Leadership Exodus: Founders and CEOs Departing Their Startups in 2024
From Mayank Kumar of upGrad to Sanjay Dasari from Waycool – here is a list of Indian startup founders who have left their companies in 2024.
In India’s thriving startup ecosystem, quitting by founders and CEOs is increasingly common, alongside yearly layoffs, ESOP buybacks, and the rise of unicorns. Each year, reports emerge of Indian startup cofounders resigning for various reasons, such as seeking new opportunities, embarking on fresh quests, or taking sabbaticals. This trend also includes transitions due to acquisitions or mergers. This year continues the trend, with some exits driven by sector-specific challenges or operational difficulties, while numerous Indian founders are now pursuing their journeys as second-time entrepreneurs. Noteworthy is the fact that the frequency of these exits has remained high over recent years. After significant departures from Ola, BigBasket, and Milkbasket in 2021, the trend persisted in 2022, highlighted by the resignations of Mohit Gupta from Zomato, Ashneer Grover from BharatPe, and Porush Jain from Sportskeeda. By 2023, this trend intensified further, with over 30 founders either launching new initiatives, changing roles within their companies, or joining different organisations. Prominent exits included figures from ShareChat, ZestMoney, DealShare, and Chingari. As we approach 2025, key leaders such as Chandan Singh from Adda247, Sourjyendu Medda from DealShare, and Mayank Kumar from upGrad have already transitioned to new ventures. Additionally, some have opted to take breaks to enhance their work-life balance, while others have ventured into new fields. As startups prepare for potential public listings in 2025, further leadership changes are anticipated.
Indian Startup Founders Who Exited Their Ventures in 2024
Chandan Singh, Cofounder of Adda247, Launches New Venture
Chandan Singh, who was promoted from chief product officer (CPO) to cofounder at Adda247 in November 2022, departed the edtech firm in September this year. His overall tenure at the startup lasted five years. Singh began his journey with Adda247 in 2019 as VP (Product) and attained the CPO position in 2020. Although he did not disclose his next steps, his LinkedIn profile indicates he is currently developing a venture in stealth mode. Prior to Adda247, Singh gained experience with companies like Naukri, PwC India, DTDC, and Coverfox. Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 provides online coaching for competitive examinations.
Rakesh Deshmukh of Indus Appstore Takes Time Off
Rakesh Deshmukh, the cofounder and CEO of Indus OS (Indus Appstore), a platform owned by PhonePe, left the startup in January this year after a decade of service. Deshmukh co-founded Indus OS in 2013 alongside Akash Dongre and Sudhir Bangarambandi. Upon his exit, he mentioned that he was “taking a moment to recharge and prepare for the next impactful journey”. According to his LinkedIn profile, Deshmukh has since founded a new AI-driven startup called Natoe.ai, where he has been active since May this year.
Vivek Tiwari Resigns as CEO of Medikabazaar
Vivek Tiwari, cofounder of the Mumbai-based B2B healthcare supply chain startup Medikabazaar, stepped down as CEO in July. Tiwari transitioned to a board role as part of the company’s management restructuring earlier this year, with Dinesh Lodha taking over as CEO in August. Tiwari originally founded Medikabazaar in 2014 alongside Ketan Malkan.
Surinder Chawla, CEO of Paytm Payments Bank, Resigns to Seek New Opportunities
Surinder Chawla, CEO and managing director of Paytm Payments Bank Limited (PPBL), departed from the fintech company in June. A regulatory filing by parent company On97 Communications (OCL) stated that Chawla’s last day would be June 26. He cited personal reasons and a desire to explore better career opportunities as reasons for his departure. Arun Kumar Bansal, a former executive at IDBI Bank, succeeded Chawla in July. Following his exit from PPBL, Chawla assumed the role of president of response at Bennett Coleman & Co Ltd. Chawla had joined the payments bank in February of the preceding year and has experience working with HDFC Bank, RBL Bank, Standard Chartered, ABN AMRO Bank, and Citibank.
