Info Edge founder Bikhchandani returns as CEO; Oberoi steps down after 27 years at the helm

Bengaluru: Info Edge founder Sanjeev Bikhchandani is set to return to an expanded executive leadership role, taking over as managing director and group CEO from Hitesh Oberoi, who is stepping down after nearly 27 years with the company, including more than 16 years as its MD and CEO.The company’s board has approved Bikhchandani’s appointment as executive vice-chairman, MD and group CEO from Dec 3, subject to shareholder approval. Oberoi will step down from his full-time operating role at the close of business on Dec 2 and continue on the board as a non-executive, non-independent director, also subject to shareholder approval.In his resignation letter dated October 27, Oberoi said the decision had been under consideration for some time. “It has not been an easy one to make. Info Edge has been a defining part of my life, and I feel enormous gratitude and pride when I look back at what we have built together,” he wrote.Oberoi said he was comfortable stepping back after seeing through key priorities across the company’s businesses. Naukri had developed a clear AI and data strategy, 99acres had established market leadership and become a cash-generating business, Jeevansathi and Aisle were profitable, and Job Hai had built a monetisation engine.“More importantly, together, we have built a much stronger institution,” he wrote, pointing to senior leaders with more than two decades at Info Edge and a younger generation ready to take on greater responsibility.“On a personal level, I would also like to spend more time with my family and support some initiatives I have been involved in,” Oberoi said during the analyst call, adding that the company was institutionally stronger and that he felt it was the right time to step back.During his 16 years as CEO, Info Edge’s market capitalisation grew from about Rs 2,500 crore to around Rs 80,000 crore, according to the company. Its portfolio includes recruitment platform Naukri, property portal 99acres, matrimonial platforms Jeevansathi and Aisle, education portal Shiksha and jobs platform Job Hai.Bikhchandani’s appointment is for a term until April 26, 2031, subject to shareholder approval. In a statement, he described Oberoi as an “extraordinary partner” and praised his leadership and judgement.“I shall dearly miss Hitesh — a comrade in arms, a torchbearer for the Company and the Internet industry, a close friend and colleague, an exceptional business leader,” Bikhchandani said, adding that Oberoi would remain available to advise business managers and that he would rely on his guidance.Asked whether he would serve as a full-time CEO or whether the move was part of a broader management transition, Bikhchandani said the leadership structure was yet to be decided. “I will be taking over, listening a lot, observing, asking questions and learning. I will take Hitesh’s guidance. The leadership below him is very good,” he said.For the September quarter, Info Edge reported a 13% rise in revenue to Rs 842 crore and a 30% increase in operating profit to Rs 347 crore. Excluding Shiksha, standalone billings grew more than 14% in Q2 and about 16% in the first half, compared with reported growth of 13% and 14%, respectively. Shiksha is undergoing a structural transition.Info Edge chairman Kapil Kapoor said Oberoi’s focus on execution and ability to provide strategic direction through competitive and macroeconomic cycles had been important drivers of growth. He said the company was prepared for the transition and would continue to benefit from Oberoi’s experience as a board member.You use AI every day. Now get your AI Quotient. Take the AIQ test.