NEW DELHI: Snapdeal founders Kunal Bahl and Rohit Bansal have reached out to employees promising them higher salaries compared to last year as the company heads towards a possible sell out in the coming weeks.In a letter to employees, the founders said while the company's investors are "driving the discussions around the way forward", their "top and only priority was the well-being of the entire team". "Given the incredible progress we have made around our profitability journey as a company, the overall increments this year are higher than those offered last year," they said.According to sources, Snapdeal has about 3,000 employees in its e-commerce operations. The valuation has also shrunk since then and the potential deal could be struck at a discounted rate.The cash-strapped firm, over the last few months, has had to trim its workforce significantly and shut down non-core businesses. Earlier this year, Snapdeal laid off about 600 people.Indian e-commerce companies have seen funding dry up over the last few months as investors are focussing extensively on profitability and rationalisation of expenses. With intense competition from deep-pocketed global rivals like Amazon, companies like Flipkart and Snapdeal could face more heat in the coming days.

Source: Economic Times April 09, 2017 13:30 UTC