Snapdeal to fire 1000 employees in next two months

If people aware of the plan are to be believed, India’s leading ecommerce company Snapdeal will trim its workforce in the next two months. The online marketplace has started cost cutting as growth graph is getting stunted and investors less willing to provide fresh funds.

The move is expected to affect about 1,000 employees directly employed by the company in its ecommerce marketplace while thousands of contract workers in the company's logistics division are also expected to be let off, people aware of the situation told The Economic Times.

"5,000-odd contract staff employed by the company's logistics subsidiary Vulcan Express will be pared down as well as about 3,000 people on the rolls of the logistics company," a company executive and two consultants working with the company informed the ET.

Early this week, the managers had received mails from top management asking them to ‘right-size’ their teams. However on being enquired by the ET, the company chose not speak directly on the issue. Instead they responded to the financial daily saying, "On our journey towards profitability, it is imperative that we continue to drive efficiency in our business, which enables us to pass on the value to our consumers and sellers. As in the past, and like all good companies do, we will continue to assess resource allocation in furtherance of our goals of enhancing customer and seller experience while driving high quality growth.”