Mukesh Bansal steps down from the helm at Tata Neu: Report

Bansal said ET's questions were "factually incorrect". He did not comment specifically on his current role

FPJ Web DeskUpdated: Tuesday, January 03, 2023, 12:50 PM IST
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Mukesh Bansal | Image credit: GettyImages

Tata Digital President, Mukesh Bansal, has stepped down from the helm at the Mumbai-based conglomerate's latest subsidiary, Tata Neu, as reported by The Economic Times.

Currently, the company is undergoing ongoing changes at the top. In June 2021, Bansal, co-founder of fashion e-tailer Myntra, joined Tata Digital.

However, he is no longer part of Neu's core businesses, people with knowledge of the matter said but is likely to continue to provide advisory services, according to ET.

According to the report, Bansal has attended some Tata Neu board meetings in recent months. The Tata Digital spokesperson did not respond to the matter.

Bansal's response

Bansal said ET's questions were "factually incorrect". He did not comment specifically on his current role.

According to former employees, Pratik Pal oversees all business decisions at Tata Digital.

Tata Digital wants to balance unit economics and growth simultaneously, according to a person directly involved. "The difference in approach on how to scale a new internet business played a role in these internal changes," a person told ET in its report.

In addition to raising capital for Tata Digital's e-commerce business, Bansal was expected to play a key role in raising new capital. However, Tata Sons are largely funding the venture, even though it has begun talks with marquee investors.

Myntra and Cultfit

In 2016, Bansal co-founded Cultfit with former Flipkart executive Ankit Nagori. The company was originally called Curefit, a minority-owned company owned by Tatas.

Naresh Krishnaswamy, a former Myntra executive, is still in charge of Cultfit. Bansal is also exploring the option of setting up a new venture, sources who have met him over the past several weeks and who are aware of his thinking informed.

It is nonetheless early in the development of these plans, they said. In December, ET reported that Prateek Mehta and Sharath Bulusu, two senior executives at Tata Digital, had also quit.

The Flipkart group, Udaan, Blinkit and others were among the executives hired by Bansal, including Mehta and Bulusu.

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