Cofounders & CEOs Who Quit Their Startups This Year

Adda247 Cofounder Chandan Singh Moves On To Build New Venture 

After being elevated from chief product officer (CPO) to cofounder of Adda247 in November 2022, Chandan Singh quit the edtech startup in September this year. 

Overall, the IIM Ahmedabad graduate had a five-year stint at the startup. Singh joined Adda247 in 2019 as VP (product) and was promoted to CPO in 2020.

While he didn’t mention what he planned to do next, his LinkedIn bio read that he was building a venture in stealth mode. Before joining Adda247, Singh worked with companies like Naukri, PwC India, DTDC, and Coverfox, among others. 

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 offers online coaching for competitive exams. The platform also offers video courses and mock tests for more than 500 competitive exams in 12 Indian languages. 

CaratLane’s Founder & CEO Quits For Better Work-Life Balance 

Tata-owned omnichannel jewellery startup CaratLane’s cofounder and managing director (MD) and CEO Avnish Anand stepped down after spending a decade at the company in August this year.

He attributed his resignation to his desire to prioritise life. In a LinkedIn post, he wrote that he was aiming for a lot more balance in life. 

In the post, Anand further mentioned his plans to continue working in the startup ecosystem and help “build more CaratLanes”. 

An IIM-Lucknow alumnus, Anand worked in various capacities with companies like Standard Chartered Bank, DuPont India and Times Business Solutions before joining CaratLane as its first employee in 2008. 

However, he left the jewellery startup in 2011 but rejoined in 2015 as the head of product. He rose through the ranks to become CaratLane’s cofounder and CEO. 

He was appointed as the CEO last year, just days after his former boss and cofounder Mithun Sacheti exited CaratLane. 

DealShare’s 3rd Cofounder Resigns To Start Up Again

After two cofounders left the ecommerce startup DealShare amid business rejig and layoffs last year, its third cofounder and CEO Sourjyendu Medda quit the startup at the beginning of this year. 

Medda, who left the company in January, was replaced by Kamaldeep Singh as the new CEO of the company, who was earlier serving as the retail business president. 

Founded in 2018 by Rajat Shikhar, Sankar Bora, Sourjyendu Medda and Vineet Rao, DealShare is a social ecommerce platform that directly sells household essentials by sourcing items from lesser-known brands and through community sales.

Notably, three of the four founders of DealShare left the company amid its transition from an online-only model to a hybrid model. The company is facing a financial crunch, which also led to the shutdown of its operations in Maharashtra last year. 

After leaving DealShare, Medda has now floated a new venture, Sports For Life (SFL), in March. Further, he will continue to remain one of the key shareholders of DealShare. 

Fashinza Cofounder Moves On To Float A New Venture 

Fashinza’s cofounder and chief business officer (CBO) Jamil Ahmad stepped down from the B2B marketplace company in January this year, hinting at floating a new venture in his LinkedIn post. 

At the time, he wrote, “As my last day at Fashinza rolls around, it feels like the end of an era… But fear not! Something big, global, and perfect for real estate aficionados is on the horizon.”

Founded by Ahmad, Pawan Gupta and Abhishek Sharma in 2020, Fashinza is an AI-driven supply chain and marketplace platform for fashion brands and manufacturers. 

Before establishing Fashinza, Ahmad was associated with another fashion marketplace, Limedroad. He has also worked with the video commerce company Bulbul, which was acquired by Good Glamm Group last year.

Within 30 days of his departure from Fashinaza, Ahmad floated his new venture Marrfa, a full-stack managed real estate marketplace. 

The new proptech startup secured an undisclosed amount of funding in a pre-seed round led by a Berlin-based VC firm, Foundamental, in February. 

Fynd Cofounder Harsha Shah Bids Farewell After 12 Yrs

Reliance-owned retail technology platform Fynd’s Cofounder Harsha Shah called it quits in November. He, however, did not disclose the reason to quit. 

In his LinkedIn post, he said, “After a 12-year journey of founding, building, and growing Fynd (Shopsense Retail Technologies Ltd.), it is time to move on.”

Notably, Shah will continue to remain on the board of the company. 

Founded in 2012 by Shah, Farooq Adam and Sreeraman MG, Fynd is an omnichannel fashion platform which sells products across various categories, including clothing, footwear, jewellery, and accessories, from prominent brands in the country. 

Indifi Cofounder Siddhart Mahanot Steps Down After Almost A Decade 

After nearly a decade, Indifi cofounder Siddharth Mahanot stepped down in October this year. 

In his LinkedIn post, he announced that he’ll no longer look after the day-to-day operations of the company but will “continue to be involved as a shareholder and will maintain his board responsibilities.”

After his exit, the lending tech company’s other cofounder Alok Mittal and chief executive Sangram Singh helmed the company.

Founded by Mahanot, Mittal and Sudeep Sahi in 2015, Indifi aims to streamline loan processes for small and medium businesses by connecting them with multiple lenders. 

Mahanot has a total experience of more than two decades in credit management and risk assessment functions. He was also the executive vice-president at Indiabulls Housing Finance in 2014-15. 

In the past, he has also been the associate director and risk head of retail finance at Edelweiss Financial Services. He also served at Citibank in different capacities for almost eight years till 2011. 

Indus Appstore’s Rakesh Deshmukh Takes A Break

Rakesh Deshmukh, the cofounder and CEO of PhonePe-owned app discovery platform Indus OS (Indus Appstore) quit the startup in January this year after a decade-long stint. 

Alongside Deshmukh, Indus OS was cofounded by Akash Dongre and Sudhir Bangarambandi in 2013. On his departure, Deshmukh said that he was “taking a moment to recharge and prepare for the next impactful journey”.

As per his LinkedIn profile, Deshmukh has established a new AI-driven startup Natoe.ai and has been serving it since May this year. 

Medikabazaar’s Vivek Tiwari Steps Down 

Mumbai-based B2B healthcare supply chain startup Medikabazaar’s cofounder Vivek Tiwari stepped down as the CEO in July. He took a board role amid management restructuring in the company earlier this year. Tiwari was replaced by Dinesh Lodha in August. 

In 2014, Tiwari founded the company with Ketan Malkan. Since the inception of Medikabazaar, he has been the chief executive and has been leading the company.

Before incorporating the company, he served as the chief operating officer (COO) at basic chemicals manufacturer AMRA Renal Care Limited for over three years.

Taskmo Founders Prashant Janadri and Naveen Ram Take The Golden Parachute 

The Bengaluru-based gig economy platform Taskmo was acquired by the business services provider and private sector employer Quess Corp Limited for an undisclosed amount in April. 

The acquisition came with the announcement of both the founders of Taskmo, Prashant Janadri and Naveen Ram, leaving the company. 

In his LinkedIn post, Janadri wrote, “My heart is heavy, but I am optimistic about our exit from Taskmo after Quess Corp Limited ‘s successful acquisition.” 

Quess’s acquisition of Taskmo was aimed at strengthening the latter’s position in the market and accelerating its growth trajectory.

Founded in 2020, Taskmo started as a Facebook page with the vision of revolutionising the gig economy. It later evolved into a gig marketplace connecting marquee businesses with on-demand talent for various tasks and projects. 

Before establishing Taskmo, both Janadri and Ram founded an on-demand staffing platform, FeedMyPockets, in 2018. 

Unacademy Cofounder Hemesh Singh Moves To Advisory Role 

Earlier this year, the edtech startup Unacademy’s cofounder and chief technology officer (CTO) Hemesh Singh took to X to announce his transition to an advisory role. Singh decided to take a back seat after serving the startup for more than eight years.

“After almost a decade of building Unacademy with @gauravmunjal and @romansaini, I have decided to move from an executive role to an advisory role,” he said in a post in June. 

Before Unacademy, Singh worked with the company’s chief executive Gaurav Munjal at Flatchat, a mobile-based platform that helps students and bachelors find accommodation. 

Founded in 2015 by Singh, along with Munjal and Roman Saini, Unacademy claims to have a network of 91K registered educators and over 99 Mn learners.

upGrad Cofounder Mayank Kumar Embarks On A New Quest 

Edtech unicorn upGrad’s cofounder and MD Mayank Kumar left the company in October to launch a new venture. 

It was reported that Kumar reduced his participation in the company, as he was pitching investors to back his new startup. His new startup is focussed on placing skilled Indian labour abroad, especially in healthcare.

Founded in 2015 by Kumar, Screwvala, Phalgun Kompalli and Ravijot Chugh, upGrad offers higher education courses and skilling programmes in collaboration with universities.

After Kumar’s departure from upGrad, cofounder and chairman Ronnie Screwvala will be taking an active role in running the company. Screwvala, a serial entrepreneur known for founding UTV, now owns a 45% stake in upGrad.

Kumar’s exit came at a time when upGrad raised an additional $60 Mn from Singapore state investment firm Temasek at a flat valuation of $2.25 Bn.

upGrad is eyeing to get listed in the next two years.

WayCool Cofounder Sanjay Dasari Steps Down After Almost A Decade

Chennai-based agritech startup WayCool’s cofounder Sanjay Dasari stepped down from his executive post to take up an advisory role.

In a post on LinkedIn, Dasari said he would be moving to San Francisco. His post read that he would continue to be involved with WayCool in an advisory role, supporting strategic projects and fundraising efforts, but would be stepping back from the day-to-day (operations) of the company.

 The Harvard Business School alumnus added that he would double down on his angel investments and startup mentorship efforts moving forward.

Zomato Cofounder Akriti Chopra Left To Pursue Other Interests

In a prominent exit this year, Zomato’s cofounder Akriti Chopra stepped down from her role in September. Citing reasons for Chopra’s exit, the foodtech major said that she wanted to pursue other interests. 

Chopra joined Zomato in 2011 as the senior manager of finance and operations and rose through the ranks to become the company’s chief financial officer (CFO) in 2019. 

She was further elevated to the role of cofounder in 2021, the year Zomato went public. 

Chopra, who’s an alumna of Lady Shri Ram College for Women is also the wife of Blinkit cofounder and CEO Albinder Dhindsa. 

Zoomcar Cofounder Greg Moran Gets Terminated As CEO

Greg Moran, the cofounder of Zoomcar, was terminated as the CEO in June this year after a 12-year tenure. 

“On June 20, 2024, Greg Moran, the company’s chief executive officer, was terminated from his role. Pursuant to Mr. Moran’s employment agreement, Mr. Moran is required to resign from the board of directors of the company (the “Board”) as a result of such termination,” the company said in a regulatory filing.

Following this, the company’s board named Hiroshi Nishijima, the chief operating officer (COO), as its interim CEO. 

Founded in 2013, Zoomcar is a marketplace for renting self-driving cars. The startup connects hosts with guests, who choose from a selection of cars for use at affordable prices.

CEOs Who Left The Ventures They Led 

BharatPe CEO Suhail Sameer Left Amid Leadership Exodus 

BharatPe’s chief executive Suhail Sameer stepped down in January amid a leadership exodus at the fintech company. He joined the company in August 2020 as the president and was formally appointed CEO in August 2021. 

BharatPe replaced Sameer by elevating Nalin Negi as its CEO in April, 15 months after he took charge as interim CEO and CFO..

Sameer is currently the founder and managing partner of VC fund, OTP Ventures, as per his LinkedIn profile.

BYJU’S India CEO Arjun Mohan Moves To External Advisory Role 

The edtech firm BYJU’S India CEO Arjun Mohan left the organisation in April within a year of his joining. After Mohan’s departure, the company’s founder Byju Raveendran took over the charge of overseeing day-to-day operations of its India business.

Mohan was transitioned to an external advisory role. He joined BYJU’S in July last year as the CEO of its international business. In September, he was appointed as the head of the India business.

Founded in 2011 by Raveendran, along with his wife Divya Gokulnath, BYJU’S quickly rose to fame on the back of pandemic-era growth and raked in millions of dollars in VC funding.

Mohan is also an independent director at stockbroker Sharekhan’s board. 

CleverTap CEO Sidharth Malik Quits

Customer engagement and retention startup CleverTap’s global CEO Sidharth Malik stepped down from his role in July. The company’s cofounder Sunil Thomas took over the position after Malik’s resignation. 

According to the company, Sidharth Malik stepped down in July 2024 due to personal reasons. Mailk worked with the startup for nearly three years, since November 2021, as the CEO. Before joining CleverTap, he led SaaS major Freshworks as its chief revenue officer for more than four years. 

Malik has an overall experience of about three decades working with tech giants such as IBM, Microsoft, Salesforce and others.

Currently, he is serving as a SaaS advisory board member of investment firm WestBridge Capital.

Thomas, along with Anand Jain and Suresh Kondamudi founded Clever Tap in 2013.  

Hemant Bakshi Jumps Off Ola Consumers’ Ship

Ola Consumer CEO Hemant Bakshi quit the ride-hailing startup within four months of his appointment in January this year. The development came when the company was undergoing a restructuring exercise in April. 

After Bakshi’s departure, the company’s founder Bhavish Aggarwal assumed the role of CEO to look after the day-to-day operations of the startup. 

Prior to joining Ola Consumer, Bakshi had a 15-year stint with FMCG major Unilever. 

Founded in 2010, Ola Consumer (erstwhile Ola Cabs) competes with the likes of Uber and BluSmart in the ride-hailing market in India.

Paytm Payments Bank CEO Surinder Chawla Quits To Explore New Prospects

Paytm Payments Bank Limited (PPBL) CEO and managing director Surinder Chawla left the fintech major in June. 

In a regulatory filing, parent On97 Communications (OCL) stated that Chawla would be relieved of his duties by June 26. 

Chawla stepped down citing personal reasons and a desire to explore better career prospects. Arun Kumar Bansal, a former executive at IDBI bank, replaced Chawla in July. 

After he departed from PPBL, Chawla joined Bennett Coleman & Co Ltd as the president of response. He joined the payments bank in February last year. He has also worked with HDFC Bank, RBL Bank, Standard Chartered, ABN AMRO Bank, and Citibank.