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<keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s head of commerce and advertising business, Mukesh Bansal, has resigned from the company and will continue as an advisor. 
 
Flipkart’s Chief Business Officer Ankit Nagori also called it quits. 
 
"I have been discussing this for a while with both Sachin and Binny and it felt this was right time to do it. We finalised it pretty much last month when the management restructuring happened. We have built great leaders who will take Flipkart and Myntra to new heights now. I will take a break and then think of what to do next," Mukesh Bansal told TOI. 
 
Read Mukesh Bansal’s letter to employees 
 
Time to pass on the Baton! 
 
Hi All - My incredible journey with Myntra and Flipkart comes to an end. It has been amazing nine years filled with lot of learning, privilege to work with outstanding people and chance to participate in building future industry of India that will impact hundred of millions of people. 
 
When Ashutosh and I started Myntra in 2007, we never dreamt in our wildest imagination that we will come this far. What's even more amazing is that it seems we are just getting started and the journey ahead for Flipkart/Myntra is going to be even more fascinating and at the scale that India has never seen before. 
 
Today, Myntra is by far the best fashion destination in the country and is run by a strong, passionate leadership team led by Ananth. I am confident that this team will make Myntra an iconic company which will change the face of fashion industry in India. Myntra is leading the industry with premium service, differentiated shopping experience, unique in-house brands and lot of progress towards achieving profitability. I am particularly proud of the culture at Myntra which is a huge source of strength and differentiation and inspiration for entire ecosystem. 
 
My two years with Flipkart has been nothing short of fairy tale! Sachin and Binny have built a very unique company that has practically created the eCommerce industry in India and consistently led in innovation like COD, eKart, 30 Day Returns and mCommerce. The Audacity, Flipkart first and Bias for action have been cornerstone of the Flipkart culture that enables us to dream big and consistently beat our own expectations. We are well on our way to build India's first real tech company, drive genuine innovation and transform commerce in India through technology. 
 
I have enjoyed every minute of my time with Flipkart and felt inspired every moment. In last two years, we have established very strong leadership in Fashion, transformed the business into Marketplace model, increased our Smartphone market share to 60% and built differentiators in Large. We have pivoted to completely mobile first company with 60% mCommerce market-share for the group. 
 
We have embarked on the journey to be a strong product/tech organisation with very high caliber talent. Last year, we set out to build the best leadership team in India and we have done exactly that. With the caliber of this team, I am very confident that Flipkart is in safe hands and this team is eminently capable of charting the course for next phase of Flipkart journey. 
 
I am very excited with Binny coming in as CEO and my transition will enable him to work directly with CP leadership. Binny's ability to drive execution rigour, objectivity and long term vision for Flipkart will give us best shot in dealing with the challenges that lie ahead. Binny, along with the leadership and the amazing talent pool at Flipkart will do justice to any mandate and continue to push the boundaries for eCommerce/Internet businesses in India and beyond. I will transition my role to Binny and will be available as long as required to ensure a smooth and successful transition. With this team in place and the momentum on multiple fronts, CP is in great hands and I feel confident that this is right time for me to move on to next phase. 
 
Even though my journey comes to an end, I will always be deeply emotionally connected to Flipkart and Myntra. I will continue to be available from outside as sounding board and mentor to the team. Last nine years have completely transformed me as a person and I will cherish every moment. The hardest part will be to part ways with all the incredible people I had the privilege to get to know and work with. I will seek you out over next few weeks to say my good-byes in person and to celebrate what we have achieved together. 
 
I am looking forward to a long break after my transition and catching up on my reading, travel and fitness. I will be spending bunch of time with my kids and catch up on all the fun I have missed with them all these years. 
 
With a heavy heart but lots of excitement for the future, it is time for me to sign-off! Wish you all the very best in building something that all of India will be proud of and which will be the role model of the potential of new India built through entrepreneurship and technology. 
 
My sincere thanks and regards Mukesh Bansal 
 
(Image: Indiatimes)

Big exits at Flipkart! Mukesh Bansal, Ankit
Nagori quit

<ul><li>Numerous trainers from <keyword id="3465872" type="PERSON" weightage="20" keywordseo="curefit">curefit</keyword> have taken to social media to speak about the issue.</li><li>Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori.</li><li>The company also has celebrity brand ambassadors like Hrithik Roshan and Tiger Shroff and has over 270 centres across India and Dubai. </li></ul>Indian chain of gyms and fitness centres, Curefit has laid off hundreds of employees and trainers across the country. Numerous trainers have taken to social media to speak about the issue and said that the irony is the company laid them off on International Labours Day. These employees were not sent a formal mail but actually got a call saying they should put in their resignation, a source told Business Insider. “I have been with Curefit for a year now, but I got a call on May 1 saying that I have been laid off but I should send a resignation to the company. After that, I spoke to three people from the company and all three gave me different reasons, one said that the company doesn’t have money to pay while another said there are thousands who are being laid off,” a boxing trainer from <keyword id="6825388" type="UNKNOWN" weightage="20" keywordseo="cultfit">Cultfit</keyword>, Mumbai told Business Insider. Curefit admitted that it had laid off staff. "While we are doing everything we can to solve for our customers, we also need to adjust to the new realities and manage costs to ensure the long term viability of the business. We have downsized our employee base across markets where we have shut operations and have initiated pay cuts across levels. The founders have taken a 100% pay cut, the management team 50% and the rest of the staff depending on seniority have a reduction of 20 to 30%.," the company said. All employees part of the downsizing have been provided with a significant severance package to help them with the current situation, including extended health insurance for them and their families. "Further, we will provide our full assistance in out-placing them in the coming days. We have also created an emergency fund of Rs 2 Cr to support affected employees in the coming months.," said the company's statement. <div type="Article" hostid="261" msid="75156295" title="Don’t layoff during lockdown— India needs a ‘jobs protection programme’ like US and the billionaires must lead while the government helps" mstype="2" mssubtype="0"></div> Some of the employees also complained that the startup has the money to hire celebrity trainers and donate to the <a href="https://twitter.com/raghuram_tweets/status/1257135243577839617">PM Cares fund</a> but couldn’t keep its employees' jobs safe. Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori. It has fitness centres under the Cultfit brand and a health app called Curefit. It also has diagnostic centres called Carefit and yoga and meditation centres called mindfit. The company also has celebrity brand ambassadors like Hrithik Roshan and Tiger Shroff and has over 270 centres across India and Dubai. With the coronavirus lockdown, Curefit had to shut down its centres but was quick to pivot and bring the classes online. Its online classes had also gained popularity of late. The startup is backed by investors like Chiratae Ventures, Accel Partners, Kalaari Capital &amp; Oaktree Capital, Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/goldman-sachs-reliance-samsung-and-others-onboarding-interns-virtually-during-the-lockdown/articleshow/75526863.cms">Goldman Sachs, Reliance, Samsung and others onboarding interns virtually during the lockdown</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-stake-sale-to-silver-lake-boosts-ril-share-valuation/articleshow/75526873.cms">Reliance Jio’s valuation jumps more than half a billion dollars in just 12 days, thanks to Silver Lake</a>

Curefit fired hundreds of employees and trainers on International Labour Day

Several top executives of <a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">Indian startups</a> are calling it quits to launch their own companies and the focus of the many of them is one-making profit in short time. 
 
Over 15 top executives resigned from <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=ola&amp;sortorder=effectivedate">Ola</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=zomato&amp;sortorder=effectivedate">Zomato</a> and Paytm within almost one year and launched their own startups and their success story is quite impressive too. 
 
Many of them either grew by leaps or bounds or sold off their businesses, raking in money. 
 
Experts say the top line now wants to make more moolah and thereby are building more cash making models. 
 Bhuvan Gupta, who was with <keyword id="541988" type="COMPANY" weightage="40" keywordseo="SnapDeal">Snapdeal</keyword> as VP engineering, cofounded an online marketplace-OfBusiness. 
 
Now, his startup has over 100 employees and is doing business across 10 states currently. 
 
"People may call ecommerce 'a cash burn business', but we're already cash positive. I always wanted to do a startup and there's always an age and time when you can take such risk," Gupta told ET. 
 
Meanwhile, the risk taking appetite has also gone up owing to greater aspirations of individuals, ideological differences with the unicorns, more money-oriented approach and a well-connected network. 
 Even Mukesh Bansal and Ankit Nagori of <keyword id="6354742" type="COMPANY" weightage="40" keywordseo="Flipkart">Flipkart</keyword> had left the e-commerce player to launch a healthcare and fitness startup with $5 million of their own cash. 
 <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword>’s former heads Rushil Goel and Sunit Singh quit coming up with their own design startup. 
 "I wanted to start a business that is economically viable and has a social objective. Priced at around Rs 10,000 apiece, the product is being lapped up by schools, hotels and hospitals. The market is very big. Around 13 Indian cities feature in the list of most polluted places in the world. There are states (in India) with just one air quality monitor," Namita Gupta, who left <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> to launch Airveda, told ET. 
 
(Image: Thinkstock)

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Big exits at Flipkart! Mukesh Bansal, Ankit Nagori quit

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