Barely two days after we heard about Snapdeal’s two senior executives- Abhishek Kumar and Sandeep Komaravelly quitting the firm, comes another piece of news about one more top level exit in the form of Tony Navin, head of partnerships and strategic investments.
Confirming Navin’s exit, the company said in a statement, “After a long and successful stint spanning nearly seven years, Tony Navin will be moving on, on account of his relocation from India for personal reasons. We wish him all the very best.”
Tony Navin’s exit comes on a day the e-commerce player said it's shutting down Shopo, its consumer-to-consumer (C2C)marketplace.
Navin, one of the oldest Snapdeal employee, had joined the e-tailer when Snapdeal acquired his group buying startup Grabbon in 2010.
Amidst fundraising troubles and cost-saving measures, the series of exits do not bode well for the company who has become a distant third in the Indian e-commerce space with Flipkart and Amazon vying for the top spot.
Navin’s exit comes on the heels of SoftBank announcing that its losses from two of its largest portfolios in India, Snapdeal and Ola, amounted to $350 million. Reportedly, Snapdeal is in discussions with SoftBank for another fresh round of investment, but at a lower valuation, of around $4 billion, lower than $6.5 billion, in its last round of funding.
Earlier this week Abhishek Kumar, head of corporate development and responsible for fundraising, and Sandeep Komaravelly, senior vice-president for Snapdeal’s mobile customer-to-customer marketplace Shopo, also left the troubled ship.