Managing Director, Kalaari Capital, Vani Kola has resigned from the board of troubled online marketplace Snapdeal, amid talks to sell the company to larger rival Flipkart.
According to the letter of resignation, addressed to the company’s board, dated May 2, and accessed by Tofler, a corporate research and monitoring platform, Kola has requested the Board to discharge her of her duties with immediate effect.
“I regretfully inform you that at this juncture I would be unable to continue to be a part of the board, hence, I hereby tender my resignation from the office of the director of the company and request the board to discharge me of my duties as a director of the company with immediate effect,” Kola said in the letter.
Kola was the sole representative for Kalaari Capital on the Snapdeal board. Bengaluru-based Kalaari Capital, which had invested about US $27.5 million in the Gurgaon-based online marketplace, holding about 8 per cent stake, was one of the early investors in the company, and held powerful voting rights under its shareholders agreement. Kola had been part of the Snapdeal board since September 2009.