Snapdeal founders admit to 'wrong moves', take 100% salary cut
Advertisement

Advertisement
Bahl also said that the co-founders will take a 100% salary cut. The co-founders had another email around 10 days ago, asking the employees to be ready for "tough decision".
Reportedly, the company has laid off 250-300 people across the country in the first phase, a bulk of them at its headquarters in Gurgaon.
According to people with knowledge, the final number of layoffs could run up to 1,000 or more. A
"We started growing the business before the right economic model and market fit was figured out. A large amount of capital with ambition can be a potent mix that drives a company to defocus from its core. We feel that happened to us. We started doing too many things, and all of us starting with myself and Rohit, are to blame for it," Bahl and Bansal wrote in their email.
Advertisement
Amid tight security arrangements, Snapdeal employees at headquarters were asked to leave immediately, some of them told TOI. There are also unconfirmed reports of the company moving to a smaller office in Gurgaon.
Advertisement
Abu Dhabi's IHC exits Adani Green Energy and Adani Transmission
World Heart Day: What treatments cost across top Indian cities and how to stay covered
World Heart Day delights: Yoga, exercise, and heart-healthy living
TCS retains No 1 spot as India’s top brand but tech sector takes a hit
Brewing capital: Third Wave Coffee raises Series C funding with participation from existing investors