Press Esc to close
Tuesday 25 July 2017
News updated at 11:58 PM IST

Softbank appoints Kabir Mishra to Snapdeal board

Bengaluru, March 20, 2017, PTI 18:40 IST
Snapdeal, which faces intense competition from Amazon and Flipkart, had last reported an employee strength of 8,000.

Snapdeal, which faces intense competition from Amazon and Flipkart, had last reported an employee strength of 8,000.

Japanese conglomerate Softbank has appointed its most experienced e-commerce veteran Kabir Mishra to the Board of e-commerce firm Snapdeal to support the company.

"Softbank has appointed its most experienced e-commerce veteran Kabir Mishra to the board of Snapdeal to support the company," a source privy to the development told PTI.

This decision comes in the wake of Softbank-backed online merchant Snapdeal's hoping to hit profitability in the next two years as it undertakes a number of steps, including layoffs and moving away from non-core activities.

The company had laid off 500-600 employees across verticals even as Co-Founder Kunal Bahl admitted to making mistake in growing much before it could figure out right economic model.

Kabir has for many years been closely involved in managing Softbank's investment in Alibaba in China, the source said.

Kabir has also played an anchor role in managing Softbank’s investment in Indonesian e-commerce major Tokopedia and had extensive involvement in South Korean firm Coupang, where Softbank invested USD 1 billion in June 2015, the source added.

Snapdeal, earlier this month, had announced shutting down of its consumer to consumer marketplace Shopo. As part of the revival plan, the company will reorganise into "a lean, focussed and entrepreneurial one" by combining teams, reducing layers, eliminating non-core projects and strengthening focus on profitable growth.

"Sadly, we will also be saying really painful goodbyes to some of our colleagues in this process," Bahl wrote, in an email shot off to his employees, without giving the actual number of layoffs.

Snapdeal, which faces intense competition from Amazon and Flipkart, had last reported an employee strength of 8,000.

Bahl and Rohit Bansal also had announced that they will take a 100 per cent salary cut, and also said many senior leaders had "offered to take a significant cut in their compensation."

The e-commerce firm today announced the appointment of Jason Kothari as the Chief Executive Officer of its digital payment platform FreeCharge and a commitment to invest an additional USD 20 million in the e-wallet firm.

Go to Top

Photo Gallery
The Jewish bagel served with a twist in funky colours at the ongoing International Food Festival...

The Jewish bagel served with a twist in funky colours at the ongoing International Food Festival...

Dark clouds seen over the Parliament house during the ongoing monsoon session in New Delhi...

Dark clouds seen over the Parliament house during the ongoing monsoon session in New Delhi...

Congress MPs Sushmita Dev, K Suresh and Gaurav Gogoi after they were suspended by the Speaker...

Congress MPs Sushmita Dev, K Suresh and Gaurav Gogoi after they were suspended by the Speaker...

Bolylywood actress Kajol and South Star Dhanush during the promotional press conference....

Bolylywood actress Kajol and South Star Dhanush during the promotional press conference....

Union Minister for Finance and Corporate Affairs Arun Jaitley with MoS Santosh Gangwar...

Union Minister for Finance and Corporate Affairs Arun Jaitley with MoS Santosh Gangwar...

MNS Party Workers protest against Chinese products at Airoli over ongoing rift between Indian...

MNS Party Workers protest against Chinese products at Airoli over ongoing rift between Indian...

School girls carry water to pour on Lord Shiva in Bhubaneswar on Monday...

School girls carry water to pour on Lord Shiva in Bhubaneswar on Monday...

Bollywood actors Arjun Kapoor, Ileana D'Cruz and Athiya Shetty during the promotion...

Bollywood actors Arjun Kapoor, Ileana D'Cruz and Athiya Shetty during the promotion...

Fire fighters dousing a fire that broke out at Lok Nayak Bhawan in New Delhi on Monday...

Fire fighters dousing a fire that broke out at Lok Nayak Bhawan in New Delhi on Monday...

National Disaster Response Force (NDRF) men rescuing a villager from a flood-hit area in Morbi...

National Disaster Response Force (NDRF) men rescuing a villager from a flood-hit area in Morbi...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.