Snapdeal is Laying Off. Why?
It is all over the internet now that Snapdeal is struggling to sustain and laying off almost 600 people in next few days. Not only this, Freecharge CEO Govind rajan has also quit from his position, because Snapdeal is struggling with Funding. They are struggling to raise fresh capital from a very long time. They are putting efforts to fit-in as a strong entity in an intense battle with rival Amazon and Flipkart.
Snapdeal is one of the top e-commerce company, it also acquired Freecharge in year 2015. It has spent around $400 million in cash to acquire Freecharge. There was only one motive behind this acquisition that to make a new start with payment wallet business. It’s really sad to see, where India’s ecosystem is growing now and everyone is moving to digital payment and buying online. But in this exciting time, instead of growing business, they are laying off People.
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