Snapdeal founders Kunal Bahl and Rohit Bansal on Sunday sent out an email to their employees reassuring them about their jobs as reports surfaced about a probable change in management, reported Business Standard. The founders, however, said the company’s investors were “driving the discussions around the way forward”.
“I am reaching out to let you know that the well-being of the entire team is mine and Rohit’s top and only priority,” they wrote in the email. “We will do all that we can, and more, in working with our investors to ensure that there is no disruption in employment and that there are positive professional as well as financial outcomes for the team as the way forward becomes clear. Let me repeat, your well-being is our #1 priority.”
In March, reports in the media suggested that the company was up for sale. The report said the process was initiated by SoftBank Group Corp, Snapdeal’s largest investor. It also said SoftBank wanted to sell Snapdeal to Paytm or Flipkart. Snapdeal had denied it back then. Such reports about a possible merger have been doing the rounds since February.
Founded in 2010, Snapdeal has been plagued with multiple problems lately. In February, the company founders had said that they would take a 100% salary cut in an attempt to increase profits. Officials had also said that around 600 employees would be laid off across Snapdeal, logistics firm Vulcan and digital payments company Freecharge as part of the drive. The company had reported a loss of Rs 29.6 billion in the last financial year, reported Business Today.