Flipkart in biggest ever shake-up as Mukesh Bansal quits

In a major shake-up and an unexpected move, Flipkart’s Mukesh Bansal resigned as head of commerce and advertising today, in what is the most high profile departure till date at India’s most valuable startup.

A company spokesperson confirmed the development.

“Mukesh Bansal … is moving out of his active role to be an advisor to the company,” a spokesperson said. “Mukesh has played a huge role in making Myntra the number one fashion destination and helped build a strong platform at Flipkart, including India’s strongest leadership team.”

Mukesh Bansal’s move from Flipkart is likely to have a bit of a domino effect in the well-funded startup’s management rungs. The company recently announced a change in CEO, which many analysts think is a step towards gearing the company up for an IPO.

See: Is Flipkart’s new management rejig a step along the IPO route?

Chief business officer Ankit Nagori resigned as well. Flipkart said he was going to start an entrepreneurial venture in the sports domain. Flipkart founders Sachin and Binny Bansal (not related) will be supporting Ankit in his new initiative and will be his first investors, Flipkart said in a statement

See: A look at Flipkart’s journey so far

In a letter addressed to employees, Mukesh – who was head of commerce and advertising – said he is going to take time off before deciding on his next venture, one source said. He did not immediately respond to an email seeking details.

Mukesh, who founded fashion ecommerce site Myntra, joined the company when Flipkart acquired it in May.

Updated 24 minutes later to include Flipkart’s statement and confirmation.