New Delhi
ST Bureau
Leading Indian e-commerce player
Snapdeal is laying-off around 600 employees, as per the media reports. This decision
from Snapdeal is perceived as one of the major lay-offs in the Indian start-up
history. The time has come that Indian e-commerce bubble has started witnessing
the burst which is leading to spoiling careers of many promising youths in the
country.
Snapdeal is laying-off around 600 employees, as per the media reports. This decision
from Snapdeal is perceived as one of the major lay-offs in the Indian start-up
history. The time has come that Indian e-commerce bubble has started witnessing
the burst which is leading to spoiling careers of many promising youths in the
country.
As per the reports, the lay-off is
done in key departments like category, marketing, ad-tech, digital marketing,
engineering, and catalogues.
done in key departments like category, marketing, ad-tech, digital marketing,
engineering, and catalogues.
Reports also say that the company has
also put on sale FreeCharge- the digital wallet brand and is in talks with Naspers,
the South Africa-based internet group, to sell it for $300 million. Snapdeal
had acquired FreeCharge in 2015 for $400 million.
also put on sale FreeCharge- the digital wallet brand and is in talks with Naspers,
the South Africa-based internet group, to sell it for $300 million. Snapdeal
had acquired FreeCharge in 2015 for $400 million.
The company had last reported its employee
strength of 8,000 people. Snapdeal, which has been locked in an intense battle
with rivals Amazon and Flipkart, has been struggling to raise fresh capital.
strength of 8,000 people. Snapdeal, which has been locked in an intense battle
with rivals Amazon and Flipkart, has been struggling to raise fresh capital.
-With
inputs from Agencies
inputs from Agencies
