An Indian e-commerce company Snapdeal is ready to cut short at least 30 % of its employees in next two months. Kunal Bahl, co-founder, and Chairman of Snapdeal acquired the online payments platform Freecharge and has now joined Sequoia Capital as an advisor.
This dismissal of employees is an attempt by the company to streamline its resources. If sources are to be believed, as many as 1000 employees who are directly appointed by the company and also contract workers in the company’s logistic department are likely to be affected by this decision of Snapdeal.
The employees were given a clue about the dismissal by the company’s co-founders Kunal Bahl and Rohit Bansal as they sent out an e-mail to the employees saying that the current phase in the company is the “inflection point.”
Meanwhile, co-founder of Freecharge, Kunal Shah has joined Sequoia Capital as an advisor. He founded Freecharge and then this was acquired by Snapdeal for an estimated amount of $ 400 million. He was then appointed as the new CEO of the company.