It’s not just layoffs and pay cuts, Snapdeal may also shut its offices in Surat, Hyderabad, Ahmedabad, Kolkata, Indore and Bhopal, besides closing some of its warehouses.
While the company did not respond to questions sent by BusinessLine , sources close to it said that the decision to close these offices and warehouses may already have been taken as part of the overall strategy to cut costs and streamline operations.
Company insiders and former employees said that they were not surprised, as Snapdeal had over-hired staff at higher salaries.
Satya D Sinha of recruitment firm Mancer Consulting said e-commerce firms got huge funding on inflated predictions. “They hired people at humongous packages. This was bound to happen.”