Snapdeal’s CFO Aakash Moondhra quits

Chief Financial Officer of Snapdeal Aakash Moondhra has put in his papers. This is the second senior level executive to have put in his papers from the New Delhi-based online marketplace, in the last few months. While competition among online players is increasing, this could be a jolt to the leading ecommerce player.

Moondhra has been an integral part of the company since 2012 along with founders Kunal Bahl and Rohit Bansal and played an important role in transforming it from a daily deals company to a leading e-commerce player in the country. He also played a key role last fiscal to raise about 1 billion dollars (over Rs 6,200 crores) in funding through several rounds from leading investors including Japanese giant SoftBank, Singapore's Temasek and PremjiInvest, the private investment arm of Wipro Chairman Azim Premji.

As per a statement released by Snapdeal, Moondhra has resigned to pursue his own interests and passions but will continue to be an advisor on the company’s board.

While a funding boost from Alibaba fell apart, the Delhi-based e-commerce marketplace is all set to announce an initial public offering (IPO) in the US at a valuation of 5-6 billion dollars (over Rs 31,000 to Rs 37,000 crores). Sources claim that the company had appointed merchant bankers for the probable listing on the American stock exchange. The IPO is expected to roll out in 2016-17, will let Snapdeal raise capital, allowing some of its investors to exit.