“After nearly three years of leading Myntra, Amar has decided to leave the Flipkart Group to pursue his own venture,” Kalyan Krishnamurthy, CEO of Flipkart, told group employees in an email sent Friday evening.
“Amar will be with us till end-December to ensure a smooth transition and will continue to be associated with us in an advisory role. We will share details of his successor shortly,” he said.
ET broke the story in its online edition in the afternoon before Krishnamurthy sent out the email.
Myntra did not respond to an email seeking comment as of press time Friday.
Nagaram’s resignation comes days after Flipkart transferred Myntra’s business development head R Ayyappan to handle the business of Cleartrip, an online travel booking platform that Flipkart had acquired in April. Sharon Pais, head of loyalty and travel at Flipkart, has been named the new business development head of Myntra, replacing Ayyappan.
Nagaram was named CEO of Myntra in January 2019 after its previous head Anath Narayanan quit shortly after Walmart Inc completed acquisition of Flipkart Group for about $16 billion in August 2018.
He “has been a strong enabler, under whose leadership the company has delivered highly engaging and personalised fashion experiences for customers”, Krishnamurthy told employees in the email.
It is unclear what kind of venture Nagaram will start. He will be joining the ranks of scores of tech executives over the years who have been striking out on their own.
Nagaram has been with Flipkart for almost nine years since 2012, according to his LinkedIn profile. An engineer by profession, he rose through the ranks to take the top job at Myntra.
“Nagaram has worked with Krishnamurthy even before at Flipkart,” said one of the sources.
His departure comes at a time when Reliance Retail-owned Ajio.com is emerging as major competitor to Myntra.