Friday, January 27, 2017

Flipkart: Million-Dollar Hiring Mistakes

Flipkart: Million-Dollar Hiring Mistakes Translate Into Billion-Dollar Valuation Erosions

As the week drew to a close, a story that broke headlines in the world of Indian e-commerce was the departure of Flipkart’s Chief Product Officer, Punit Soni. Rumours had started swirling about Punit Soni’s impending exit since the beginning of the year (link), almost immediately after Mukesh Bansal had taken over from Binny Bansal as Flipkart’s CEO (link).

Punit Soni’s LinkedIn headline
Punit Soni was among a clutch of high-profile hires made by Flipkart in 2015, rumoured to have been paid a million dollar salary (amounting to 6.2 crores at then prevailing currency exchange rates — see this and this). This was in addition to any stock options he and other similar high-profile hires earned.