Snehal khanna Blog

The firm decided to sack around 1,000 employees out of their present workforce of 1,200 LATEST NEWS  :  E-commerce major Snapdeal on Monday revealed that it is facilitating a major layoff in the company, with an agenda to cut down 80 per cent of its employee strength. A senior official of the company told ANI that the management has given verbal instructions to their department heads to prepare the list. Additionally, the official also revealed that the owners of the firm have reversed the merger which was to take place between Snapdeal and Flipkart. Rather, with the money from the sale of Freecharge received ($50 million), the firm has decided to sack around 1,000 employees out of their present workforce of 1200, and carry forward with the remaining. In July last year, the company had over 9,000 employees. However, the management cut down the talent pool down to 1200, without any notice. While the remaining employees are backing the Flipkart-Snapd...

Softbank would in all probability invest in Flipkart and not continue its association with Snapdeal LATEST NEWS :  After five months, countless man hours of deliberation and numerous board meetings, the biggest consolidation in the Indian e-commerce history between Snapdeal and Flipkart has been called off, sources said. Sources added that Softbank would in all probability invest in Flipkart on its own and not continue its association with Snapdeal. The Snapdeal founders Kunal Bahl and Rohit Bansal, as well as early stage investor Nexus Venture Partner and smaller shareholders such as PremjiInvest, had  all along expressed reservations about the deal. While Snapdeal board’s resolution is still to be out, sources said that Softbank, as well as Snapdeal, would come out with a statement announcing that the deal with Flipkart has been called. Sources close to the deal said that the board finally agreed that it would be better for Snapdeal to continue the operation...

People mistakenly uninstalled Snapdeal instead of Snapchat Snapchat has been in the news for all the wrong reasons over the weekend ever since CEO Evan Spiegel allegedly claimed that he is not interested in expanding the platform's user base in 'poor countries like India and Spain'. This lead to a huge uproar in India, especially on social media forums. People not only ridiculed Snapchat for the remarks but also began an boycott campaign on Twitter and began to uninstall the app on their phones. Here is what exactly happened. According to a report published in Variety, the CEO while discussing expansion plans in a meeting allegedly dismissed an employee's concern of the slow growth rate of the app in India, stating that the app was only meant for 'rich people'. As reported earier, According to one of the employees, Spiegel had during a meeting said, "This app is only for rich people. I don't want to expand into poor countries l...

      Early-stage investors said to be 'livid' over valuation at which SoftBank wants to exit Snapdeal The plot only gets thicker from here, as even after multiple rounds of talks, Softbank has not been able to convince the early-stage investors in Gurgaon-based Snapdeal for a sale which would help the Japanese major exit from the company. According to four sources privy to the developments, while early-stage investors in  Snapdeal  – Kalaari Capital and Nexus Venture Partners – are confident of the company's present business plan and want it to go for an initial public offering (IPO) in the next two years, Softbank wants to immediately sell its stake and hedge its bets in other e-commerce ventures, something which has caused a major rift between the two parties. Read this : Tiger Global sinks teeth into Flipkart, Snapdeal merger Also, according to sources, while Softbank is trying to sell its stake in Snapdeal, where it is the biggest shareholde...