Snapdeal founders told its employees in an email on Sunday that the e-commerce company will ensure there is no disruption to staff "as the way forward becomes clear", as speculation of a takeover swirls. E-tailer Snapdeal has for weeks been at the centre of much takeover speculation, with its largest backer Japan's Softbank, seen as keen to sell the company to its larger rival, Tiger Global-backed Flipkart.
In the e-mail, Snapdeal's founders Kunal Bahl and Rohit Bansal said their priority was to ensure the well-being of employees amid the "speculation" surrounding the company. "We will do all that we can, and more, in working with our investors to ensure there is no disruption in employment and that there are positive professional as well as financial outcomes for the team as the way forward becomes clear," the duo said in the letter.
Here's the full text of the founders' letter to Snapdeal employees:
Dear Team,
There has been a lot of media reporting and speculation around Snapdeal recently.
While our investors are driving the discussions around the way forward, I am reaching out to let you know that the well-being of the entire team is mine and Rohit's top and only priority. We will do all that we can, and more, in working with our investors to ensure that there is no disruption in employment and that there are positive professional as well as financial outcomes for the team as the way forward becomes clear. Let me repeat, your well-being is our #1 priority.
In the interim, the annual performance review process is nearly complete and you will the receive the salary revision and promotion letters (where applicable) over the next two weeks. Given the incredible progress we have made around our profitability journey as a company, the overall increments this year are higher than those offered last year.
Please do feel free to reach out with your suggestions and concerns. Stay awesome!
Thanks!
Kunal & Rohit
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