The company which was valued at USD 15.2 billion in May 2015, is now valued at USD 5.37 billion.
According to a source privy to the developments, Snapdeal was expected to let go off about 500 employees from the overall technology team spread across Bengaluru and Gurgaon.
The crisis at Snapdeal has been triggered by the fact that one of the major investors in the company had pulled out last year from investing a follow on round, as the company is yet to show any path to profitability.
Grofers currently claims to be getting 11000-12000 orders on a daily basis with an average ticket size of Rs 1,000.
The Alibaba-backed company also announced the launch of Paytm Mall app, which will allow consumers to shop from 1.4 lakh registered sellers.
Through this platform, users can request support & service, pass their feedback and concerns, and access all the troubleshooting and operation manuals for their home appliances.
A successful fund raise may value Oyo Rooms at USD 1.2 billion and propel it into the Unicorn club where Flipkart and Paytm are present.
Food technology company Gorb today said it has partnered with cab aggregator Ola to offer food to consumers at discounted rates in Mumbai.
Even as the overall e-commerce market in India has been impacted due to demonetisation, Myntra claims its recent sale was a hit
Even as cloud-based startups are entering foreign shores, they counter heavy regulations, bribery and other challenges. Here‘s how some of them counter those hurdles
HEM securities has come out with its report on RMC Switchgear SME IPO
Senior directors, managers could lose jobs, as Snapdeal plans to reduce its monthly salary bill by about 60% to Rs 20 crore from about Rs 48 crore, people close to developments at the e-commerce firm told Moneycontrol.
Gurgaon based Snapdeal used to claim over 300,000 sellers on its platform, much larger than that of bigger rivals Flipkart and Amazon. Sources say that the company will only be focusing on the active seller base.
In a turn of events at the beleaguered e-commerce company, the fate of employees‘ future remain unclear. Here‘s a look at Snapdeal‘s numbers
The co-founders said that the company will now only look at profitability than a race with others to increase their GMV (Gross Merchandise Volume).
Venture Capital firms made 405 investments in India worth USD 1.4 Billion during 2016 compared to 512 deals worth USD 2 Billion in 2015 according to data from Venture Intelligence
Founded in 2013, Capital Float offers loans based on cash flows, expected receivables, financials, CIBIL scores and banks statements to SMEs. The loans range from Rs 1 lakh â€“ Rs 1 crore with a tenure between 1 â€“ 36 months.
In May 2016, Rajan was elevated to the post of CEO from COO of the company. He had also served as the CEO of Airtel Money in past.
2017 has started with a cautious mood in the Indian startup investor community. Volume of deals declined to almost half in January from a year ago, as investors adopt a wait and watch approach post demonetisation of economy.
India is the second largest market for Uber in the world and the company has already committed USD 3 billion investment in India.
Drivers are protesting on the fact that the reduced rates have let drivers to a profit of just Rs 1 per kilometre.
Flipkart owned PhonePe's CEO Sameer Nigam says that differences with ICICI Bank which blocked the app have been amicably resolved, even as he cites UPI to be 'a nascent platform'.
True Balance recently added a new recharge feature and reward ads service to increase user convenience and plans to continue updating the app to further increase user satisfaction.
The startup will set-up a network of stations from where the users can borrow a portable charger and then can return to a similar station after charging their phone. The users will pay a monthly subscription for this service.
"After the recent demonetisation and overall cautious market sentiment, the rental real estate has picked up significantly. Today, real estate is no longer an investor market but is driven by end-users.