Snapdeal to slash office space by over 60%

Beleaguered online marketplace Snapdeal is in the process of vacating over 60% of its office space in Gurgaon as it moves into a single tower in line with its shrinking operations. The development comes at a time when the                 e-commerce company is on the path to a potential merger with bigger rival Flipkart orchestrated by its largest shareholder SoftBank, as reported by TOI in its March 29 edition.

Snapdeal has undertaken mass layoffs to cut costs amid a cash crunch. In an internal communication, reviewed by TOI, the company said it will move out of the B wing of AFS Centre, Gurgaon. The online retailer had moved to its Gurgaon campus less than two years ago when it leased a 4.5-lakh-sq-ft campus in Udyog Vihar to keep pace with its aggressive hiring. “As you may be aware we are consolidating our offices across Gurgaon. We will vacate Centre B on April 30, 2017,” an email to company staffers said. “Essentially there will be one tower in all compared to two each in two compounds,” a person aware of the move added. When contacted, a Snapdeal spokesperson confirmed that some of the facilities will be relocated within the Gurgaon office without going into details.

Read more: Times of India