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Snapdeal orders mass lay-off; FreeCharge to be sold for $300 mn

Founders forego salary

Karan Choudhury  |  New Delhi 

Once a success story of the burgeoning start-up ecosystem, Gurgaon-based online marketplace Snapdeal on Wednesday said it would cut more jobs, stop paying its founders and sell its digital wallet FreeCharge.  Co-founder Kunal Bahl, in an email to employees on Wednesday, finally accepted tough decisions— including letting go of people and a full pay cut for him— are being taken. It has also put on sale FreeCharge and is in talks with Naspers, the South Africa-based internet group, to sell it for $300 million. “We are combining teams, reducing layers, ...

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First Published: Thu, February 23 2017. 08:53 IST
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