Walmart Fires 80 Myntra Employees In Gurgaon; Why Flipkart’s Senior Leaders Are Quitting?
Some very interesting developments are taking place in Walmart India. It seems that the shutting down of Jabong was just the trigger.
While Mynta has confirmed that they are firing 3% of their overall workforce in India, some senior leaders in Flipkart have quit the company in the last few weeks.
What exactly is happening here?
Myntra Fires 80 Employees
Myntra’s Gurugram office will fire 80 employees, which constitute 3% of their overall workforce (3000 employees in India).
Most of the terminations are happening from product and customer care departments, as the company is looking at trimming costs and consolidating workforce.
Myntra confirmed this development, as a spokesperson said, “… To drive better efficiencies across the organization, we are consolidating our resources and scaling down operations at our Gurgaon office. We expect this to impact 80 employees across levels at Myntra.”
As per reports coming in, the terminated employees will be provided with compensation of upto 8 months of salary and other benefits. This has been confirmed by Myntra head Amar Nagaram.
After Walmart shutdown Jabong completely, now Myntra’s operations are being streamlined.
Why Senior Leaders At Flipkart Are Quitting?
In the last few weeks, Walmart owned Flipkart has witnessed a slew of exists.
Nishant Verman, Anurag Verma, Kirti Varun Avasarala, Vikash Jalan and Samrat Dogra are VPs, Directors at Flipkart, who has quit the company.
While Nishant was Vice President, Anurag and others were Senior Directors in Flipkart.
Besides them, Rishi Vasudev, who was the Group head of Fashion, Smriti Singh, who was human resources head and CTO Ravi Garikipati have also quit.
As per observers of the recruitment domain, Flipkart has frozen all major hirings since December, and this can be one of the reasons why senior leaders are quitting.
An unnamed person, who has knowledge of this issue said, “The hiring at Flipkart is on a freeze since December now. The company wants to go slow on leadership hiring and for very critical and key roles the company is looking internally,”
VPs, Directors and CXOs of Flipkart are now looking at other avenues of growth, and also attempting to startup on their own, after quitting Flipkart.
Flipkart CFO Dipanjan Basu and Myntra CEO Ananth Narayanan had quit the company last year.
We will keep you updated, as more details come in.