Full text: Snapdeal’s Kunal Bahl, Rohit Bansal tell staff ‘new path’ already profitable at gross level
Snapdeal of conversations with Flipkart were canceled with the founders of the old commission to an independent road and a version of “Snapdeal 2.0”.
Firstpost mail received Kunal Bahl and Rohit Bansal wrote Snapdeal employees through the sources.
In the letter, they said that with the continued rationalization of costs and the sale of certain assets, such as Freecharge, “we are financially independent as a company and we do not need to generate additional capital to satisfy profitability.”
Recently, the company sold the mobile payment solutions company, Freecharge which it bought in 2015 for about Rs 2.500 crore to Rs 385 crore at Shaft Bank.
“… The opportunity for e-commerce in India is huge, and the surface of this market of 200 billion has barely been scratched,” said the letter’s founders, showing good face although media reported. 80 percent of its staff.
In recent months, our company has participated in strategic discussions with other stakeholders. A lot of time and effort in the process of all participants in this exhausting process.
The process led to intense speculation and uncertainty for our team, our partners and our shareholders. And now is the time to end this saga.
We will continue the Snapdeal tour as an independent company. As we have said many times, the opportunity for e-commerce in India is enormous and the size of this 200 billion market has barely been scratched.
We have a great team, millions of loyal customers, hundreds of thousands of motivated marketers and a phenomenal platform that was built with years of effort. All the ingredients for success have always been present in our society.
And after months of tumultuesse, it is time to focus on the business and take advantage of all the advantages we have to move towards our vision of building the best market to connect buyers to sellers in India.
The correct question is why we are moving independently, although much effort has been made to determine a strategic combination.
There are some reasons that go beyond the fact that the planned deal was incredibly complex to execute, as reported by the media.
First, there will be no successful model for e-commerce in India. In all markets, there are several successful e-commerce companies, as their strategy is differentiated and has a road to success, there is an excellent business that can be built.