Snapdeal co-founders Kunal Bahl and Rohit Bansal on Wednesday confirmed that they will be taking a 100 % salary cut amidst layoffs.
India’s One of the leading e-commerce companies, Snapdeal on Wednesday announced that it is a “rationalizing” part of its workforce in an attempt to be profitable. The SoftBank-backed Snapdeal confirmed that it will lay off roughly about 600 employees across Snapdeal, Vulcan and FreeCharge divisions in the upcoming days. The company’s latest move also saw Govind Rajan, the CEO of FreeCharge, quitting his job.
In a letter from Snapdeal to the employees, co-founders Kunal Bahl and Rohit Bansal had confirmed the news while discussing the company’s current situation. You can read the entire letter given below.
“We believe that every resource of the company should be deployed for drive us forwards to profitable growth and with this announcement, both Rohit and I are taking a 100 % salary cut. Our leaders have also stepped up proactively and offered to take a significant cut in their compensation, which is an excellent sign of how galvanized the team feels in this shared quest for the profitability,” the latter said.
The emailed response on the layoffs, the company said, “Snapdeal will further enforce these technology assets and realign its resources to become a leader and to be a more efficient business.”
A Snapdeal spokesperson confirming rationalizing in the company said, “Our journey towards, becoming India’s first profitable e-commerce company in just two years, it is important that we continue to drive efficiency across every part of our business, which enables us to pass on the value to our sellers and consumers. We have realigned our resources and teams to further these goals and drive high-quality business growth.”