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Snapdeal to lay off 600 people; FreeCharge CEO quits
Not everything seems to be going well for e-commerce giant Snapdeal. The company is believed to lay off about 600 people over the next few days across its e-commerce, logistics and payments operations.

As per reports, the company has initiated the process last week and will lay off 500-600 people across Snapdeal, Vulcan (logistics) and Freecharge (digital payments business). In the process that will be completed in the next few days, the company is planning to lay off employees across various levels.

"On our journey towards becoming India's first profitable e-commerce company in two years, it is important that we continue to drive efficiency across all parts of our business, which enables us to pass on the value to our consumers and sellers," a Snapdeal spokesperson said.

"We have realigned our resources and teams to further these goals and drive high-quality business growth," the Snapdeal spokesperson added.

The company which has a strength of about 8,000 people has been struggling to raise fresh capital along with facing stiff competition from rivals Amazon and Flipkart.

The company also expects Vulcan Express to turn profitable by the middle of this year.

"Building on all of these substantial gains, Snapdeal expects to be the first profitable e-commerce company in India within two years," the spokesperson said.

Also, Freecharge CEO Govind Rajan has resigned. Rajan has resigned within a year of taking charge at the Snapdeal subsidiary.

"It has been a unique privilege to helm FreeCharge in these exciting times of rapid growth and user focused innovation. I am confident that FreeCharge will achieve still greater heights under its incredibly talented team and I look forward to facilitating the transition over the next few weeks," Govind told the Mint newspaper.

Rajan's quitting FreeCharge is the latest top-level resignations from India's top tech startups. Snapdeal had recently lost two of its senior executives. Ola has lost its CFO Rajiv Bansal quit. A day after that, Flipkart's head of commerce and advertising, Mukesh Bansal resigned. Flipkart's CFO had resigned in October last year.

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