Snapdeal Promises Better Increments Amid Deal Speculation
Snapdeal co-founders say employee well-being top priority.
Snapdeal co-founders Kunal Bahl and Rohit Bansal assured employees that increments this time around will be higher than last year’s, even as they hinted that the sale of the company could be in the offing.
“While our investors are 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,” the co-founders wrote to employees in an email reviewed by BloombergQuint.
SoftBank-backed Snapdeal is reportedly in talks for a merger with Flipkart.
The co-founders said they were working with the investors to avoid any "disruption in employment.”
In the interim, the annual performance review process is nearly complete and you will the receive the salary revision and promotion letters (where applicable) over the next two weeks. Given the incredible progress we have made around our profitability journey as a company, the overall increments this year are higher than those offered last year.Kunal Bahl And Rohit Bansal, Co-Founders, Snapdeal
Snapdeal, which was valued at $6.5 billion when it raised $200 million in February 2016, has struggled to keep up with its larger rivals Flipkart Online Services Pvt. and Amazon Inc. Its losses more than doubled to Rs 2,960 crore in the financial year ended March 2016, according to documents filed with the Registrar of Companies (RoC).
The company has also shut down some of its divisions, including its Indian designer and handicraft platform Shopo.in earlier this month.