Flipkart-owned fashion marketplace Myntra sees more top-level attrition

Photo: Bloomberg

Fashion marketplace Myntra is witnessing further attrition at the leadership level as its chief financial officer (CFO), Ramesh Bafna and chief marketing officer (CMO) Harish Narayanan have called it quits, the firm’s chief executive officer (CEO) Amar Nagaram told employees in an internal memo on Sunday.

The exits come weeks after Nagaram called it quits, close to three years after he was appointed as the chief of the fashion e-marketplace.  Nagaram will serve as the CEO until December this year, post which he will be moving into an advisory role at the fashion marketplace.

Myntra parent’s Flipkart’s group CFO Sriram Venkatraman will be filling in and will act as Myntra’s interim CFO, Nagaram said in an internal memo.

“At this juncture, where Myntra is ready to make new strides, the Group CFO, Sriram Venkatraman, will be key advisor to the leadership team as interim CFO for the next few months. This decision comes at a time when Ramesh Bafna, CFO, Myntra, who has been with the Flipkart Group for the last seven years, has decided to pursue career opportunities outside the company. Ramesh has contributed immensely during his stint at Myntra, strengthening the finance function,” said Nagaram.  He added that Narayanan will be pursuing opportunities in the edtech space.

“The evolution of Myntra over the years has been enabled by a set of able leaders, including Harish Narayanan. Under his leadership, Myntra’s marketing function has shifted to digital, strengthening its content and commerce play. In pursuit of his passion for early-stage startups, after nearly two-and-a-half years, he has decided to write the next chapter of his career in the ed-tech space,” said Nagaram in his letter on Sunday.

Both Bafna and Narayanan will be continuing in Myntra until January 2022.

“Harish and Ramesh have passionately invested in Myntra’s growth and evolution over the years. […] They will continue in their roles at Myntra till January 2022, to help ensure a smooth transition. As they move on to their next career stints, I thank them for leaving behind a strong legacy, and for many memorable moments shared together,” said Nagaram.

Mint has reviewed a copy of the internal note.  The company did not respond to queries until press time.

Last month, Myntra hired Sharon Pais as its chief business officer (CBO).  Pais was formerly the head of loyalty and travel at Flipkart.

On Friday, Mint reported that Myntra has announced the appointment of Nandita Singh as its new CEO effective 1 January 2022.  Sinha will join the fashion, beauty and lifestyle marketplace from group company Flipkart, where she is vice-president, customer growth and marketing, the company said on Friday.

The article was first published on livemint.com

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.