Snapdeal attempts to retain employees and investors through speeches

India Infoline News Service | Mumbai | April 05, 2017 08:46 IST

Post too much hustle and bustle in the e-commerce industry owing to the demonetisation blow, Snapdeal is seen wooing its employees of a definite profit earning situation, going forward. Snapdeal officials in meetings over the last week are said to have promised profits and refusal of any takeover for now. Snapdeal posted losses of Rs 29.6 billion in FY15-16.

Post too much hustle and bustle in the e-commerce industry owing to the demonetisation blow, Snapdeal is seen wooing its employees of a definite profit earning situation, going forward.  Snapdeal officials in meetings over the last week are said to have promised profits and refusal of any takeover for now. Snapdeal posted losses of Rs 29.6 billion in FY15-16.
 
Snapdeal, like any other e-commerce company has been providing handsome discounts during demonetisation, which is one of its biggest USPs, and a strategy to survive in the cut-throat competition. Despite being a number three e-commerce company, Snapdeal remained under pressure to retain its high market share, and maintain its profits, keeping the investors and employees in mind.
 
Snapdeal's founders conducted many motivational speeches for employee retention. Nearly 600 were laid off in February. Snapdeal announced that the annual appraisals were underway, and staff would get incentives if they stayed back. Company assured profits, two years down the line. Company is also looking forward to getting listed.
 
Snapdeal is striving hard to get funding from China, and more investment from Alibaba Group. However, Amazon, which is the second largest online retailer, has failed and made mistakes in China, and this has made it more difficult for the Company to attract investment.

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