India: Former Housing CEO Jason Kothari joins Snapdeal as chief investment officer

Jason Kothari, chief strategy and investment officer, Snapdeal Photo: Aniruddha Chowhdury/Mint

Snapdeal, run by Jasper Infotech Pvt. Ltd, Wednesday named former Housing.com chief executive officer (CEO) Jason Kothari as its chief strategy and investment officer.

Kothari stepped down from his role at the Mumbai-based Locon Solutions Pvt. Ltd, which runs Housing.com, after the company merged with PropTiger on Tuesday.

In his new role, Kothari will oversee investments and strategic partnerships. He will lead Snapdeal’s fund-raising efforts and manage all its portfolio companies. He will join on 16 January.

While resigning from Housing.com, Kothari had said “he is moving out to pursue another opportunity in the internet space.”

ALSO READ | PropTiger, Housing.com to merge in all-stock deal worth $70-75 million

Kothari who joined Housing.com in August 2015 was named CEO of the property website in November 2015 after the ouster of its founding CEO Rahul Yadav. Softbank, a leading investor in Housing.com, is also an investor in Snapdeal.

In his year-and-a-half stint at Housing.com, Kothari restructured the company’s management team, moved the focus to buying and selling from rentals and downsized the workforce in a bid to improve operational efficiencies.

Prior to joining Housing.com, Kothari was CEO and vice-chairman of US-based entertainment company Valiant Entertainment. He holds a bachelor’s degree from the University of Pennsylvania’s Wharton School.

His appointment at Snapdeal comes at a time of sluggishness in India’s e-commerce space, as Flipkart and Amazon India, leaders in the market, engage in a neck-to-neck battle to emerge at the top.

Snapdeal is also aggressively trying to raise its marketshare in the hyper-competitive market. The company recently underwent a massive branding overhaul—releasing a new tagline and logo—in a bid to differentiate itself from the competition and shift focus to consumer experience, Mint reported in September. Snapdeal had started out as a deals site with deep discounts and the lowest prices, in 2010.

Snapdeal is also looking for a fresh funding round, where Kothari is expected to play a critical role. The company had raised $200 million in February last year led by Canada’s Ontario Teachers’ Pension Plan, which valued it at $6.5 billion.

Also Read:

India: Another Flipkart executive resigns

Two senior executives quit Amazon India

This article was first published by Livemint.com

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.

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.