According to sources, employees from marketing, ad-tech, category, digital marketing, engineering team, catalogues, have all been asked to leave.
While Tata Sons' Chairman Emeritus Ratan Tata has made an investment in e-commerce company Snapdeal, he is not involved in its functioning.
Kunal Shah has funded over 266 startups including Razorpay, Snapdeal, Zetwork, BlueSmart, Unacademy, Bliss Club, and Spinny, amongst others.
The Bombay High Court had revoked the ban on Maggi on October 19 paving the way for it to be back on shelves.
SoftBank-based e-commerce marketplace Snapdeal has deferred its Rs 1,250 crore IPO, joining the list of startups that have decided to shelve their initial public offering (IPO) plans this year. Snapdeal, which competes with Amazon and Flipkart, filed a request this week with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus (DRHP) amid a sell-off in tech stocks worldwide. "Considering the prevailing market conditions, the company has decided to withdraw the DRHP. The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions," a Snapdeal spokesperson said.
Snapdeal chief executive officer Kunal Bahl said Piramal's investment was a significant endorsement for the firm and the transformation the company has undergone over the last couple of years.
Even as their venture Snapdeal is clocking rapid growth, Kunal Bahl and Rohit Bansal are mentoring young entrepreneurs.
Snapdeal has a number of shareholders including Ontario Teachers' Pension Plan, PremjiInvest, Ratan Tata, Foxconn, Temasek and BlackRock, among others.
Snapdeal's rival Flipkart had last announced its GMV in March this year -- $1 billion. Many rounds of funding later, sources estimate Flipkart's GMV at about $3 billion, a figure Snapdeal is trying to catch up with.
Second Tata firm to join hands with e-commerce portal.
Snapdeal's Kunal Bahl tells team to follow DMart example. Sources close to the company says Snapdeal plans to launch an IPO by 2019.
Snapdeal said on Wednesday it bought online mobile recharge firm Freecharge for an undisclosed amount.
Snapdeal is conducting due diligence on ShopClues, a move that may lead to a potential acquisition of the latter, which may bring in a fresh infusion of funds for the new entity.
Snapdeal, which has raised about $400 million since its inception, has invested about $100 million in logistics and operations to expand its presence in the $3 billion Indian eCommerce market.
Snapdeal had appointed merchant bankers for listing on an American stock exchange
The Kunal Bahl-led firm wants to add 1,000 sellers every three months in its loan scheme.
Snapdeal CEO Kunal Bahl said those who do not perform will have to leave.
Founders should have faith in themselves, their vision and their team, feels Infosys founder Narayana Murthy.
In April, Snapdeal had said it was delisting the drugs from its portal and was assisting the regulator in the investigation.
Celebrating Kisan Diwas, e-retailing firm Snapdeal on Tuesday announced the launch of "The Agri store", offering products like seeds, fertiliser and irrigation tools.
E-commerce platform Snapdeal has filed preliminary documents with markets regulator Sebi to raise funds through an initial public offer (IPO), joining the league of internet-led businesses looking to list on domestic stock exchanges. The public issue comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale (OFS) of 3.07 crore equity shares, according to the draft red herring prospectus (DRHP). According to market sources, potential listing could value Snapdeal at about $1.5-1.7 billion.
RupeePower aims to become the No 1 originator of financial products.
Modi will get the maximum chunk of the session time.
Infibeam appointed Kothari as president, strategy, corporate development, international operations, and investor relations.
Snapdeal to acquire GoJavas for Rs 200 cr, say sources.
As per market estimates, the new round would value the city-based firm at about $ 4-5 billion.
JM Financial, Axis Bank, and Bank of America have been roped in as the bankers to run the mandate, say sources.
Not chasing IIM-A graduates whose joining dates have been deferred by rival Flipkart, says the company
Indian e-commerce company raises Rs 600 crore in sixth round of funding.
As part of the partnership, about 1,000 homes across projects in cities like Mumbai, Pune, Ahmedabad, Bengaluru and Chennai will be put up for sale on Snapdeal.
'There is need for India-specific pricing.' 'Google, Microsoft and others also have different pricing.' 'It is important for OpenAI to think on these lines as the global pricing may not work in the Indian context.'
Idea is to bring millions of small and medium enterprises online by making it easy for them to list and sell.
The company aims to bring in a million on-board sellers in the next three years.
India has the highest proportion of CODs at 60% of total orders, compared to 50% in China, 28% in Indonesia, and 24% in Brazil
Snapdeal has been on the deal street for raising fresh funds in order to muscle up for the growing competition in e-commerce.
India is the next major breeding ground for start-ups.
He said action was akin to holding highway builders responsible for lane violations
Alibaba in talks to invest up to $700 million in Snapdeal
Every shopper dreams of getting the best discount. Now, imagine if you can avail of this discount at the click of your mouse.
If the deal goes through, Snapdeal founders will get $60 million (cumulative), of which half will be given to employees.
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