Japanese multinational giant, Softbank has appointed Kabir Mishra, its most experienced e-commerce veteran to the Board of e-commerce firm Snapdeal.
“Softbank has appointed its most experienced e-commerce veteran Kabir Mishra to the board of Snapdeal to support the company,” said a source aware of the development to PTI.
This decision comes in the stir of Softbank-backed e-commerce merchant Snapdeal’s eager to hit profitability in the next two years as it commences a number of steps, including moving away from non-core activities and the layoffs of course.
Kabir has been closely involved in managing Softbank’s investment in Alibaba in China for many years. He has also performed an anchor role in managing Softbank’s investment in Tokopedia, an Indonesian e-commerce major and had a huge involvement in Coupang, a South Korean firm where Softbank invested USD 1 billion in June 2015.
Earlier this month, Snapdeal had announced the end of its consumer to consumer marketplace Shopo. As a part of the waking plan, the company will reorganize into “a lean, focussed and entrepreneurial one” by reducing layers, combining teams, eliminating non-core projects and strengthening focus on profitable growth.
Snapdeal, which faces fierce competition from Flipkart and Amazon, had reported an employee strength of 8,000.
Kunal Bahl and Rohit Bansal also had announced that they will take a 100% salary cut, and also had said that many senior leaders had “offered to take a significant cut in their compensation.”
The e-commerce firm has announced a commitment to invest an additional $ 20 million in the e-wallet firm, FreeCharge and the appointment of Jason Kothari as the Chief Executive Officer of FreeCharge.