Earlier this month, on 6 February, in an interview with Reuters, Kunal Bahl, the CEO of Snapdeal, predicted that the company would be profitable in two years, “I see a relatively clear line of sight to (profit)” and said that it is time to “now take control of our destiny.”
Confident words looking forward to a golden future.
And yet a mere two weeks later, Bahl had to take, what was in his own words “by far the hardest decision we have ever taken”: A sharp culling of the Snapdeal workforce with hundreds of folks losing their jobs amidst other major restructuring moves that saw the elimination of multiple “non-core” businesses within the organisation and sharp pay cuts for the CXOs starting at the top with Bahl and his co-founder Rohit Bansal taking “100% salary cuts.”
So how did things unravel so quickly for Snapdeal?
