In his new role, Kothari’s responsibilities will include leading strategy; corporate development, including all investments and strategic partnerships; raising new capital for the company; and portfolio management, overseeing companies Snapdeal wholly owns or has invested in.
Previously, Kothari led the successful turnaround of Housing.com from a position of distress to a market leader in one and a half years, using organic and inorganic growth.
Under his stewardship, Housing.com changed its business strategy and plan, hired a new experienced management team, restructured and reduced operating costs by 70 per cent going from 2,500 to 900 employees, raised an additional $20 million from lead investor Softbank, and achieved key operating results, such as increasing revenue by 400 per cent, customer visits by 200 per cent to 4.1 million per month and homes listed by 450% to 630,000 homes, becoming the most popular platform for buying and selling homes in the country.
Kothari, says in a press release: “I’m excited to join Kunal and Rohit at Snapdeal during a defining period in Indian e-commerce that will shape the future of the Indian internet space. Snapdeal is on its way to building one of India’s best companies, and I look forward to helping in making that potential a reality.”