India’s e-commerce giant Flipkart’s chief operating officer Nitin Seth has tendered his resignation, citing personal reasons, the Economic Times reports.
Seth was in charge of logistics unit Ekart besides corporate functions such as strategy and human resources (HR) until recently. The development will further tighten the grip of Flipkart’s CEO Kalyan Krishnamurthy.
Seth joined the company in February 2016 as its chief people officer, but his responsibilities quickly grew even as Flipkart went through multiple management restructurings. He was first elevated to chief administrative officer in the middle of 2016.
Seth was finally given the title of COO in January, when Krishnamaurthy took over as CEO from co-founder Binny Bansal, who took over as group CEO. Krishnamurthy is a veteran of Flipkart’s largest investor, Tiger Global Ind.
Seth’s exit comes at a time when the Bangalore-based company is in talks to acquire rival Snapdeal and will have to work out how to redistribute the company’s employees. Flipkart is also in the process of integrating its acquisition of eBay India, making HR a key function for management right now.
Since the start of 2016, Flipkart’s value has been marked down by five of its own investors, mostly mutual funds based in the US. These funds, run by giants including Morgan Stanley, Fidelity and Valic, have valued the company at anywhere between US$5 billion and US$10 billion.
Flipkart is also facing stiff competition from Amazon which is aggressively trying to increase its footprint in the Indian e-commerce market.