As online marketspace Snapdeal started a massive layoff of its employees on Wednesday, the company co-founders Kunal Bahl and Rohit Bansal sent out an email admitting that they took several wrong decisions over the past 2-3 years amid a funding frenzy. They also said they will take a 100% salary cut.
According to sources, the company is in the process of laying off about 600 employees across Snapdeal, Vulcan Express (logistics) and FreeCharge (payments). The Softbank-backed firm is reportedly expected to trim about 30% of its workforce over the next two months which means about 1,000 employees are going to lose their jobs.
Snapdeal reportedly has 8,000 employees on its payroll and is expected to see more layoffs shortly.
Here’s how Twitter reacted to the news:
(With inputs from PTI)
(Feature image source: PTI)