A deal between two of the largest eCommerce players in the Indian market is anticipated to be signed in a few days. This deal, which is going to merge Flipkart and Snapdeal, abounds a good news for the Delhi based online store “Snaldeal’s” employees.
If this deal goes through, Snapdeal’s founders will receive a cumulative payment of 60 Million USD, from which, they will give 50% of this payment to their employees. Snapdeal’s largest investor, Softbank (a Japanese Conglomerate) has started the process to sell “Snapdeal” its besieged online marketplace to the bigger rival “Flipkart”.
A 30 Million (INR 193 Crore) Bonanza for Snapdeal Employees
As per the recent reports, the Snapdeal employees will get a 193 Crore bonanza, if the deal with Flipkart goes the way it is expected to go through.
Snapdeal currently has around 1500 – 2000 employees, and the Snapdeal founders have decided that they will give half of their payout, that is 30 Million USD for the suggested scheme, that will cover the current employees of the organization. They wanted to ensure that their team does not get ignored or sidelined in any way, when the company signs this major merger deal, which is expected to put an end to the worries of the investors of Snapdeal, as it is struggling to maintain a viable place among its competitors.
This Money Will Compensate for the ESOPs Issued by Snapdeal to Its Senior Employees
This decision has been taken by the founders of Snapdeal to compensate for the ESOPs which have been issued by the firm to its senior employees, because these ESOPs will become useless after the deal. However, as per the reports, not only the employees who possess the ESOPs would be offered compensation. This payment will also be extended to the ones who do not have any ESOPs.
The Employees Who Have Left the Firm May Also Get the Benefit
In fact, the employees who have left the company in the past twelve months could also get benefitted from this deal.
In February 2016, around 600 employees were fired from the company after the founders announced their intent of taking a 100 % pay cut. Even, earlier this month, it was reported that the company started giving the payouts to the employees, which it laid back from the firm two months back.
Earlier, the vacated its office with a seating capacity of 90 people located at a co-working hub in Mumbai and is now in the process vacating its offices in Gurgaon (Gurugram)