Snapdeal in the year 2010. As per the sources aware of the matter, he is expected to leave the company in around a month.
This update also comes on the heels of other executive exits. Earlier this week, Sandeep Komaravelly, who, too, had come on board Snapdeal post the Grabbon acquisition has also quit. He was running Shopo in his last role at the Gurgaon-headquartered firm. Abhishek Kumar, head of M&A and investments has also left the company.
Navin held important positions including a three-year stint as Vice President of business development. Some people also credit him with company’s initial success in the electronics category, one of the most important segments for an e-commerce company. He was asked to head Strategic Partnerships and New Initiatives for the company as part of a management re-shuffle in November last year.
Recently, the company hired Jason Kothari as Chief Strategy and Investment officer. Prior to joining Snapdeal, he was working as a CEO of SoftBank-backed Housing.com, an online real estate portal. He left when the company got acquired by PropTiger in an all-stock deal.
Snapdeal, which was seen as a competitor to Flipkart, has lost significant market share primarily to Amazon in the past year and has slipped to a distant third position in the e-commerce sweepstakes. For the fiscal year ended on 31 March 2016, its total sales grew 56% to Rs. 1,456 crore even though its losses doubled to Rs 2,960.