In this episode of Reporter’s Take, Sakshi Batra gets in conversation with Priyanka Sahay to give us an exclusive on Titan Capital and future plans of both founders.
A source told Moneycontrol that Titan Capital was launched earlier this year although there hasn't been much activity on the investment front.
They were booked for cheating under section 420 of the Indian Penal Code after businessman Indermohan Singh Honey complained that instead of a Woodland belt and a wallet, he was delivered fakes.
Commending the new guidelines, Snapdeal founder and CEO Kunal Bahl in a tweet said, "Snapdeal welcomes updates to FDI policy on e-commerce. Marketplaces are meant for genuine, independent sellers, many of whom are MSMEs. These changes will enable a level playing field for all sellers, helping them leverage the reach of e-commerce."
The short term effects on mind (alertness, better sleep, engagement, attentiveness) and body (weight reduction, energy, stamina) is quite incredible, says Kunal Bahl...
"Ten years ago, I believed in Kunal and Rohit's vision to create a successful company in India and was excited to be their very first investor," he wrote in an email, a copy of which was seen by PTI.
SoftBank, already invested in Indian online grocer Grofers and cab hailing firm Ola, tried for months to engineer a share swap transaction between Snapdeal and Flipkart, India's two main homegrown e-commerce companies.
In an emotional email to employees on Thursday, Snapdeal CEO re-asserted to building the company adding that with new unified GST tax regime there is no better time to be in this (e-commerce) business.
The funding round may give additional runway for the e-commerce firm for sustenance, even as it is in talks with its larger rival Flipkart for a merger
The approval of Nexus Venture Partners will be crucial for the proposed transaction to proceed, according to sources close to the development. The seven-member board of Jasper Infotech, which operates Snapdeal, includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners (NVP), as well as co-founders Kunal Bahl and Rohit Bansal.
"The ridiculousness of the situation aside, this snippet is funny beyond belief," Bahl tweeted on Sunday night
Snapdeal's CEO Kunal Bahl and two others have been summoned by a Delhi court on a criminal complaint of an entrepreneur who alleged his idea was unauthorisedly usurped by firm and officials.
Bahl on Sunday confirmed in an email to employees that the investors of the company are driving the decision on the way forward, indicating that the founders had little control over immediate developments
Seeking to calm employees rattled by reports of a cash crunch, the founders of Indian online retailer Snapdeal have gone directly to them with a string of townhall meetings in past weeks, according to sources, promising profit and brushing off takeover talk.
Leading cargo vendors are alleging that GoJavas has failed to pay dues ranging from Rs 50 lakh to more than Rs 2 crore over the past six months, when there was an ownership churn at the company.
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.
With hundreds of employees being handed out pink slips by companies such as Snapdeal and Stayzilla, rival e-commerce firm Paytm is walking into the ring by offering generous job offers to laid-off staffers.
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).
The SoftBank-backed firm, which has been struggling to raise fresh funding, is also laying off hundreds employees and eliminating non-core projects to focus on "profitable growth".
A bunch of senior level executives have already exited the company including Tony Navin, senior vice president of partnerships and strategic initiatives and Abhishek Kumar, head of merger and acquisitions and investments.
Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview on Monday that the online marketplace provider backed by Japan's SoftBank Group did not immediately need to raise capital unless it makes an acquisition.