Paytm throws lifeline to Snapdeal, Stayzilla ex-staffers

February 26, 2017 12:33

With hundreds of employees being handed out pink slips by companies such as Snapdeal and Stayzilla, rival e-commerce firm Paytm is walking into the ring by offering generous job offers to laid-off staffers.

Paytm founder and CEO Vijay Shekhar Sharma tweeted: "Hello, Tech/Product people in Delhi NCR, feeling heat of business restructuring? We welcome you @Paytm and @Paytm-Mall with open arms."

While the tweet did not mention any names, it may be noted that last week Softbank-backed e-commerce firm Snapdeal announced laying off 500-600 employees across verticals while homestay-booking platform Stayzilla shut shop.

Snapdeal co-founder Kunal Bahl admitted to having made mistakes in growing much before it could figure out the right economic model.

Struggling to raise fresh capital, Snapdeal will stop all non-core activities, reduce costs drastically and cut down staff strength to turn profitable.

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