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Under pressure, Snapdeal woos staff with promises of profit
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, promising profit and brushing off takeover talk. The sources, familiar with the group, declined to be named as the meetings were not public. Like most e-commerce players in India, Snapdeal is burning cash to sustain discounts - and keep customers - in a cut-throat online market. But as the number three player, it also is under growing pressure from investors and its own employees to consider its bottom line, as well as market share.