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Snapdeal to lay off 600 employees

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Snapdeal increases authorised capital from Rs 10 lakh to Rs 15 crore
Snapdeal Indian e-commerce company based in New Delhi will lay off around 600 people across its e-commerce, logistics and payments operations over the next few days, reports say. According to reports, the company has already started the process last week and will lay off 500-600 people across Snapdeal, Vulcan (logistics) and Freecharge (digital payments business). Sources also added that the layoff shall include employees of all levels and the process will be complete in a few days.
A Snapdeal spokesperson said: “On our journey towards becoming India’s first profitable e-commerce company in two years, it is important that we continue to drive efficiency across all parts of our business, which enables us to pass on the value to our consumers and sellers.”
Snapdeal has always had tough competitors in the business and has been struggling to raise funding. Its rivals include big giants like amazon and Flipkart. The company had last reported an employee strength of 8,000 people. Notably, Snapdeal has already taken measures to optimise their operations as a result, 35% delivery cost were lowered an 25%  od company fixed costs were also reduced. Snapdeal has also seen its net revenues increase 3.5x this fiscal.
“Building on all of these substantial gains, Snapdeal expects to be the first profitable e-commerce company in India within two years,” the spokesperson said.
“We have realigned our resources and teams to further these goals and drive high-quality business growth,” the spokesperson added.

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