Agarwal’s exit follows that of former chief govt Ayyappan R, who was a Flipkart veteran and had additionally served in its style subsidiary Myntra. In a LinkedIn publish, Ayyappan had mentioned he was leaving the agency to start out his personal enterprise within the shopper tech house.
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Agarwal is being succeeded by Akshat Mishra, who will take over as head of enterprise finance. Mishra has been at Flipkart since 2015 when he joined after a stint at Goldman Sachs. Agarwal will stay with Cleartrip for a number of months through the transition, the assertion added.
The outgoing CFO had been at Cleartrip since 2016, when he joined the agency as head of company improvement after a stint with personal fairness agency Texas Pacific Group. Agarwal additionally “performed a pivotal position through the profitable merger and subsequent integration of Cleartrip into the Flipkart Group,” the agency mentioned in a press release on his exit. Flipkart acquired Cleartrip in 2021.
Agarwal “made important contributions throughout a number of roles, serving as CFO since 2020, and beforehand as head of company technique and M&A,” it added.
In February, ET reported that the highest deck at Flipkart and its group of firms was seeing various modifications, with Ayyappan, Amitesh Jha who leads market and classes, fintech and funds head Dheeraj A, and Bharath Ram, who spearheads development and retention on the internet retailer, all set to depart the corporate.
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The agency has been enterprise performance-based trimming throughout all verticals, together with vice presidents in engineering and product, over the previous few months. Total, 5-7% of the corporate’s workers can be impacted by the layoffs, as ET had first reported on January 8.In FY23, Cleartrip noticed its complete loss widen virtually twofold from a yr in the past to Rs 676.6 crore, whereas complete earnings declined 17% to Rs 96.7 crore.
