Imran Khan the former executive of Snap is building an online shopping startup. The startup will be a new online commerce platform for brands to sell their goods, similar at least in high-level concept to more established players like Amazon or Jet.com, according to a source familiar with the plans. Unlike those platforms, Khan’s new startup will likely be more focused or specialized on particular product categories.
Khan was the chief strategy officer at Snap for almost four years before announcing his departure in September. It was a role that included overseeing all of Snap’s business efforts, including advertising, which is responsible for the vast majority of Snap revenue. He also ushered Snap through its IPO in early 2017 and served as second-in-command to CEO Evan Spiegel.
Now this is an interesting decision for Khan, who has never started a company before. It was believed he might get into venture investing, though he plans to run this new commerce business full time, according to a source. He spent a decade in the banking industry with JPMorgan and Credit Suisse before getting some startup experience with Snap starting in early 2015, a few years ahead of its IPO. Snap has run a few commerce-related tests and experiments, but commerce is not yet a significant part of its business.
To be sure, Khan is entering a crowded industry with a lot of competition. Amazon is arguably the most dominant company in the world. Then there’s eBay, Walmart and Wish, a startup worth $8 billion that already does billions in annual gross sales. Some up-and-comers have found financial success, including Jet.com, which sold to Walmart for $3 billion, and online pet retailer Chewy, which sold to PetSmart for $3.3 billion. Those outcomes, however, are the exception rather than the norm.
Khan’s LinkedIn page shows that he recently founded a company called Proem Group, but that is the name of a trust Khan started. The commerce startup, which hasn’t been named, will be part of the trust, according to this source.
