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       BUSINESS Next Article: Idea to sell 2G, 3G, 4G mobile data at same price from Mar-end  
       Softbank appoints Kabir Mishra to Snapdeal board
 
         Posted on :22:07:56 Mar 20, 2017
   
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       Last edited on:22:07:56 Mar 20, 2017
         Tags: Softbank appoints Kabir Mishra to Snapdeal bo
 
 
BENGALURU: 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.
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       BUSINESS
Next Article: Idea to sell 2G, 3G, 4G mobile data at same price from Mar-end
 
 
BUSINESS HEADLINES
Aditya Puri features in Barron’s 30 best CEOs  
India is 3rd largest aviation mkt in domestic traffic  
China win for Apple as court overturns iPhone ruling  
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Sensex up for 2nd day, Nifty reclaims 9100 as bank stocks gain  
Govt may table 4 GST bills in Parliament today: Minister  
Airfares in India among 'lowest' globally: Sinha  
Sensex tanks 318 pts, Nifty slumps below 9100 on global clues  
Notes ban to spur economic activity: Govt  
Govt nod for 18 new airports costing Rs 30,000 cr  
Govt nod for 18 new airports costing Rs 30,000 cr  
Adani Enterprises acquires Adani Infra  
Vodafone, Idea Cellular to create new Indian market leader  
Softbank appoints Kabir Mishra to Snapdeal board  
Idea to sell 2G, 3G, 4G mobile data at same price from Mar-end  
Airbus to set up its first Asia training facility in Delhi  
BSNL offers 2GB data per day, unlimited calling for Rs 339  
Sensex soars 188 pts, Nifty at fresh closing peak on Fed move  
Prominent Australians ask Adani to abandon coal mine project  
Harley-Davidson launches Street Rod at Rs 5.86 lakh  
India imports petrol, diesel from China  
Rupee hits 1-1/2 yr high, surges 78 paise on BJP sweep  
Tata Steel, Wipro in world's most ethical companies' list  
Google in talks with China to stage a comeback: report  
 
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