Amid two more executive exits, Snapdeal saga continues
The struggle for Snapdeal continues as its two more top executives quit citing disagreement over the board’s decision of choosing an independent path by snapping the deal with Flipkart earlier this week.Moin Shaikh
Rahul Ganjoo (VP of Program Management) and Arvind Heda (VP, Technology - Data Platform) have resigned, according to sources.
Earlier this week, Snapdeal board decided to discard the merger deal with its arch-rival Flipkart and announced to revive the company under a program that it called Snapdeal 2.0
A couple of days later, just a day after the revival decision was announced, the company had found its solace in struggling time from its early stage investors including Nexus and SoftBank who announced they will support Snapdeal in its decision to pursue an independent path.
Top exodus earlier this year
This is not the first time that top executives have quit on the ground of disagreement with management’s decision. Earlier this year, company’s Human Resource head Saurabh Nigam quit alongside many others including Tony Navin, Sandeep Komaravelly, Anand Chandrasekaran, Abhishek Kumar, and Amit Maheshwari amid the talk of potential merger with Flipkart.
Major layoff lies ahead
While announcing the decision of pursuing an independent path, the company also said that it will layoff 80% of workforce and will carry forward with the remaining. The management has already given verbal instructions to its department heads to prepare the list.
The road ahead
With the domestic eCommerce market becoming more and more competitive with its international competitor Amazon pushing hard to cover broader Indian market, it is clear that the road ahead is not all butter and bread for Snapdeal. All eyes are on the management and its so hyped reboot plan.
With all this hustle & bustle, will the company be able to make a strong turn and win-back its earlier market-share? Or will it end up being just another case study for management students in the business schools? Only time will tell!