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Snapdeal cofounders Kunal Bahl and Rohit Bansal will take home up to ₹5 crore in salaries this year

Snapdeal cofounders Kunal Bahl and Rohit Bansal will take home up to ₹5 crore in salaries this year
Business1 min read
  • Kunal Bahl and Rohit Bansal were appointed as the executive director and their remuneration was increased to ₹5 crore.
  • The company spent ₹161 crore on employee benefits in the fiscal year 2021 and ₹103 crore in the first six months of FY2022.
  • Each independent director earns ₹100,000 sitting fee per meeting and will earn ₹24 lakh annually till 2024.
Indian ecommerce company Snapdeal, which filed its preliminary papers for an initial public offering (IPO), spent nearly ₹161 crore on employee benefits in the fiscal year 2021.

The company’s expense in this area actually increased in FY22, as per the draft red herring prospectus. Between April to September 2021, the company has spent ₹102 crore in employee benefits. This may be partially due to an increase in salaries of employees of the company, including top executives like Kunal Bahl and Rohit Bansal.

Kunal Bahl — Executive director, founder and chief executive of Snapdeal

Kunal Bahl — Executive director, founder and chief executive of Snapdeal
Snapdeal

Kunal Bahl, cofounder and chief executive of Snapdeal, was appointed as the executive director this year. He is bound to receive a fixed compensation of ₹3.5 crore and a performance bonus of ₹1.5 crore, as approved by shareholders in a meeting held on December 8. Bahl is entitled to this remuneration for a three years period starting from April 1, 2021 to March 31, 2024.

He was paid ₹3.5 crore in FY2021.

Rohit Bansal — Executive director, founder of Snapdeal

Rohit Bansal — Executive director, founder of Snapdeal
BCCL

Rohit Bansal, cofounder of Snapdeal, was appointed as the executive director this year. Like Bahl, he is bound to receive a fixed compensation of ₹3.5 crore and a performance bonus of ₹1.5 crore, as approved by shareholders in a meeting held on December 8. He is entitled to this remuneration for a three years period starting from April 1, 2021 to March 31, 2024.

He received a pay package of ₹3.5 crore in FY2021.

Independent directors

Independent directors
Canva

All independent directors of the company — Kaushik Dutta, Anisha Motwani, Richa Arora, Kasaragod Ullas Kamath — receive a sitting fee of ₹100,000 per meeting. All these independent directors will be earning ₹24 lakh annually till 2024.

Vikas Bhasin — CFO

Vikas Bhasin — CFO
Snapdeal

The chief financial officer (CFO) of Snapdeal, Vikas Bhasin, received a gross compensation of ₹3.1 crore in the fiscal year 2021. He is a qualified chartered accountant from the Institute of Chartered Accountants of India (ICAI). He has previously served as the CFO of PineLabs and has been associated with MakeMyTrip as well.

Kapil Makhija — CEO of Unicommerce

Kapil Makhija — CEO of Unicommerce
Massmerize

The chief executive of Unicommerce (a software-as-a-service company owned by Snapdeal), Kapil Makhija, took home a gross compensation of ₹1.6 crore in the fiscal year 2021. The Indian Institute of Management (IIM), Bangalore-graduate has previously worked with AT Kearney, Oracle, and Qwest.


Smriti Subramanian

Smriti Subramanian
Twitter

Smriti Subramanian is the general counsel at the decade-old firm and leads the legal, compliance and secretarial functions in the company. She received a gross compensation of ₹1.3 crore in the financial year 2021. Prior to joining Snapdeal, she has worked with ITC Limited, BG Exploration, Production India Limited, OYO and more.

Sarvartha Kanchan

Sarvartha Kanchan
Zoom Info

Sarvartha Kanchan, the vice president of supply chain management and customer experience, received a gross remuneration of ₹1.4 crore in the fiscal year 2021. He has previously been associated with Britannia Industries Limited, Wipro GE Limited and Flipkart.

Other key managerial personnel at Snapdeal

Other key managerial personnel at Snapdeal
BI India

Rajnish Wahi, who is the senior vice president of corporate affairs and communications, got a gross remuneration of ₹1.5 crore in FY2021. Pravin Kutty, vice president of human resources, received a compensation of ₹1.1 crore in the same time frame.

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