The biggest e-commerce merger to happen in India the largest retail market in Asia. Snapdeal online shopping portal to be sold to its biggest rival Flipkart to compete with Amazon and Ebay.
In board meeting happened last month the deal was almost formed officially. If the deal proceeds Snapdeal to pay half of their payouts to its staff. Currently, there is about 1500-2000 employee staff in Snapdeal, the payout scheme will cover all of them.
“The founders have asked the Board to carve out $30 million (about Rs. 193 crores) from their settlement for payouts to the Snapdeal team. They want to ensure that the team does not get sidelined in any manner,” the company official said.
Employees who have left the organization in last 12 months could also get benefit from the scheme.
After the deal, Snapdeal owners will get around $60 million in which half would be given to employees.
SoftBank recently impacted with $1 billion loss on its investment in Snapdeal during 2016-17. That lead the financial institution to sell it to its biggest rival Flipkart.
The deal between Snapdeal and Flipkart will be the biggest e-commerce acquisition in Indian business history. The scenario will change the outlook of the highly competitive e-commerce industry.