Advertisment

Flipkart CFO Karandeep Singh resigns

author-image
Supriya Rai
New Update

NEWDELHI, INDIA: Flipkart's chief financial officer Karandeep Singh has quit the company citing ''personal reasons'', according to a report on the NextBigWhat. Karandeep Singh has worked with Flipkart for just over a year.

Advertisment

The resignation has come at a time when the company is being investigated by the enforcement directorate for allegedly violating government norms on foreign direct investment in multi brand retailing. However, the Indian e-commerce company maintains that the reason for resignation was personal and has nothing to do with the ongoing probe.

''Working with Flipkart has been a great opportunity and I am glad to have been able to contribute to the Flipkart growth story. It has been a great learning experience working with a young, dynamic team and while I would have loved to continue my work here, for personal reasons have decided to move on. I wish Team Flipkart the very best,'' said Karandeep Singh according to the report.

Flipkart was founded by Sachin Bansal and Binny Bansal in 2007. In its initial years, Flipkart focused on online sales of books, but it later expanded to electronic goods and a variety of other products.

Flipkart was initially funded by the Bansals themselves with Rs. 400,000. Flipkart has raised funding from venture capital funds Accel India in 2009 and Tiger Global ($10 million in 2010 and $20 million in June 2011, according to Wikipedia.

newsmaker