SoftBank Capital's managing partner Kabir Misra exits Snapdeal board

SoftBank Capital’s managing partner Kabir Misra is learnt to have exited the board of beleaguered e-commerce firm Snapdeal. Misra was instrumental in merger talks between Snapdeal and Flipkart, which did not get the final approval of the board.

 

Sources said that according to the communication received by Snapdeal’s shareholders, no reason had been given for Misra’s exit. It is believed that the same could be on account of conflict of interest arising due to his concurrent responsibilities at competing platform Paytm. The move is seen as a proactive measure to avoid legal complexities.

 

Another board member, Saurabh Jalan, who has been associated with Snapdeal for the past few years and is currently a director, would continue to be SoftBank’s representative on the board.

 

The other directors on the board are Akhil Gupta (independent director), Suvir Sujan (Nexus Venture Partners) and Snapdeal co-founders, Kunal Bahl and Rohit Bansal. Misra was appointed on the Snapdeal board last year to steer the merger with Flipkart. The move fell apart in the face of stiff opposition from many other shareholders.

 

In December, One97 Communications, which runs Paytm, appointed Misra as a director on its board. The move comes after SoftBank pumped $1.4 billion in Paytm last year.