Snapdeal to dole out up to 15% pay hike amid sell-off buzz
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E-commerce majorSnapdeal will shell out an average pay hike of 12-15 percent as it looks to assure employees amid the online marketplace scouting for a potential buyer.
According to sources, the pay revision will be effective from April 1 and will see salaries of employees at the mid and junior-level go up by an average 12-15 percent.
For senior management, the hike will be 9-12 percent, but the company may offer 20-25 percent raise to exceptional performers, they added.
The cash-strapped company is also believed to be distributing nearly 1 percent of its stock to about 150 employees.
Earlier this year, the company's founders had admitted having made mistakes and said they would take a "100 percent cut" in their own salaries.
The decision to give such a good pay hike has been taken at a time when Snapdeal's largest investorSoftBank is believed to be working towards a sale of the e-commerce platform and a final decision is likely to be made in the next few weeks.
The top contender in the race isFlipkart , which has recently received a funding of USD 1.4 billion.
Softbank is also in talks withKalaari Capital and Nexus Venture Partners , who have representation on the board of Snapdeal, to reach a consensus on valuation, sources said.
Snapdeal's seven-member board includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners, as well as co-foundersKunal Bahl and Rohit Bansal .
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E-commerce major
According to sources, the pay revision will be effective from April 1 and will see salaries of employees at the mid and junior-level go up by an average 12-15 percent.
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The cash-strapped company is also believed to be distributing nearly 1 percent of its stock to about 150 employees.
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The decision to give such a good pay hike has been taken at a time when Snapdeal's largest investor
The top contender in the race is
Softbank is also in talks with
Snapdeal's seven-member board includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners, as well as co-founders
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ALSO READ: Read what Rohit Bansal and Kunal Bahl mailed Snapdeal employees amidst Flipkart acquisition speculationsAdvertisement
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