Utkrishta Kumar, chief experience officer (CXO) at Meesho’s business division, has stepped down from his role after a five-year tenure. The ecommerce unicorn has appointed 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 development was first reported by Moneycontrol, which said Kumar is quitting to start his own fintech venture,
During his time at Meesho, Kumar was entrusted with the responsibility of driving revenue growth and diversifying the company’s product categories. Under his guidance, Meesho significantly expanded its operational footprint, venturing into various new sectors, including pet supplies, stationery, musical instruments, and books.
Kumar’s LinkedIn profile highlights his instrumental role in increasing Meesho’s order volume 13-fold 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 joined Meesho in 2019, was earlier CXO-Growth at Meesho.
The development comes at a time when Meesho, amid the increasing focus of startups on profitability due to the ongoing funding winter, too claims to have turned profitable.
After claiming that it turned profitable as of July this year, Meesho on Monday said it continues to remain profitable. The ecommerce startup also claimed that it saw 1.6 Cr app installs during the 10 days of its festive sale this year.
In FY22, Meesho posted a 550% year-on-year rise in its net loss to INR 3,247.8 in FY22.
Recently, investment firm WestBridge Capital acquired a stake in the ecommerce unicorn in a secondary transaction from its early and long-term backer Venture Highway.
Venture Highway sold a part of its stake in the ecommerce startup to earn over 50X return.
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