Thursday, 23 February 2017

Snapdeal to cut 600 staff, founders forego salary

Indian online marketplace Snapdeal is to lay off 600 employees and its founders will forego their salaries as the company struggles to turn a profit in a market increasingly dominated by rivals Flipkart and Amazon. The CEO of Snapdeal, backed by Japan's SoftBank Group, said the company had made some errors in the past and tough decisions were needed to bring it back on track to profitability.

"We are combining teams, reducing layers, eliminating non-core projects and strengthening the focus on profitable growth," Chief Executive Kunal Bahl said in an email to staff. "Sadly, we will also be saying really painful goodbyes to some of our colleagues in this process."

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