Snapdeal co-founders to take home Rs 5 cr each in salary in 2021

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eCommerce platform Snapdeal which has become quite popular in small-town India, spent nearly Rs 161 crore on employee benefits in the fiscal year 2021, revealing its IPO draft papers. Its co-founder and CEO Kunal Bahl (appointed as executive director) was set to get a fixed compensation of Rs 3.5 crore, along with a performance bonus of Rs 1.5 crore.

Bahl is entitled to receive such remuneration for a three-year period, starting April 1, 2021, till March 31, 2024.

Another co-founder Rohit Bansal, also appointed as Executive Director this year, will also receive Rs 5 crore as salary. Bansal received Rs 3.5 crore in FY2021.

Snapdeal’s chief financial officer (CFO), Vikas Bhasin, received Rs 3.1 crore as gross compensation in FY2021.

SoftBank-backed Snapdeal on Tuesday filed its draft red herring prospectus (DRHP) for its IPO, which will comprise a fresh issue of equity shares worth up to Rs 1,250 crore and an offer-for-sale (OFS) of up to 30.77 million equity shares by existing shareholders.

According to the DHRP, each independent director is earning a Rs 1 lakh sitting fee per meeting and is set to earn Rs 24 lakh annually till 2024.

Meanwhile, the eCommerce marketplace on Wednesday appointed Himanshu Chakrawarti as President of the company. Chakrawarti will lead various functions at Snapdeal to drive the company’s Bharat-focused, value commerce strategy and steer various growth-related and operational initiatives.

“We are delighted to welcome Himanshu to the Snapdeal family. He brings an in-depth understanding of value retail and Omni-channel distribution operations in India,” said Bansal.

“Additionally, his success with building brands will add immense value to Snapdeal’s Power Brands programme,” Bansal added.

“I am excited about the opportunity that lies ahead at Snapdeal. I am delighted to join an exceptionally talented and experienced team at Snapdeal,” Chakrawarti said.

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