Beleaguered online retailer Snapdeal continues to lose members from top leadership, the latest to join the list being its Human Resources Head Saurabh Nigam. Nigam’s exit comes amid talks of a potential sale of the e-commerce firm to larger rival Flipkart. A Snapdeal spokesperson confirmed the development.
“After spearheading Snapdeal’s Human Capital function for more than three years, Saurabh Nigam has decided to move on to pursue further career interests in a field close to his heart,” the spokesperson said in an e-mailed response. Post the transition, Pravin Kutty, Associate Vice President – HR and Administration, will head the Human Capital function, the spokesperson said.
Snapdeal, over the past many quarters, has seen exit of senior executives like Tony Navin, Sandeep Komaravelly, Anand Chandrasekaran, Abhishek Kumar and Amit Maheshwari. Nigam’s exit comes at a time when Snapdeal’s largest investor SoftBank has been proactively mediating a potential sale of Snapdeal to Flipkart for the last few weeks.
The Japanese investment firm, according to sources, has succeeded in getting board members to agree to the said sale and a term sheet for due diligence with Flipkart has been signed. One of the leading contenders in the Indian e-commerce space, Snapdeal has seen its fortunes failing amid strong competition from Amazon and Flipkart.
Compared to a valuation of about USD 6.5 billion in February 2016, the sale to Flipkart could see Snapdeal being valued at about USD 1 billion. The deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian ecommerce space.
No comments:
Post a Comment