Jitin Diwan has been named as the new chief financial officer (CFO) for the IndiaMART, effective June 15. Prateek Chandra, the current CFO, will take on a new role as chief strategy officer at IndiaMART. Dinesh Chandra Agarwal has been re-appointed as MD and CEO for a five-year term.
B2B marketplace IndiaMART InterMESH has announced two significant changes at the senior management level. While Jitin Diwan has been named the company’s new chief financial officer (CFO) effective June 15, Prateek Chandra will take on a new role as chief strategy officer.
Diwan has over 17 years of expertise and previously served as the Head of Finance (Vice President) at the Upstox Securities. He has also worked with Amazon India, Bharti Airtel Limited, and Vodafone.
Diwan will succeed Chandra, who was previously the company’s Chief Financial Officer.
“Based on the nominating and remuneration committee’s recommendations, the board of directors authorized Prateek Chandra’s move as senior management personnel to a new post within the firm as chief strategy officer, effective June 15, 2024. He will step down as the company’s chief financial officer and senior managerial person on June 14, 2024, according to IndiaMART in a recent exchange filing.
The company announced that Jitin Diwan has been appointed as senior management personnel in the role of chief financial officer designate with effect from May 15, 2024, and as chief financial officer and key managerial personnel with effect from June 15, 2024, having been approved by the board of directors.
These developments occurred just days after the board of the IndiaMART authorized the plan to combine its three fully-owned subsidiaries, Tolexo Online Private Limited (transferee company), Hello Trade Online Private Limited (transferor company 2), and Busy Infotech Private Limited (transferor company 1), into one larger business.
According to the corporation, the restructure is intended to streamline the corporate structure while also optimizing operations and costs across totally owned subsidiary companies.
Meanwhile, IndiaMART has reappointed Dinesh Chandra Agarwal as MD and CEO for another five years, starting January 8, 2025.
IndiaMART stock declined substantially the previous week (down 3.8%). On Monday at 2:50 PM, the stock was trading 0.51% higher on the BSE at INR 2,556.95.
IndiaMART’s consolidated net profit fell 27.4% to INR 82 crore in the third quarter of fiscal year 24.
