Indian e-tailer Flipkart's CFO resigns

India's largest e-commerce firm Flipkart said on Tuesday its chief financial officer would leave the company at the end of this year.

The departure of Sanjay Baweja comes during the Indian festive season, a crucial time for sales, and as Flipkart engages in talks with U.S. retailer Wal-Mart Stores Inc to raise up to $1 billion for a minority stake.

Baweja joined Flipkart in September 2014.

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A Flipkart spokesman said Dec. 31 would be Baweja's last day at the company and the search for a replacement had begun.

Flipkart, launched in 2007 by two former Amazon employees, sells a wide range of products from mobile phones to suitcases and cosmetics. Current investors include Tiger Global Management and Accel Partners.

The Economic Times newspaper reported earlier that Baweja had left Flipkart.