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?

AUTHOR

Sumanth Raghavendra

Sumanth is a serial entrepreneur with more than eighteen years experience in running startups. He is currently the founder of Deck App Technologies, a Bangalore-based startup attempting to re-imagine productivity software for the Post-PC era. Sumanth’s columns appear regularly in leading publications. He holds MBA degrees from the Indian Institute of Management, Bangalore and Thunderbird, The American Graduate School of International Management, USA.

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