Snapdeal 2.0 Called As ‘Poisonous’ and Co-Founders ‘Dictator’ By Snapdeal Employees
The letter has been copied to a host of employees
Disclaimer: We were not able to authenticate the genuineness of this letter. It emerged via Tweet from @uni_con1, which can be real or can be complete fake. After the Snapdeal-Flipkart deal was called off, there are several disgruntled employees, who lost a ton of money. Maybe this letter is an attempt to vent out their frustration. Or it can be a fake letter by Snapdeal’s opponents, because the letter carries no real name or designation.
An anonymous letter has surfaced on the social media, which has been allegedly written by Snapdeal employees, and addressed to cofounders Kunal Bahl and Rohit Bansal.
The letter has been copied to a host of entities, which includes Prime Minister’s Office, RBI, Axis Bank, Ministry of Commerce, Ministry of Finance, CBI, Enforcement Directorate, editors of leading publications and more.
The letter is controversial, and it directly blames the failure of Flipkart-Snapdeal merger to the co-founders, their ego and their ‘dictatorship’.
Snapdeal 2.0, the vision of the co-founders, has been described as poisonous as well.
We explore the contents of the letter.
Snapdeal Cofounders Are Dictator
The cover letter describes the co-founders as dictators, who sabotaged the merger, for their own personal reasons.
The cover letter says, “It (Snapdeal) is run as a dictatorship while maintain(ing) the show of a pleasant workplace. Just scratch the surface and the truth will come out.”
Signed as Employees & Ex-Employees and families, the letter calls for an independent investigation into the deeds of the management, because the decisions were taken to protect the interests of two people (co-founders), which destroyed the interests of employees and ‘possibly shareholders’.
Snapdeal 2.0 Is Poisonous
When Snapdeal co-founders announced the rejection of Flipkart’s merger offers, they described their next vision as Snapdeal 2.0, an entity which can survive on their own, generating revenues from their core-services.
This vision of Snapdeal 2.0 has been described as poisonous by the alleged employees in their anonymous letter, as the program to revive has been lambasted.
The letter said, “It is a poisonous plan to destroy the organisation so that you (Snapdeal co-founders) stay in charge. So many people to be impacted for the sake of just two of you.”
The letter also says that the egos of the founders have now become larger than Snapdeal, and this should stop.
Snapdeal Refuses These Allegations
Vehemently rejecting the claims, Snapdeal has described these allegations as baseless.
Their official statement said, “The board has made no decision with regard to the team composition for Snapdeal 2.0. The company cannot comment on baseless, unsubstantiated allegations made by unidentified sources,”
Countering the allegations that the co-founders will benefit from the called-off merger, Snapdeal said that the co-founders will lose money, not gain from it. The statement said, “The allegations that founders benefit is incorrect because they directly lost USD 30 million. In fact the fact is that the deal was exceptionally onerous to execute,”
Interestingly, Nexus Venture Partners, one of the existing, and long term investor in Snapdeal has also supported the cofounders, as they issued a statement: “Nexus, as a long term Snapdeal shareholder, fully supports the Snapdeal 2.0 journey. We will continue to partner with the company to help achieve its goals,”
What is the truth behind this anonymous letter? We will keep you updated as we receive more information.
Here are the images of the letter, as shared on Twitter.