Once termed as the third largest Indian e-commerce company, Snapdeal, now is in the process of vacating over 60% of its office space in Gurgaon. Snapdeal had moved to its 4.5 lakh sq ft. Gurgaon campus less than two years ago to keep pace with its aggressive hiring.
Snapdeal is now moving its office into a single tower in line with shrinking operations. In fact, it has already vacated its 90-seat co-working space in Mumbai.
Snapdeal has taken these steps to shrink the cash burn. The company had a strength of 8,000 employees a few years back which has come down to 2,500 with the recent layoff of 600 employees.
“As you may be aware we are consolidating our offices across Gurgaon. We will vacate Centre B on April 30, 2017,” an email to the company’s employee said.
According to reports, Snapdeal’s largest investor SoftBank is in merger talks with rival Flipkart.