Monday, 10 April 2017

Snapdeal founders move to calm employees amid takeover speculation

MUMBAI - The founders of India's Snapdeal told employees in an email on Sunday that the e-commerce company will ensure there is no disruption to staff "as the way forward becomes clear," as speculation of a takeover swirls. The email, seen by Reuters, tacitly acknowledged that a sale of the company could be in the offing, and it sought to calm the concerns of employees at India's No. 3 e-commerce player.
Snapdeal has for weeks been at the centre of much takeover speculation, with its largest backer Japan's Softbank, seen as keen to sell the company to its larger rival, Tiger Global-backed Flipkart. Snapdeal has so far declined to comment on sale talks and said that it remains focused on achieving profitability. But recent layoffs at the company and heightened speculation around a takeover has spooked some employees, who have begun to look for new jobs.

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