25/10/2016 9:49 PM IST | Updated 25/10/2016 10:48 PM IST

Flipkart's CFO Sanjay Baweja Quits

Baweja joined the online retailer in September 2014

Abhishek Chinnappa / Reuters

India's largest online retailer Flipkart's Chief Financial Officer, Sanjay Baweja, has stepped down in less than two years with the company, Mintreported citing sources.

Baweja, 56, will stay with the company until the end of December. No replacements have been named yet, according to the report.

A Flipkart spokesman told Reuters Dec. 31 would be Baweja's last day at the company and the search for a replacement had begun. The departure comes amid a crucial holiday festive time for the online retail company.

Baweja is the latest senior executive to leave Flipkart amid what has been a tough financial year for the online retailer. Earlier this year, Sachin Bansal was removed as its chief executive and replaced by Binny Bansal. Flipkart also made at least 700 layoffs earlier this year that it has said were performance-related.

Flipkart continues to attract investor interest. According to media reports, Wal-Mart Stores is considering a $1 billion investment in the company to take on increasing competition from

With Reuters inputs