Another high-profile exit from Flipkart; CFO Sanjay Baweja resigns

25 Oct, 2016

India's largest e-commerce company Flipkart's chief financial officer Sanjay Baweja has quit. A Flipkart spokesperson confirmed the development to TechCircle.

Baweja had joined the firm, which is battling an aggressive Amazon Inc., in November 2014 leaving the post of CFO at Tata Communications.

Baweja did not respond to an email sent by TechCircle, but it is learnt that his last day of work would be December 31.

A Flipkart executive said that "we have already started an external search for a new CFO".

It isn't clear where Baweja is headed but the person quoted above said that "he (Baweja) is taking up a new opportunity."

Prior to joining Tata Communications, he was CFO of real estate firm Emaar MGF Land Ltd.

Flipkart, which saw its valuation decline this year in the wake of repeated markdowns by some of its investors, is reportedly trying to raise investment from world's largest retailer Wal-Mart.

The company also saw several high profile departures this year. Earlier this year, for instance, its chief product officer Punit Soni had resigned without specifying any reason, just after a year of joining. In fact, Baweja's exit is the fourth big exit from Flipkart this year. In another high profile departure, Mukesh Bansal, head of marketplace and a board member, and chief business officer Ankit Nagori had resigned in February.

In August, Flipkart reorganized its team and brought back the firm's key investor Tiger Global's senior executive Kalyan Krishnamurthy to head two major business units. Krishnamurthy used to be interim CFO at Flipkart before Baweja took charge. The post of CFO at Flipkart had remained vacant from early 2013 to November 2014.