Paytm-owned Nearbuy's CEO Ankur Warikoo to step down in November

Deal discovery online platform Nearbuy’s Ankur Warikoo has announced his departure as the CEO of the company in November on social media. He will remain as the shareholder and the board member of the company.

The company’s other co-founders Ravi Shankar and Snehesh Mitra will take over the management of the company as CEO and COO, respectively.

He took to social media to update this move. He wrote, “Nearbuy hit an important (and emotional) milestone two months back. We became cash-flow positive, making more money than we spend on a monthly basis. Getting to this point after four years demanded everything from us. Great highs, massive lows and a ride of constant learning. It personally felt like the right time for new leadership to take the company forward in its avatar as a growing profitable company.”

Warikoo hasn’t revealed his next professional move, but wrote on social media, “I do not know what I will be doing next. And that's super exciting. Trust the wait. Embrace the uncertainty. Enjoy the beauty of becoming. When nothing is certain, anything is possible."

Before this, Warikoo was an angel investor and has also been the Groupon CEO for four years.

In 2015, with Sequoia Capital funding in place, the online platform was formed after splitting from its US-based parent firm Groupon and was rebranded as Nearbuy. In 2017, Paytm acquired the merged entity of Nearbuy and another company Little.

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