FreeCharge CEO Govind Rajan resigns
Q. Which Snapdeal payment subsidiary executive resigned on 21st Feb 2017?- Published on 27 Feb 17a. Govind Rajan
b. Sachin Bansal
c. Binny Bansal
d. None of the above
ANSWER: Govind Rajan
FreeCharge CEO Govind Rajan has resigned from the company within 9 months of his appointment as payment subsidiary of online marketplace Snapdeal.
Snapdeal, run by Jasper Infotech Pvt Ltd, has been trying to independently raise funds for FreeCharge but the company has struggled to attract investors in the past six to 10 months.
FreeCharge, which provides digital payments services, was acquired by Snapdeal for $450 million in April 2015 and appointed Rajan as the chief executive in May 2016.
Govind has brought incredible energy and focus in growing FreeCharge. The pace of progress will continue with the strong team that he has built.
Jason Kothari will oversee the business operations of FreeCharge as part of his overall responsibilities of portfolio management as the chief strategy and investment officer of Snapdeal.
Rajan was initially hired as the chief strategy officer of Snapdeal, prior to which he was at Bharti Airtel Ltd as its chief marketing officer and chief executive of Airtel Money.
He also worked at Hindustan Unilever Ltd for over 15 years.
Numerous high-level exits at Snapdeal, include Sandeep Komaravelly, head of peer-to-peer marketplace Shopo; Tony Navin, head of partnerships and strategic investments; and Abhishek Kumar, head of corporate development, mergers and acquisitions and investments.
Backed by Japan’s Softbank Group, which holds close to 33% in the company, Snapdeal has also received funding from Kalaari Capital.
Other funders are Nexus Venture Partners, eBay Inc., Foxconn Technology Group and Alibaba Group Holding Ltd.
Co-founders Kunal Bahl and Rohit Bansal now have a stake of less than 6.5% in the company, which has raised around $2 billion since its inception.
