Bengaluru: Flipkart-owned fashion retailer Myntra has named former Wipro Ltd veteran Dipanjan Basu as the company’s new chief financial officer (CFO), six months after the abrupt departure of its previous finance chief Prabhakar Sunder.
Basu, who will take over his new role at Myntra on 17 October, was chief finance and operating officer of Wipro’s digital and consulting business.
“Apart from being an exceptionally talented individual, Dipanjan is also a people leader. His skills and expertise in finance and operations will be of immense value to Myntra, especially at this juncture as we scale our business to meet ambitious targets," said Myntra chief executive Ananth Narayanan.
During his career at Wipro, Basu oversaw the finance function for the manufacturing and healthcare business at Wipro. Basu also had a two-year stint as CFO at Quatrro Risk Management Services.
Basu’s appointment comes months after the exit of previous finance chief Sunder.
In February, Sunder had quit from Myntra shortly after the exit of Myntra co-founder Mukesh Bansal, who also headed Flipkart’s commerce business at the time.
Since then, Sunder has moved on to join online marketplace VOONIK as their CFO.
“I am looking forward to my stint with fashion e-commerce at Myntra. I believe that my new role will be both exciting and challenging and also a great learning experience. As Myntra is witnessing a steady growth, I should be able to leverage my experience and knowledge to support and further develop the system," said Basu.
Bengaluru-based Myntra currently boasts of private labels such as Roadster, HRX, Dressberry and Anouk and exclusive partnerships with Alcott, Forever 21, Marks & Spencer and French Connection among others.
Earlier on Wednesday, Myntra had said it expects to record a five-fold increase in sales during the upcoming Big Billion Day (BBD) sale as it gears up alongside Flipkart to fend off arch-rival Amazon in the crucial, fast-growing fashion segment during the upcoming festive season. The sale is slated for 2-6 October.
This is the third and arguably the most crucial edition of the BBD sale for Flipkart, which is locked in a fierce market share battle with Amazon India.
The stakes have, arguably, never been higher for Flipkart, which owns fashion retailers Myntra and Jabong. This Diwali could prove to be a make or break quarter for Indian e-commerce sector’s poster boy. If Flipkart has a successful sale, it may get the platform to keep improving its results and raise a fresh round of funds. If Amazon comes out as a big winner, then it may force a shakeout in the e-commerce business.