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Indian eCommerce industry is gearing up to take over the consultancies and consumer goods firms; as the former, also termed as a growth hungry industry, is now focusing on building a second tier of leaders to strengthen its critical operations and grow quicker. 
 As per a report published in Economic Times, the consumer internet startups like <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> and <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> have picked recruits from firms like McKinsey, Unilever and <keyword id="44672" type="CITY" weightage="20" keywordseo="Pepsi">Pepsi</keyword> for roles like finance, marketing, supply chain and business development. 
 Snapdeal, on Thursday, made an announcement that it had hired <keyword id="229048" type="PERSON" weightage="20" keywordseo="Amit-Choudhary">Amit Choudhary</keyword> as senior VP finance. Choudhary, a former <keyword id="6361491" type="CITY" weightage="20" keywordseo="Procter-Gamble">Procter &amp; Gamble</keyword> (P&amp;G) executive had been heading P&amp;G's Asia pet care business across 14 countries including Japan, Greater China and Australia. 
 
Businesses like McKinsey have emerged as beneficial hunting grounds for Indian eCommerce startups, given their need for leaders who have worked across industries and functions and can seamlessly transition between multiple roles. 
 Flipkart, in March this year, hired Saikiran Krishnamurthy as CEO of its commerce division; while mobile commerce biggie Paytm plundered <keyword id="2931547" type="UNKNOWN" weightage="20" keywordseo="Nehul-Malhotra">Nehul Malhotra</keyword>, who is responsible for on boarding merchants. 
 <keyword id="214729" type="PERSON" weightage="20" keywordseo="Amit-Sinha">Amit Sinha</keyword>, who is heading the human resource segment of Paytm said, "This is a new world and we won't always find people with similar experiences. Instead, we have to find people who have or can build the right skill sets. People we're trying to bring on board are the smartest ones around and they won't take much time to learn." 
 
The consumer Internet companies, apart from the stock options, offer a salary hike of upto 40-50%, informs Anju Roy, partner, digital practice at executive search firm Transearch. 
 
Image: indiatimes

Consumer goods and service companies to lose their best hands to eCommerce startups?

<ul><li><keyword id="7349800" type="General" weightage="100" keywordseo="bharatpe" source="Orion">BharatPe</keyword>’s CEO <keyword id="4534514" type="General" weightage="80" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword> will step down from the top job of the fintech company. </li><li><keyword id="6404234" type="General" weightage="80" keywordseo="sameer" source="Orion">Sameer</keyword> took over as the CEO of BharatPe in August 2021, a year after he was appointed as the president of the company. </li><li>BharatPe has reportedly hired a firm to scout for a CEO to take over while its CFO steps in to steer the ship in the interim. </li></ul>BharatPe’s CEO <keyword id="404857" type="General" weightage="80" keywordseo="suhail" source="Orion">Suhail</keyword> Sameer will step down from the top job and transition into a strategic advisor from January 7, 2023, the company said in a statement on Tuesday. Sameer took over as the CEO of BharatPe in August 2021, a year after being appointed as the company’s president in August 2020. The company’s chief financial officer Nalin Negi will be the interim CEO while BharatPe searches for Sameer’s replacement. “We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights, and we are grateful for the commitment from Suhail and Nalin. We look forward to supporting Nalin Negi in his role as the interim-CEO, as we move ahead in our mission of empowering millions of MSMEs with a range of world-class financial products,” said <keyword id="254056" type="General" weightage="50" keywordseo="rajnish-kumar" source="Orion">Rajnish Kumar</keyword>, chairman of BharatPe board, in a statement to PTI. BharatPe has reportedly hired a firm to scout for a CEO to take over while Negi steers the ship in the interim. Sameer had a falling out with the company’s co-founder <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>, who was kicked out of the company last year after a very public spat over allegations of financial misappropriation. Interestingly, Grover has also made some<a href="https://twitter.com/Ashneer_Grover/status/1602136349586309120"> comments</a> on social media against Sameer recently. Earlier last year, BharatPe was rocked by the departures of multiple top-level executives, including the then chief technology officer Vijay Aggarwal, and chief product officer, Rajat Jain leaving the company. Further, PostPe’s head, Nehul Malhotra, also left the company. PostPe is BharatPe’s buy now pay later (BNPL) offering which was launched in October 2021. (This is a developing story)

BharatPe CEO Suhail Sameer to step down, Nalin Negi to take over in the interim

<ul><li>On Monday, Gunjan Patidar, Zomato’s co-founder and chief technology officer tendered his resignation.</li><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>’s CEO Suhail Sameer has quit the top job to become its strategic advisor.</li><li>There has been a lot of churn in new-age companies like Nykaa, and also big techs like Meta India, WhatsApp Pay, Amazon India and more.</li></ul>New age companies in India have been hit by a flurry of exits by top executives, leaving them scurrying for replacements. This comes at a time when startups have been battling funding winter and elevated inflation, in a rising interest rate regime. BharatPe, a fintech is amongst those with multiple high profile exits, including its co-founder and former managing director Ashneer Grover, along with his wife Madhuri Jain Grover – who not only had to leave the company, but were also sued by BharatPe in December 2022 for ₹88.6 crore. The company alleged that both husband and wife engaged in misappropriation of funds including creating fake bills, enlisting fictitious vendors and so on. Adding to BharatPe’s woes is the <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">departure</a> of its CEO Suhail Sameer on January 3. Sameer took over as the company’s CEO in August 2021, a year after being appointed as the company’s president. He will now serve as a strategic advisor starting January 7, 2023. Before Sameer, BharatPe witnessed the departure of four other high level executives last November. This includes Nehul Malhotra, head of PostPe which is BharatPe’s ‘Buy Now Pay Later’ arm. The others were the CTO Vijay Aggarwal; Rajat Jain, the chief product officer; and Geetanshu Singla, VP of technology. They moved on to pursue their own entrepreneurial passions, the company had then said in a statement. Zomato rocked by multiple top level exits, too Sameer’s resignation comes hours after Gunjan Patidar, Zomato’s co-founder and chief technology officer, tendered his resignation. Patidar was one of the first few employees of Zomato who built the core tech systems of the company. “Over the last ten plus years, he (Patidar) also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” said the company. Patidar’s exit is the third high-level exit at the food delivery giant in two months. In November last year, another one of Zomato’s co-founders Mohit Gupta tendered his resignation. Its head of new initiatives Rahul Ganjoo; and Siddharth Jhawar, vice-president of global growth also quit in the same month. The list goes on as in September 2022, Zomato’s deputy CFO Nitin Savara also tendered his resignation. The company has been bleeding money and it reported a consolidated loss of ₹251 crore in Q2 FY23. New age companies’ top heads move in and out of big tech companies There is a lot of churn among top executives of new-age tech companies as well as big techs. Online beauty retailer Nykaa’s CFO Arvind Agarwal, who had been with the company through its IPO, quit and joined fintech major PayU as its India CFO, this November. On the other hand, new-age companies have also been able to attract executives from major companies into their fold as well. Case in point is Sugar Cosmetics who brought in Amit Aggarwal, Marico’s head of finance of its India business, as its CFO. Adding to it, Amazon India’s director of grocery, food and health Sameer Khetarpal resigned and moved to Jubilant FoodWorks as CEO, a franchisee that runs Domino’s Pizza, Dunkin Donuts outlets in India. Meta India country head Ajit Mohan tendered his resignation in November 2022, to join rival Snap as the President of Asia Pacific. Following this, WhatsApp India’s head Abhijit Bose and Meta India’s public policy head Rajiv Aggarwal also resigned. The latter joined Samsung India. WhatsApp Pay’s director and head Manesh Mahatme also left his position in September to join Amazon India as director, product and engineering. Last but not the least, another shocking exit was of Parag Agarwal, former CEO of Twitter who was fired by Elon Musk in October, a year after he was appointed for the position. Soon after his ouster, Agrawal changed his LinkedIn bio to “Not the CEO you are looking for”. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/radiant-cash-management-shares-debut-at-a-10-premium-after-company-reduces-ipo-size/articleshow/96727374.cms">Radiant Cash Management shares debut at a 10% premium after company reduces IPO size</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/shark-tank-indias-season-2s-sharks-meet-the-serial-investors-cas-and-iit-and-iim-alumni/articleshow/96714262.cms">Shark Tank India’s Season 2’s sharks: Meet the serial investors, CAs, and IIT and IIM alumni</a>

Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

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Consumer goods and service companies to lose their best hands to eCommerce startups?

BI India Bureau

BharatPe CEO Suhail Sameer to step down, Nalin Negi to take over in the interim

Rounak Jain

Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

Bhakti

Rounak

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