Snapdeal is going to fire 500-600 employees in next few days
Advertisement
In a bid to rationalise its businesses and make them more efficient, Snapdeal is going to lay off at least 500 employees in coming days.
Earlier,Snapdeal founders had embraced employees about the same, saying “tough times were ahead”.
SoftBank-backed Snapdeal is going to fire around 600 people across its e-commerce, logistics and payments operations over the next few days.
PTI quoted sources saying Snapdeal started the process last week and the reduction will include employees across levels and the process will be completed in the next few days.
A Snapdeal spokesperson told PTI, "On our journey towards becoming India's first profitable e-commerce company in two years, it is important that we continue to drive efficiency across all parts of our business, which enables us to pass on the value to our consumers and sellers. We have realigned our resources and teams to further these goals and drive high-quality business growth."
The company had last reported an employee strength of 8,000 people.
Snapdeal, which has been locked in an intense battle with rivals Amazon and Flipkart, has been struggling to raise fresh capital.
Snapdeal has already taken a number of steps to increase optimisation of operations that resulted in 35 per cent lower delivery costs and 25 per cent lower company fixed costs.
"Building on all of these substantial gains, Snapdeal expects to be the first profitable e-commerce company in India within two years," the spokesperson said.
Advertisement
Earlier,
SoftBank-backed Snapdeal is going to fire around 600 people across its e-commerce, logistics and payments operations over the next few days.
PTI quoted sources saying Snapdeal started the process last week and the reduction will include employees across levels and the process will be completed in the next few days.
A Snapdeal spokesperson told PTI, "On our journey towards becoming India's first profitable e-commerce company in two years, it is important that we continue to drive efficiency across all parts of our business, which enables us to pass on the value to our consumers and sellers. We have realigned our resources and teams to further these goals and drive high-quality business growth."
Advertisement
Snapdeal, which has been locked in an intense battle with rivals Amazon and Flipkart, has been struggling to raise fresh capital.
Snapdeal has already taken a number of steps to increase optimisation of operations that resulted in 35 per cent lower delivery costs and 25 per cent lower company fixed costs.
"Building on all of these substantial gains, Snapdeal expects to be the first profitable e-commerce company in India within two years," the spokesperson said.
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market