Snapdeal orders mass lay-off; FreeCharge to be sold for $300 mn
Founders forego salary Once a success story of the burgeoning start-up ecosystem, Gurgaon-based online marketplace Snapdeal on Wednesday said it would cut more jobs, stop paying its founders and sell its digital wallet FreeCharge. Co-founder Kunal Bahl, in an email to employees on Wednesday, finally accepted tough decisions— including letting go of people and a full pay cut for him— are being taken. It has also put on sale FreeCharge and is in talks with Naspers, the South Africa-based internet group, to sell it for $300 million. “We are combining teams, reducing layers, eliminating non-core projects and strengthening the focus on profitable growth. Sadly, we will also be saying really painful goodbyes to some of our colleagues in this process. This is, by far, the hardest decision we have ever taken,” said Bahl. Though the company refused to divulge the exact number of people to be sacked, sources close to the development said 800 employees would be laid off o...