Jason Kothari, president of the e-commerce company Infibeam Avenues, has quit the company, in less than five months due to personal reasons.
“We wish to inform you that Mr. Jason Kothari who is serving the Company as a President has informed the Company that he is required to spend more time abroad due to personal reasons. He will continue to be associated with the Company in the capacity of a Senior Advisor.” the company said in BSE filing on Friday.
Previously, Kothari was working with the e-commerce company Snapdeal, as a Cheif investment and Strategy Officer, during tenure, he was instrumental in turning around the troubled venture and warding off a takeover by its rival Flipkart. He also managed to hive off Snapdeal’s payments unit Freecharge to Axis Bank, its logistics arm Vulcan to Future Group and its software unit Unicommerce to Infibeam.
However, the commitment with Snapdeal remained only for one-and-a-half-year, after which he moved to head Infibeam as its president.
Incidentally, Infibeam has acquired Snapdeal’s cloud-based inventory management subsidiary Unicommerce in a deal worth Rs 120 crore, earlier this year in May. It has also acquired cloud ERP provider DRC Systems, online digital payment processing company Vavian International Ltd., and digital marketing company ODigMa.
On Sept 28, the shares of Infibeam plunged 73 percent, after a fake WhatsApp message alleging lack of corporate governance. It was one of the largest stock falls after Satyam Computers Services in January 2009. The firm lost about Rs 9,200 crore market cap in a single day.
Since then, the company witnessed a further 43 percent decline in market cap.
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