Snapdeal is in trouble for all the wrong reasons. Jason Kothari has quit the troubled e-commerce company and joined Infibeam based as its president in Ahmedabad. Kothari was the chief investment and strategy officer at Jasper Infotech. Snapdeal founder Kunal Bahl has confirmed the departure of Kothari, who was his classmate at Wharton School.
Kothari will drive partnerships, strategy, investor relations, international operations in addition to corporate development at the Infibeam. The company has been listed on the stock exchange and his availability will prove as a major backbone for the company.
Responding to media, Vishal Mehta, Managing Director, Infibeam disclosed that Jason has a proven knowledge of high-impact business and strategic leadership. He said that his presence will be of significant value for all stakeholders. The company is formulating the roadmap for the global presence and his experience will prove valuable.
After the announcement, Infibeam shares closed at Rs 151.90, which is a decrease of 1.3 percent against the previous day. Snapdeal has been facing problems with rivals Flipkart and the e-commerce giant Amazon. There were speculations that the company will be taken over by Flipkart but the valuation problems plagued the company.
Nowadays, buyers are not showing much interest in Snapdeal because of lack of deals and discounts. The products listed on Snapdeal are available at low prices on other e-commerce stores. Infibeam also facing the same problem with lack of traction among buyers. It remains to be seen as to whether the entry of Jason Kothari will change the system.
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