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:
@ndtv Cashless economy = Jobless economy!Jai Ho Modi Baba!
— D (@divadas) February 22, 2017
I thought #SnapDeal ‘#Unbox #Zindagi‘ was for customers, not employees. #LayOff #sad#snapdeal
— venkatesh Shankar (@venkatesh4077) February 22, 2017
@timesofindia @snapdeal @TOIBusiness n employees bear the brunt of wrong decisions
— Sameera Gawandi (@sameeratweeter) February 23, 2017
@timesofindia @snapdeal @TOIBusiness mistake done on whose money? Liable to answer to all investors.
— Annakkavur Kesavan (@AnnakkavurKesav) February 23, 2017
When you pocketed 52 crs as remuneration the pervious year, you can let go 1.5 crs as salary this year. Wonderful! https://t.co/icXONExwOn
— Anil Nair (@Anilalive) February 23, 2017
Now that the deal has snapped, the karts will also flip soon. #stupidinvestors #snapdeal #flipkart #layoff @snapdeal @Flipkart #overvalued
— Vikas Shah (@Wikedass) February 23, 2017
“Fired”/LayOff/Recession/SalaryHikes/Joy/Sorrow, Everything is part of startup culture. startups must teach employees to handle it @snapdeal
— Narendra Sisodiya (@nsisodiya) February 22, 2017
(With inputs from PTI)
(Feature image source: PTI)
