All is well that ends well- Rs 193cr bonanza for Snapdeal staffs post Flipkart deal

"This is the way the world ends, Not with a 'whimper' but a bang."

Yes, this time it's not going to be 'a whimper' but a bang bonanza. While a sale of a company is never a good news for anyone-employer and employee, Snapdeal's proposed sale to rival Flipkart could usher in Rs 193 crore bonanza for Snapdeal staffs if the deal sees through, reports PTI.

Citing people in the know of things, the report said that Snapdeal founders may give half of their payout ($30 million) for the proposed scheme covering all current employees of Snapdeal that range between 1500-2000. “The founders have asked the board to carve out $30 million (about Rs 193 crore) from their settlement for payouts to the Snapdeal team. They want to ensure that the team does not get sidelined in any manner,” they added.

Bonanza is for both current and ex-employees

The bonanza apparently also includes former senior executives who departed in last one year, those with ESOPs and also those without it as a reward for their commitment to stay with the company till the last.

Japanese Internet major, SoftBank, which is also Snapdeal’s largest investor has been pushing for the sale of the company to rival Flipkart to cut its losses on an apparently bad investment. And while, it has convinced key shareholders including co-founders Kunal Bahl and Rohit Bansal, Nexus Venture Partners and Kalaari Capital to sell the company, the terms of the deal still remain inconclusive.

SoftBank recently revealed that it suffered a loss of $1 billion (Rs 6,500 crore) on its investment in Snapdeal during 2016-17, almost matching the money it put in the home-grown marketplace which makes it clear enough why the Japanese conglomerate wants to see the deal through asap.