Under pressure: Snapdeal was valued at US$6.5bil (RM28.9bil) after a fund-raising last year but its valuation is under threat like its bigger rival Flipkart,
MUMBAI: Indian online marketplace Snapdeal is to lay off 600 employees and its founders will forego their salaries as the company struggles to turn a profit in a market increasingly dominated by rivals Flipkart and Amazon.
The CEO of Snapdeal, backed by Japan's SoftBank Group, said the company had made some errors in the past and tough decisions were needed to bring it back on track to profitability.
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