Snapdeal plans to cut down 80 per cent of its employees

Snapdeal to slash off its workforce drastically!

E-commerce giant Snapdeal revealed on Monday that it is about to cut down 80 per cent of its work force. The department heads have been given instructions from the management to prepare the list. A senior official told ANI.

The official also stated that the owners of the firm have reversed the merger that was supposed to take place between Snapdeal and Flipkart. With the money from the sale of Freecharge received ($50 million), Snapdeal has decided to sack about 1000 employees out of their present workforce of 1200, and carry on with the remaining members.

Last July, the company had over 9000 employees. Without any notice, the management had cut down the employee strength to 1200.

Employees remaining with the company are still backing the Flipkart-Snapdeal merger, in order to save their jobs. Flipkart has already offered $1750 million between two back-to-back offers, being one of the highest from the industry. The merger has been postponing for the last two months for various reasons.

According to sources, Kunal Bahl and Rohit Bansal have instructed their business and technical heads to restructure their teams and begin the layoff.

Do you think Snapdeal-Flipkart merger could save jobs of those employees on the verge of layoff? Do share your views.

Excerpts from ANI