Senior Correspondent, IndianRetailer.com & Retailer Magazine Aug 10, 2017 / 2 MIN READ
The woes of the scrubbed and rebooted online marketplace Snapdeal might not end anytime soon. According to a letter accessed by Business Standard, its present and past employees have said they plan to approach the Prime Minister’s Office (PMO) soon in the hope of stopping the sale of the company’s mobile wallet FreeCharge to Axis Bank. Holding the co-founders, Kunal Bahl and Rohit Bansal, responsible for the downfall of the company, the employees said that the Snapdeal 2.0 plan was enforced even after employees indicated that they wanted the promoters to sell the firm to Flipkart. In the letter, the employees alleged that Bahl’s plan of Rs 150-crore gross profit of Snapdeal 2.0 in the next 12 months is misleading. A Snapdeal spokesperson said: “The company cannot comment on unsubstantiated allegations made by unidentified sources. The board has made no decision with regard to the team composition for Snapdeal 2.0”.
Recognizing the surge in preference for brand-centric, value-driven retail, Snapdeal has strategically added various lifestyle brands, catering to consumers seeking both quality and affordability.
The synergy between Agoda and Snapdeal capitalizes on the strengths of two industry giants, aiming to address the dynamic requirements of the Indian market.
ONDC’s focus on expanding the online opportunity in India and creating a more inclusive e-commerce ecosystem is well matched with Snapdeal’s focus on growing e-commerce beyond just brands and urban users.
Snapdeal was reportedly looking to raise $152 million at a valuation of about $1 billion.
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