No deal, Snapdeal-company may finally dismiss over 2500 employees

Amidst the cost cutting spree of the e-commerce giant, Snapdeal, the company is expected to dismiss over 2,500 employees out of it's 4,300 odd employees with an intent to reduce its monthy cost to Rs 20 crore from around Rs 48 crore.

The employee lay off is expected to happen for the mid and senior management level, with a rumoured exaction of downsizing the teams on the team heads.

Although Snapdeal in its media statement accused the speculations to be largely exaggerated and distorted, Snapdeal founders Kunal Bahl and Rohit Bansal too, in an email to the employees, have vowed to a '100 percent salary cut in order to drive Snapdeal towards a profitable growth'.

Snapdeal has recoursed to extensive cost cut post the SoftBank's deferal of funds. At the time of its outset in 2010, the e-commerce firm had raised USD 1.75 billion from investors such as SoftBank, Kalaari Capital, eBay and several other firms.