Flipkart loses 3 more VPs as senior-level exits hit 14
What's the story
Walmart-owned e-commerce giant Flipkart has witnessed the exit of three more senior executives. The latest departures include Kanchan Mishra, Vice President (VP) of Smartphones; Amit Sachan, VP of Product and Tech; and Kamal Chopra, VP of Corporate Tax. Their exits take the total number of senior-level departures at Flipkart to at least 14 in over a year.
Long tenure
Mishra's exit is particularly concerning for Flipkart
Mishra has been with Flipkart for over 12 years, heading the smartphone business. This division is especially important during sale events like Big Billion Days (BBD), which contribute to more than half of Flipkart's business.
Sachan, who previously spent over nine years at Amazon, is leaving after four years at Flipkart.
Chopra is also quitting after spending over five years with the company.
Morale dip
Employee frustration over prolonged IPO delay
The recent exits come amid growing employee frustration over the lack of clarity on Flipkart's IPO timeline.
For years, a public listing has been seen as the biggest potential liquidity event for stock options held by employees.
However, with Walmart yet to announce a definitive timeline, those holding equity have been left with paper wealth and no clear idea when they can cash it in.
Talent shift
Competition for talent intensifies as Flipkart faces uphill battle
The uncertainty surrounding the IPO has also led to a talent drain at Flipkart, with competitors like Swiggy, Zepto, and Blinkit luring away employees with better pay and ESOP liquidity opportunities.
High-profile exits include Nandita Sinha, former CEO of Myntra, who joined Swiggy to head Instamart.
Despite these challenges, Flipkart and Walmart have maintained that an IPO is still part of their strategic roadmap.