Reliance Retail-owned subsidiary, Milkbasket, recently underwent a major transformation as it achieved full integration with JioMart. However, this significant milestone was accompanied by notable departures within the upper echelons of its management, as reported by Entrakr.
In May, the Chief Financial Officer (CFO) Gaurav Srivastava, along with Milkbasket’s only Co-Founder Yatish Talvadia and Chief Operating Officer (COO) Abhinav Imandi, stepped down from their positions following the merger of the company with JioMart.
According to the report, four of Milkbasket’s Co-Founders had already departed from the company by the previous year. Additionally, the report highlighted that nearly a dozen senior executives have resigned from their positions at Milkbasket, and there are expectations of further resignations in the weeks to come.
Read More: Reliance Retail’s Milkbasket to witness departure of 130 employees amid ongoing restructuring
Srivastava served as Milkbasket’s CFO for a duration of five years, preceded by his role as the company’s Vice President-Finance. Prior to this, he gained experience working with renowned consulting firms such as KPMG and EY.
As of now, Milkbasket (Aaidea Solutions Ltd) has not yet released its financial results for FY23. In FY22, the company experienced a significant increase in losses, rising by 98% to reach INR 66 crore, while its revenue declined by 19% to INR 421 crore from the previous FY21 figure of INR 522 crore.
Before the acquisition, the company successfully raised $33 million in funding from various sources, including Inflection Point Ventures, Mayfield India, Unilever, Beenext, Blume Ventures, Kalaari, Lenovo Capital, and several angel investors, as mentioned in the report.
