Snapdeal Promises Better Increments Amid Deal Speculation
Snapdeal co-founders Kunal Bahl and Rohit Bansal assured employees that increments this time around will be higher than last year's, even as they hinted that the sale of the company could be in the offing.
“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,” the co-founders wrote to employees in an email reviewed by BloombergQuint.
SoftBank-backed Snapdeal is reportedly in talks for a merger with Flipkart.
The co-founders said they were working with the investors to avoid any "disruption in employment.”
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.Kunal Bahl And Rohit Bansal, Co-Founders, Snapdeal
Snapdeal, which was valued at $6.5 billion when it raised $200 million in February 2016, has struggled to keep up with its larger rivals Flipkart Online Services Pvt. and Amazon Inc. Its losses more than doubled to Rs 2,960 crore in the financial year ended March 2016, according to documents filed with the Registrar of Companies (RoC).
The company has also shut down some of its divisions, including its Indian designer and handicraft platform Shopo.in earlier this month.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
