Founders forego salary
SoftBank-backed firm has been struggling to raise fresh funding
Reduction will include employees across levels at Snapdeal
The company spokesperson said these reports are mere speculations
Over the past year, the estimate is that it has halved the employee strength
Snapdeal had earlier shut down Exclusively, which it acquired in 2015
Sandeep Komaravelly is leaving to start his own venture, reports Tech In Asia
Adds that Snapdeal's captive logistics arm Vulcan Express will turn profitable next month
Snapdeal expects to turn profitable in the next two years
As the company takes steps to cut costs & boost efficiency in a highly competitive e-commerce market
Ahead of Budget, Vani Kola says Modi's Startup India is under threat without policy changes
Company's expenses doubled to Rs 4,416.6 cr in FY16 from Rs 2,252.5 cr in previous financial year
He will also overlook raising capital, managing portfolio companies and strategic partnerships
Kothari's responsibilities will include leading strategy, corporate development
In 2017 the focus will continue to be on economics, experience and growth, says Bahl
Users can also avail of 15 per cent discount on SBI credit card
Withdraw Rs 2,000 using any debit card for which Snapdeal will charge a nominal amount of Re 1 as convenience fee
The service is already live in Gurgaon and Bangalore and will be extended to other major cities
However, it will not be only focussing on selling branded products but will also build its own capability
50% of its sales comprises of the cash on delivery mode which took the brunt of marginal decrease in sales