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Kabir Mishra appointed to Snapdeal board by Softbank

This decision comes in the wake of Snapdeal's hoping to hit profitability in next 2 years

Press Trust of India  |  Bengaluru 

Kabir Mishra appointed to Snapdeal board by Softbank

Japanese conglomerate has appointed its most experienced e-commerce veteran to the of e-commerce firm to support the company.

"has appointed its most experienced e-commerce veteran to the of to support the company," a source privy to the development told PTI.



This decision comes in the wake of Softbank-backed online merchant Snapdeal's hoping to hit profitability in the next two years as it undertakes a number of steps, including layoffs and moving away from non-core activities.

The company had laid off 500-600 employees across verticals even as Co-Founder admitted to making mistake in growing much before it could figure out right economic model.

Kabir has for many years been closely involved in managing Softbank's investment in in China, the source said.

Kabir has also played an anchor role in managing Softbank's investment in Indonesian e-commerce major Tokopedia and had extensive involvement in South Korean firm Coupang, where invested USD 1 billion in June 2015, the source added.

Snapdeal, earlier this month, had announced shutting down of its consumer to consumer marketplace Shopo. As part of the revival plan, the company will reorganise into "a lean, focussed and entrepreneurial one" by combining teams, reducing layers, eliminating non-core projects and strengthening focus on profitable growth.

"Sadly, we will also be saying really painful goodbyes to some of our colleagues in this process," Bahl wrote, in an email shot off to his employees, without giving the actual number of layoffs.

Snapdeal, which faces intense competition from Amazon and Flipkart, had last reported an employee strength of 8,000.

Bahl and Rohit Bansal also had announced that they will take a 100 per cent salary cut, and also said many senior leaders had "offered to take a significant cut in their compensation."

The e-commerce firm today announced the appointment of Jason Kothari as the Chief Executive Officer of its digital payment platform FreeCharge and a commitment to invest an additional USD 20 million in the e-wallet firm.

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Kabir Mishra appointed to Snapdeal board by Softbank

This decision comes in the wake of Snapdeal's hoping to hit profitability in next 2 years

This decision comes in the wake of Snapdeal's hoping to hit profitability in next 2 years Japanese conglomerate has appointed its most experienced e-commerce veteran to the of e-commerce firm to support the company.

"has appointed its most experienced e-commerce veteran to the of to support the company," a source privy to the development told PTI.

This decision comes in the wake of Softbank-backed online merchant Snapdeal's hoping to hit profitability in the next two years as it undertakes a number of steps, including layoffs and moving away from non-core activities.

The company had laid off 500-600 employees across verticals even as Co-Founder admitted to making mistake in growing much before it could figure out right economic model.

Kabir has for many years been closely involved in managing Softbank's investment in in China, the source said.

Kabir has also played an anchor role in managing Softbank's investment in Indonesian e-commerce major Tokopedia and had extensive involvement in South Korean firm Coupang, where invested USD 1 billion in June 2015, the source added.

Snapdeal, earlier this month, had announced shutting down of its consumer to consumer marketplace Shopo. As part of the revival plan, the company will reorganise into "a lean, focussed and entrepreneurial one" by combining teams, reducing layers, eliminating non-core projects and strengthening focus on profitable growth.

"Sadly, we will also be saying really painful goodbyes to some of our colleagues in this process," Bahl wrote, in an email shot off to his employees, without giving the actual number of layoffs.

Snapdeal, which faces intense competition from Amazon and Flipkart, had last reported an employee strength of 8,000.

Bahl and Rohit Bansal also had announced that they will take a 100 per cent salary cut, and also said many senior leaders had "offered to take a significant cut in their compensation."

The e-commerce firm today announced the appointment of Jason Kothari as the Chief Executive Officer of its digital payment platform FreeCharge and a commitment to invest an additional USD 20 million in the e-wallet firm.
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Business Standard
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Kabir Mishra appointed to Snapdeal board by Softbank

This decision comes in the wake of Snapdeal's hoping to hit profitability in next 2 years

Japanese conglomerate has appointed its most experienced e-commerce veteran to the of e-commerce firm to support the company.

"has appointed its most experienced e-commerce veteran to the of to support the company," a source privy to the development told PTI.

This decision comes in the wake of Softbank-backed online merchant Snapdeal's hoping to hit profitability in the next two years as it undertakes a number of steps, including layoffs and moving away from non-core activities.

The company had laid off 500-600 employees across verticals even as Co-Founder admitted to making mistake in growing much before it could figure out right economic model.

Kabir has for many years been closely involved in managing Softbank's investment in in China, the source said.

Kabir has also played an anchor role in managing Softbank's investment in Indonesian e-commerce major Tokopedia and had extensive involvement in South Korean firm Coupang, where invested USD 1 billion in June 2015, the source added.

Snapdeal, earlier this month, had announced shutting down of its consumer to consumer marketplace Shopo. As part of the revival plan, the company will reorganise into "a lean, focussed and entrepreneurial one" by combining teams, reducing layers, eliminating non-core projects and strengthening focus on profitable growth.

"Sadly, we will also be saying really painful goodbyes to some of our colleagues in this process," Bahl wrote, in an email shot off to his employees, without giving the actual number of layoffs.

Snapdeal, which faces intense competition from Amazon and Flipkart, had last reported an employee strength of 8,000.

Bahl and Rohit Bansal also had announced that they will take a 100 per cent salary cut, and also said many senior leaders had "offered to take a significant cut in their compensation."

The e-commerce firm today announced the appointment of Jason Kothari as the Chief Executive Officer of its digital payment platform FreeCharge and a commitment to invest an additional USD 20 million in the e-wallet firm.

image
Business Standard
177 22