It was barely 2 months ago, when Softbank backed Snapdeal became the first eCommerce retailer in India to enter the best employer’s list and stand at par with remaining 9 brick-and- mortar retailers in the list including the likes of Lifestyle International Bharti Retail, Marks and Spencer, Jubilant FoodWorks etc.
Barely a fortnight later, there was a vacancy for the post of Chief Technology Officer (CTO) in the e-tail firm when the then CTO, Amitabh Misra put a full stop to his more than 3-year-old relationship with Snapdeal. A B.Tech from IIT Kanpur and an MBA from the University of California at Berkeley, US, Misra was at the forefront of the engineering division of Snapdeal.com since November 2011. As far as speculations are concerned, Misra is all set to go the entrepreneurial path.
According to a report by TOI, the e-tailer was looking to get senior executives from top consumer Internet and technology companies such as Google, Facebook, Twitter and Salesforce.Post 10 mergers and acquisitions including the recent acquisition of mobile payment company freechange.com and 20 per cent stakes in Gojavas.com, the online giant carved a niche by roping in Bollywood actor Amir Khan. This time, the firm played on emotions and heart-to-heart talks instead of comparative pricing while going around with the ‘Dil ki Deal’ campaign.
Busy basking in the glory of assorting 4 million plus products, more than 50 thousand sellers and shipment to 4,000 towns and cities in India, the e-tailer was in doldrums, when ET broke the news of second resignation of a key senior executive from the company's ranks in the last two months. This time it is Aakash Moondhra, Chief Financial Officer, who was serving Snapdeal since 2012. According to a statement released by Snapdeal, Moondhra has resigned to "to pursue his other interests and passions.”
Moondhra is said to have played a critical role in the last fiscal, wherein this online player raised about $1 billion in funding, across rounds, led by Japanese telecom, media and Internet investor giant SoftBank, Singapore's Temasek and PremjiInvest, the private investment arm of Wipro Chairman Azim Premji.
The resignation came at a time when Snapdeal is looking to hire several key personnel across functions, while keep up the pace with rivals Flipkart and Amazon. Again, the talk of town is that Moondhra could be starting his own venture or going back to investing.This eCommerce stalwart is on a hiring spree and is aiming 1000 more employees by the end of the year, whereas, its senior executives are following the entrepreneurship route. Well, the point to ponder is the reason behind these quits. Is the dream of being your-own-boss overshadowing the corporate culture or something else? Meanwhile, mull over this, Snapdeal was initially to hire 1000 people, now they have 1002 vacancies.