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Home / News / Business News / Flipkart co-founder Sachin Bansal admits to company not meeting targets
  • Business

    Flipkart co-founder Sachin Bansal admits to company not meeting targets

    Sneha Johny
    Written by
    Sneha Johny
    Mail
    Last updated on Aug 22, 2016, 03:53 pm
    Flipkart co-founder Sachin Bansal admits to company not meeting targets
  • Sachin Bansal, who earlier this year stepped down as CEO of Flipkart, admitted that the e-commerce portal had not been meeting its targets.

    At a townhall held at the company's headquarters at Bengaluru, Bansal responded to questions put forth by worried employees expressing their concern over the heavy layoffs.

    Bansal also said that he had been victim to the layoffs, due to weak performance.

  • In this article
    Sachin Bansal Flipkart's worrying finances Flipkart reports losses, looks to restructure company Flipkart downsizes headcount by 3 percent Flipkart co-founder Sachin Bansal admits to company not meeting targets Flipkart employees in praise of Bansal's frankness
  • About

    Sachin Bansal

    Sachin Bansal
    Credits:
  • Sachin Bansal is an Indian entrepreneur, who co-founded the e-commerce platform Flipkart in India.

    Sachin and Binny Bansal started Flipkart in 2007.

    When they first started the business, they delivered books and other products personally to their online buyers.

    Late last year, Bansal's net worth reached a whopping $1.3 billion, and was touted to be India's 86th richest individual.

  • 03 Dec 2015

    Flipkart's worrying finances

    Flipkart's worrying finances
    Credits:
  • Flipkart, one of India's top e-commerce portals, came under the spotlight for reporting poor results and not improving profit figures.

    Flipkart's investors, that include bigwigs such as Qatar Investment Authority and Tiger Global, red-flagged the dire finances of the company after it went on a hiring spree and began making heavy investments.

    Flipkart had poured in money for various acquisitions throughout the year.

  • 03 Dec 2015

    Flipkart reports losses, looks to restructure company

    Flipkart reports losses, looks to restructure company
  • The e-commerce behemoth late last year, reported losses to the tune of Rs.2,000 crore, which was much higher than its earlier loss of Rs.715 crore.

    Despite raising nearly $2.6 billion last year, the company splurged heavily on marketing, advertisements, offers and discounts.

    With its poor results, the company soon announced that it would lay off at least 700 under-performing employees to cut costs.

  • Quote

    Flipkart downsizes headcount by 3 percent

  • "Employees who do not meet the performance bar are encouraged to seek opportunities outside the company where their skills can be better utilized," said a statement issued by Flipkart.

  • 22 Aug 2016

    Flipkart co-founder Sachin Bansal admits to company not meeting targets

    Flipkart co-founder Sachin Bansal admits to company not meeting targets
  • Sachin Bansal, who earlier this year stepped down as CEO of Flipkart, admitted that the e-commerce portal had not been meeting its targets.

    At a townhall held at the company's headquarters at Bengaluru, Bansal responded to questions put forth by worried employees expressing their concern over the heavy layoffs.

    Bansal also said that he had been victim to the layoffs, due to weak performance.

  • Quote

    Flipkart employees in praise of Bansal's frankness

  • "It was like a reminder of the Big Billion Day glitch in 2014, when Sachin and Binny both emailed and apologized to the customers. They are the kind of people who acknowledge things when they screw up," said an employee.

  • India
  • Binny Bansal
  • Sachin Bansal
  • Qatar Investment Authority
  •  
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