Ankur Warikoo, the CEO and co-founder of Nearbuy, on Friday announced his resignation from the company. Nevertheless, he will continue as the board member and shareholder of the Gurugram-headquartered company.
He announced in a LinkedIn post that Nearbuy cofounders, Snehesh Mitra, and Ravi Shankar, will be taking over the management as the COO and CEO, respectively.
Warikoo wrote that it was a pleasure to work for the leading company for all the years. He was proud of the team they built, the culture they established, and the relationships they formed in the ecosystem.
Nearbuy hit a critical milestone two months back when it became cash-flow positive. Warikoo does not have any plans as of now.
Warikoo’s career profile- Consultant to CEO
Ankur Warikoo began his career as a professional consultant with NIT Sparta and co-founded his first business, Accentium Web in 2007. He joined Vivek Pahwa and worked in the industry of operating a portfolio of six websites, ranging over products and services. He then worked as a Venture Partner for Rocket Internet, setting up their office in India, before joining Groupon India, where he grew to be a CEO in 2015. Warikoo has also been an angel investor since 2014.
Journey of Nearbuy
Nearbuy, previously known as Groupon India, was launched after the company acquired SoSasta in 2011 to enter the Indian market. After the resignation of the founders of SoSasta, Ankur took over as the CEO of the firm. In August 2015, following the management buyout wherein Sequoia invested $17 million, Groupon India was rebranded as Nearbuy. In December 2017, Paytm acquired Nearbuy and little, and funded the merged identity.
Nearbuy is a hyper-local online platform that allows customers and local merchants to discover and interact with each other. The firm claims have a presence in over 35 cities, with over 18 categories and has over 50,000 merchants across 100,000 unique locations.
Nearbuy’s overall revenue increased by 4.9% in FY’18 from Rs 31.73 crore in FY’17 to Rs 33.28 crore. The basic turnover of the firm saw a 16.4% fall from Rs 28.22 crore to Rs 23.58 crore.