Snapdeal orders mass lay-off; FreeCharge to be sold for $300 mn

Founders forego salary

Once a success story of the burgeoning start-up ecosystem, Gurgaon-based online marketplace Snapdeal on Wednesday said it would cut more jobs, stop paying its founders and sell its digital wallet FreeCharge. 

Co-founder Kunal Bahl, in an email to employees on Wednesday, finally accepted tough decisions— including letting go of people and a full pay cut for him— are being taken. It has also put on sale FreeCharge and is in talks with Naspers, the South Africa-based internet group, to sell it for $300 million.

“We are combining teams, reducing layers, eliminating non-core projects and strengthening the focus on profitable growth.