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