Myntra CTPO Raghu Krishnananda Steps Down

Flipkart-owned fashion ecommerce platform Myntra’s chief product and technology officer (CPTO) Raghu Krishnananda has stepped down from the company after a five-year stint. 

As per an internal memo seen by Inc42, Myntra CEO Nandita Sinha said that Krishnananda stepped down to “explore the next chapter of life outside of Myntra”. As the company scouts for a new CPTO, all reportees of the outgoing executive will answer Sinha. 

“After a stint of over 5 years, Raghu has decided to explore the next chapter of life outside of Myntra. As we seek the right talent to take on his responsibilities, Raghu’s direct reports will report to me in the interim. I thank him for his contributions and wish him success in the journey ahead,” said Sinha in the internal memo.

The development was first reported by Moneycontrol.

Notably, this is the second top-level exit at the Flipkart Group in the last two months. In February, Jeyandran Venugopal resigned from the post of CPTO at Flipkart after a six-year long tenure.

Founded in 2007 by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, Myntra operates a marketplace which sells apparels and fashion products to customers. Flipkart acquired the fashion ecommerce platform for $240 Mn in 2014.

Myntra’s Quick Commerce Plans 

The departure comes at a time when Myntra is aggressively scaling up its quick commerce offerings. The company launched a pilot in November last year, under the “M-Now” offering, to offer 30-minutes to 2-hours deliveries in select parts of Bengaluru. 

To fuel its quick commerce expansion, Flipkart infused $81 Mn in the fashion platform in November 2024. Prior to that, the ecommerce major pumped $339 Mn into Myntra in March last year.

The Nandita Sinha-led company is experimenting with fast deliveries at a time when quick commerce has taken the country by storm. While incumbents with deep pockets like Zepto, Blinkit and Swiggy Instamart continue to maintain their stranglehold over segments like groceries, they are also expanding their SKUs and turning their attention to apparels. 

Notably, the departure at Myntra also comes at a time when parent Flipkart is gearing up for a public listing. In December 2024, Flipkart received internal approvals to shift its domicile from Singapore to India for a likely IPO by 2025-end or early-2026. 

On the financial front, Myntra turned profitable in the fiscal year 2023-24 (FY24). It reported a consolidated net profit of INR 30.9 Cr during the year as against a loss of INR 782.4 Cr in the previous year. The fashion ecommerce platform’s revenue from operations also rose 15% to INR 5,121.8 Cr in the fiscal under review from INR 4,465 Cr in FY23.