Snapdeal founders Kunal Bahl and Rohit Bansal have decided to take a 100 percent salary cut while acknowledging that they made crucial mistakes in the execution strategy of the company by diversifying without getting the foundation right. They have also said that the company would be downsizing as part of its attempts to turn profitable.
"We believe that every resource of the company should be deployed for driving us towards profitable growth and with this announcement, both Rohit and I are taking a 100% salary cut," the email stated.
Online retail major Snapdeal on Thursday confirmed that it is undertaking layoffs within the organisation, but stayed clear of specifying the exact number of employees affected by the decision, as the company looks to turn around its fortunes after a dismal 12 months.
"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. We have realigned our resources and teams to further these goals and drive high-quality business growth," an official release stated.
"Many of our leaders have also stepped up proactively and offered to take a significant cut in their compensation, which is an excellent sign of how galvanised the team feels in this shared quest for profitability," the email stated.