Utkrishta Kumar, who served as the Chief Experience Officer (CXO) in Meesho’s business division for five years, has officially resigned from his position. Meesho, the prominent e-commerce unicorn, has now named Megha Agarwal as the new CXO for the business division.
“We would like to express our heartfelt gratitude to Utkrishta Kumar who has decided to move on to pursue his entrepreneurship dream after a successful 5-year stint with Meesho. He has been instrumental in shaping Meesho’s business and has played a key role in our success over the years,” a Meesho spokesperson said.
The initial report on this development came from Moneycontrol, which stated that Kumar is leaving to launch his own fintech startup.
Throughout his tenure at Meesho, Kumar was tasked with the role of spearheading revenue growth and broadening the company’s product offerings. With his leadership, Meesho underwent substantial expansion, venturing into an array of new sectors such as pet supplies, stationery, musical instruments, and books.
On his LinkedIn profile, Kumar underscores his pivotal contribution to a remarkable 13-fold increase in Meesho’s order volume since July 2021.
Meanwhile, announcing the reshuffle at the unicorn following the exit of Kumar, the startup’s spokesperson said, “As we extend our best wishes for his (Kumar) future endeavours, we welcome Megha Agarwal as CXO Business and Nilesh Gupta as GM User Growth. With a strong leadership team, we will continue our mission of democratising internet commerce for everyone.”
Agarwal, who became part of Meesho in 2019, previously held the position of CXO-Growth at the company.
This occurs at a juncture when Meesho, aligning with the heightened emphasis of startups on profitability during the prevailing funding constraints, also asserts its achievement of turning profitable.
Following its assertion of achieving profitability in July this year, Meesho reaffirmed its profitable status on Monday. The ecommerce startup additionally stated that it recorded 1.6 crore app installations during the 10-day period of its festive sale this year.
In the fiscal year 2022, Meesho reported a substantial 550% year-on-year increase in its net loss, reaching INR 3,247.8 million in FY22.
Recently, the investment firm WestBridge Capital made a strategic move by acquiring a stake in the e-commerce unicorn through a secondary transaction, purchasing it from its early and long-term supporter, Venture Highway.
Venture Highway divested a portion of its stake in the e-commerce startup, realizing a remarkable return of over 50 times its initial investment.
