This is what Kunal Bahl wrote to employees after FreeCharge’s sale to Axis Bank
Jul 28, 2017, 15:42 IST
Snapdeal CEO Kunal Bahl eased concerns among employees after FreeCharge’s sale deal to Axis Bank.
Bahl wrote to his employees saying the sale would provide Snapdeal the necessary boost in resources to continue its e-commerce journey.
Dismissing lay-off concerns, Bahl said Axis Bank intends to not just retain all Freecharge employees but also invest significantly in the team and brand.
"Every new beginning comes from some other beginning's end. Building Freecharge has been a tremendously enriching experience for us. And now, it is time for us to focus our energy and passion on continuing the Snapdeal journey. They intend to retain entire team (and build on it), invest behind the brand and leverage the world class technology platform to the fullest," Bahl said.
Snapdeal sold FreeCharge at 90% discount for Rs 385 crore. Snapdeal had bought FreeCharge for Rs 2,400 crore in 2015.
In another mail, Jason Kothari, the current CEO of FreeCharge, sought to assure employees that the mobile wallet would continue to operate as a standalone business.
"I'm thrilled to say, in the case of Axis Bank, FreeCharge will continue to operate as an entrepreneurially run standalone business, and the business will retain the 'FreeCharge' brand, technology and full team," he wrote.
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Bahl wrote to his employees saying the sale would provide Snapdeal the necessary boost in resources to continue its e-commerce journey.
Dismissing lay-off concerns, Bahl said Axis Bank intends to not just retain all Freecharge employees but also invest significantly in the team and brand.
"Every new beginning comes from some other beginning's end. Building Freecharge has been a tremendously enriching experience for us. And now, it is time for us to focus our energy and passion on continuing the Snapdeal journey. They intend to retain entire team (and build on it), invest behind the brand and leverage the world class technology platform to the fullest," Bahl said.
Snapdeal sold FreeCharge at 90% discount for Rs 385 crore. Snapdeal had bought FreeCharge for Rs 2,400 crore in 2015.
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"I'm thrilled to say, in the case of Axis Bank, FreeCharge will continue to operate as an entrepreneurially run standalone business, and the business will retain the 'FreeCharge' brand, technology and full team," he wrote.