Adarsh Menon was appointed president of Zoomcar Holdings, Inc. on January 8, 2024. Zoomcar India Private Limited is an Indian limited business that is a majority-owned subsidiary of the company.
Mr. Menon, a 44-year-old seasoned leader in the sector, with over 22 years of expertise. He is joining the company after working for eight and a half years at the Singapore-incorporated Indian e-commerce company Flipkart India Private Limited, where he held a number of positions from March 2015 to September 2023, including vice president, senior vice president, and head of several departments. Mr. Menon most recently oversaw Flipkart’s new, high-growth mandate, which included independent, varied companies like ClearTrip, Shopsy, and ReCommerce that Flipkart had just founded or acquired. Mr. Menon worked for 12 years as the general manager of Hindustan Unilever Limited’s West India division, an Indian consumer goods company, before joining Flipkart. Mr. Menon has demonstrated success in managing companies at different phases of their existence. Having built strong revenue moats, profit pools, alliances, and leading mergers and acquisition transactions, he has vast expertise scaling multibillion dollar organizations. Notably, he led the Flipkart acquisition of Walmart India and Yaantra, an electronics recommerce startup. He has collaborated with a number of prominent figures in the industry, such as Ms. Deepika Bhan (President, Packaged Foods, Tata Consumer Products), Mr. Rakesh Krishnan (Vice President & Head of Marketplace, Flipkart), Mr. Hari Kumar (Vice President & Head of Grocery, Flipkart), and Mr. Ankush Wadehra (Head, Skin Cleansing, Hindustan Unilever Limited). He has built and led large, high-performing, engaged, and agile cross-functional teams. Mr. Menon takes great pleasure in resolving the challenging issues involved in growing companies to dominant positions in India. Mr. Menon has a strong interest in using technology to help clients and the Indian market. Mr. Menon graduated from the Faculty of Management Studies with an M.B.A. in Marketing & Human Resources.
Mr. Menon and Zoomcar India have signed an employment contract dated January 8, 2024. The Employment Agreement shall remain in effect until it is terminated in line with its conditions rather than having a set expiration date. A three-month probationary period from the date of the Employment Agreement applies to Mr. Menon’s employment. Mr. Menon’s employment will automatically transition into full-time employment at the conclusion of the probationary period. As per the terms of the employment agreement, Mr. Menon will get a basic salary of $400,000 annually. Mr. Menon will be eligible for a one-time signing bonus of $20,000.
Mr. Menon will receive restricted stock units, subject to the Board of Directors’ approval, equal to 3% of the total number of issued and outstanding shares of the Company’s common stock, par value $0.0001 per share. The RSUs are subject to a one-year lock-up period and will vest in even monthly increments over a four-year period. Furthermore, Mr. Menon will also be qualified to receive an additional number of RSUs equal to.25 percent of the total number of issued and outstanding shares of Common Stock upon reaching each of the following milestones: $500 million, $750 million, and $1 billion in market capitalization for the Company, respectively.
