AceVector Group, which operates several platforms in the e-commerce space, on Friday announced the elevation of Himanshu Chakrawarti as the chief executive officer (CEO) of its Snapdeal marketplace business.
Chakrawarti joined Snapdeal one year ago as the president of the Snapdeal marketplace business. He has been involved in driving the platform's value commerce strategy.
Chakrawarti has been instrumental in steering various growth-related and operational initiatives, the company said in a release.
“Himanshu has played an integral role in steering Snapdeal's marketplace business over the last year. His success in building brands and expertise in retail operations clubbed with an in-depth understanding of the value retail segment has helped us build a comprehensive toolkit to serve India’s mega cohort of value-savvy users,” Kunal Bahl and Rohit Bansal, co-founders of Snapdeal and AceVector Group said.
“We are confident that under his leadership, Snapdeal's marketplace business will continue to grow and excel on its chosen path of focused and profitable growth,” the cofounders added.
Prior to joining Snapdeal, Himanshu was the CEO of Unlimited Fashion - Arvind Lifestyle Brands’ value fashion retail chain with a focus on affordable fashion apparel and accessories for men, women, and children. He also led brands like True North-owned Hi-Care service and The Mobile Store as their chief executives.
“I look forward to working closely with both Rohit & Kunal as they provide strategic direction and perspective to shape Snapdeal’s way ahead,” said Chakrawarti.
An alumnus of IIT Kanpur and IIM Bangalore, Himanshu brings over 30 years of rich experience in the retail sector in building lifestyle brands.
Snapdeal filed its draft red herring prospectus with the Securities Exchange Board of India for an initial public offering (IPO) in December last year. However, it appears that the company is delaying its IPO due to uncertain market conditions amid a challenging macroeconomic situation.
Moreover, before the IPO, the company could undertake a pre-IPO placement worth up to Rs 250 crore. The company plans to use Rs 900 crore of the proceeds of the offering to fund organic growth initiatives and the remaining for general corporate purposes, as per its DRHP.
