Snapdeal CFO quits Indian online marketplace

Snapdeal chief financial officer Aakash Moondhra has quit the Indian online marketplace as it attempts to keep pace with rivals.

Moondhra is the second senior executive to leave the company in the last two months, following in the footsteps of chief technology officer Amitabh Misra.

Moondhra has been with the company since 2012, and helping the company’s founders develop it from a daily deals platform to a major e-commerce player. Snapdeal also raised $1 billion in funding over the last fiscal year from multiple investors, 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 CFO has resigned “to pursue his other interests and passions,” but will remain with the company in an advisory role.

The company is looking to hire several key personnel as it tries to keep up with rivals Flipkart and Amazon in India. It is in the process of overhauling its leadership team, and has been scouting for talent abroad as well as in India. Snapdeal plans to fill 10-15 managerial positions by the end of the financial year, the Economic Times reported.

The company brought on board former Yahoo India and Amazon web services executive Jeyandran Venugopal in February.

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