They were all part of the fabled $1 billion plus valuation club. Now they have run into trouble.
Mrs Bahl is an avid seller of her specialty biryani on Shopo, the consumer-to-consumer platform set up by Snapdeal on the lines of Alibaba’s Taobao. She also happens to be the mother of Snapdeal’s founder and CEO Kunal Bahl. In 2015, Snapdeal announced it will invest $100 million in Shopo, providing its logistics platform and the payment gateways free of charge to sellers like Mrs Bahl for a hassle-free experience. It hoped to make money through advertising. It never did.
So when Snapdeal was forced to conserve cash, in February 2017, the axe first fell on Shopo. Next, it is believed to have put its payment wallet Freecharge on the block at between half to a quarter of the $400 million it paid to acquire it. About 600 Snapdeal employees have been given the marching orders, founders Kunal and Rohit Bansal have given up their ₹1.5 crore a year paychecks. Yet, Snapdeal continues to bleed. Having failed in its bid to outrun rival Flipkart in the race to No.1 last year, Snapdeal was even displaced from the No.2 spot by aggressive newcomer Amazon, which is now on the verge of overtaking--or, has already overtaken--Flipkart too.
This story is from the March 26, 2017 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 26, 2017 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Haute Couture in the Kitchen
FASHION BRANDS ARE ENTERING THE RESTAURANT SPACE, AS FOOD SEEMS TO HAVE BECOME THE ULTIMATE FASHION STATEMENT
It's Personal
Mixing work and personal tasks on work machines may be a done thing for many, but it makes sense to have a dedicated device for your personal needs. Here are two such devices
INTO THE BLUE
For WTiCabs Founder and CEO Ashok Vashist, scuba diving is not just an adventure sport. It is a pathway to connect with the ocean
"Challenges are opportunities"
AMIT JAIN CO-FOUNDER & CEO CARDEKHO GROUP CarDekho Group is a digital automotive solutions provider
THE WAIT FOR HIGHER PENSION
ALMOST 18 MONTHS AFTER THE SUPREME COURT RULING, SUBSCRIBERS WHO OPTED FOR A HIGHER PENSION UNDER THE EMPLOYEES' PENSION SCHEME CONTINUE TO WAIT AS THE EPFO, FACING A STAFF CRUNCH, TRIES TO FIGURE OUT THE MATH
"It's possible to have a 25% growth out of India from now on"
Rail Europe Executive Chairman & CEO Björn Bender talks about the India market, the shift to digital, and the way ahead
Evolving Strategies
Companies need to adapt to changing times for a strong workforce
PERKS PRESSURE
IT'S NOT JUST ABOUT THE MONEY ANYMORE FOR EMPLOYEES. FROM FOUR-DAY WORK WEEKS, TO SKILLING ON THE JOB AND MENTAL WELL-BEING EXERCISES, COMPANIES ARE OFFERING A HOST OF BENEFITS TO RETAIN TOP TALENT. IS THIS ENOUGH?
FOSTERING PLURALISM
Axis Bank, with its initiatives and policies, is striving to make a holistic difference to people's careers and hone their skills too
In Keeping With The Times
With a slew of initiatives for its employees, Abbott India is working hard to build a diverse and inclusive workforce