Rajiv Subramanian, who had been running the travel segment of Tata Digital's ecommerce superapp Tata Neu, just resigned. This departure is the latest in a long line of high-level departures from the organization in the last year.
According to ET, Subramanian is presently considering starting his own business. However, the specifics of this potential endeavor have yet to be determined. Before joining Tata Digital in November 2021, Subramanian was the CEO of Cleartrip. With Subramanian's departure, the business has lost a considerable number of top workers employed by former Tata Digital President Mukesh Bansal. Several executives have recently taken on expanded duties within the business.
Tata Digital's other senior executives, including Prateek Mehta and Sharath Bulusu, have also left the company in the last year. Bansal recruited Mehta and Bulusu to the Tata Group, along with other senior executives from Flipkart, Udaan, Blinkit, and other businesses.
Bansal, who cofounded Myntra and Cult.fit, stepped out from the organization's day-to-day operations early this year. It was recently announced that the Tata Group is considering an extra $1 billion investment in Tata Neu. If the purchase goes through, Tata Digital, the conglomerate's digital unit, will receive the fresh funding in the following year.
The projected $1 billion funding is likely to provide Tata Neu with a much-needed boost in order to improve its digital services, address technological challenges, and handle any prospective new expenditure requirements. Tata Group has asked Tata Digital to refine the super app's functioning and address any app problems in order to improve user-friendliness.
Tata Neu, which launched in April of last year, is inspired by Chinese payment services like Alipay and WeChat. It offers a comprehensive platform that integrates a wide range of services, such as hotel and flight bookings, food and electronics stores, and pharmaceutical services.
Meanwhile, Tata Digital's consolidated net loss surged 5.6X year on year (YoY) in FY22 to INR 3,052 Cr, despite revenue doubling YoY to INR 16,201 Cr.
