Snapdeal founders Kunal Bahl and Rohit Bansal have decided to take a 100% pay cut while acknowledging that they made an error in the execution strategy of the company by diversifying without getting the foundation right. They have also said that the company would be downsizing as part of its attempts to turn profitable.
In an email sent to all employees on Wednesday, the founders said that while the company had a phenomenal journey over the last few years, they erred in the execution and even started building a team size that was much larger than what was required.
“Has our company and industry been going through a troubled time? Absolutely. Did we make errors in our execution? No doubt about that,” states the mail. They further said that while ambition is important, “a large amount of capital with ambition can be a potent mix that drives a company to defocus from its core.” “We feel that happened to us. We started doing too many things, and all of us starting with myself and Rohit, are to blame for it,” says the letter.
While both the founders have decided to forgo their salaries, some of the top brass has also offered to take a pay cut, says the letter.
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